Common questions about the 990 Balance Sheet in ProConnect Tax

Table of contents:

Adjust/override the depreciable asset amounts on the Balance Sheet?

1. Open Input Return ⮕ Balance Sheet.
2. In the Investments-Land, Buildings, & Equipment (-1=None) [O] section, override the asset basis and accumulated depreciation for each category (e.g. Machinery & Equipment, Furniture & Fixtures, etc.). Enter -1 in these codes to reflect a zero balance.

Note: The basis and accumulated depreciation of assets entered under Depreciation, flows automatically to the Balance Sheet. In addition, an entry in Category determines the classification of the asset on the balance sheet statements.

Caution: If you override one or more asset categories with entries in the above fields, you must override all categories with automatic flow-through balances.

Send cost or basis, accumulated depreciation, amortization, or depletion to the balance sheet?

1. Open Input Return ⮕ Expenses ⮕ Depreciation.
2. Enter the Description, Form, Category, Date Placed in Service, Cost or Basis, and Method and any other information related to this asset.

Note: The program automatically carries cost or basis, the prior accumulated depreciation, depletion, and amortization to the current year depreciation, depletion, and amortization expenses to the balance sheet.