Managing dates in Fixed Asset Manager

This article will show you how to force ProSeries Fixed Asset Manager to recalculate the depreciation.

To view/correct the current date range:

1. Open Fixed Asset Manager.
2. Select the client.
3. From the File menu, select Client Information.
4. Review the Dates tab. This should be the current tax year if your importing into ProSeries.
5. If the current dates aren't correct, enter the correct dates and select OK.

Important information on changing dates:

If you change the dates, you may receive the following warning:

"You should make a backup of your client before modifying this information.  Changing any client date will cause a rebuild of the client information. This rebuild will take a few minutes. All current depreciation will be recalculated."

If you receive the above error message concerning the date, you likely haven't gone through the process to prepare the client for next year. This process will close the year by performing the following operations for all assets:

• Remove assets that were disposed of in the current year
• Add current depreciation to prior year depreciation
• Update the unrecovered basis fields
• Calculate depreciation for new year.

See the instructions below in the "To prepare the client for next year:" section for more information.

If the date is behind the current year:

If the date is behind the current tax year, you'll need to prepare the client for next year.

To prepare the client for next year:

1. Go to the Client Base for the current year.
2. From the File menu, select Transfer and choose Clients.
3. Click Next to start the transfer process.
4. On the Select Clients screen, highlight the client(s) in the Prior Year Clients window and click Add.
   • If the client isn't listed, click Directory to find clients in another location.
5. Once you have added the client(s) to the Selected Clients window, click Next.
   • Select whether you want to prepare the client(s) for next year during the transfer. If you don't choose to prepare the clients(s) for next year, select a calculation option to be performed on each of the transferred clients.
   • If you need to prepare the clients after the transfer is complete, see the instructions at the bottom of this article.
6. Click Next. 
   • If transferring a Corporate or S-Corporate client, you may be asked to make sure the Small Corporation AMT Exemption status is correct.
7. Review the Transfer Destination and click Next.
8. Review the Transfer Summary screen and click Finish.

If the date is too far ahead:

If the date is too far ahead, change the Beginning of Year and End of Year to the correct dates, then rebuild the prior depreciation.

To rebuild the prior depreciation:

1. While on the Asset tab in ProSeries Fixed Asset Manager, click on the Asset menu at the top of the program.
2. Select the option to Rebuild Prior Depreciation...
3. Scroll down to the current year depreciation line, it should now be calculated correctly.

If you prepared for next year by accident:

When you prepare for next year in Fixed Asset Manager, the depreciation is recalculated and the client date is changed to the next year's date. Once this process is done, there's no feature available in Fixed Asset Manager to go back if you didn't create a back up. However, there is a workaround to reset the depreciation.

Use this workaround to reset the depreciation:

1. Create a new client with the same information—but with the correct year.
   • For example, if you're in Fixed Asset Manager 2021, the date should be 1/1/21–12/31/21.
2. Copy all assets from the file you've already closed the year on and paste them into the newly created client file.
3. Open the new client file.
4. From the Tool menu, select Recalculate all assets and choose Recalculate all prior depreciation values.