Using book depreciation for Schedule L, Balance Sheets per Books in ProConnect Tax

For more depreciation resources, check out our Tax topics page for Schedule C where you'll find answers to the most commonly asked questions.

If you entered book depreciation for assets under Depreciation, you can follow the steps below to have book depreciation flow to the Schedule L, Balance Sheets per Books. Choose the applicable module for instructions.

Partnership

1. Go to Input Return ⮕ Balance Sheet, M-1, M-2 ⮕ Balance Sheet Miscellaneous.
2. Under the Book Depreciation subsection, select 4=Book in the Current year book depreciation field.

Corporate

1. Go to Input Return ⮕ Balance Sheet ⮕ Balance Sheet Miscellaneous.
2. Under the Book Depreciation subsection, select 4=Book in the Current year book depreciation field.

S-Corporate

1. Go to Input Return ⮕ Balance Sheet, M-1, M-2, M-3 ⮕ Balance Sheet Miscellaneous.
2. Under the Book Depreciation subsection, select 4=Book in the Current year book depreciation field.