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Fixed Assets CS Support

Make Book treatment equal to Tax treatment

The asset cost entered in the Tax treatment will be used in the Book treatment by default in UltraTax CS and Fixed Assets CS. If you entered different values in the Book treatment and need to make Book equal to Tax, there are 2 ways to do this:

Method 1: Make Book equal to Tax in all existing and future assets

This will copy the Tax values into the Book treatment for all existing assets, as well as populate the Book treatment with the values entered in the Tax treatment when any additional assets are added later.
  1. Open the
    Asset List
     window and select
    Setup
    , then
    Treatments
    .
  2. Select the Book treatment (don't unmark the checkbox), then
    Options
    .
  3. Mark the
    Make treatment equal to Tax
     checkbox, then select
    OK
    .
  4. When prompted, select
    Yes
     to apply the Tax treatment values to the Book treatment for existing assets.
  5. Select
    OK
     to return to the
    Asset List
     window.

Method 2: Make Book equal to Tax only in existing assets

This will copy the Tax values into the Book treatment for all existing assets, but won't automatically populate the Book treatment with values entered in the Tax treatment when entering future assets.
  1. Open the
    Asset List
     window and select
    Setup
    , then
    Treatments
    .
  2. Select the Book treatment, then
    Build
    .
  3. Select
    Replace all assets with the following treatment's values:
    ,
    Tax
     from the dropdown menu, then
    OK
    .
  4. Select
    OK
     to return to the
    Asset List
     window.
note
  • You can select on an item-by-item basis to have other values entered in the Tax treatment transfer to the Book treatment during data entry by selecting
    Setup
    ,
    Treatments
    ,
    Book
    ,
    Options
    , then
    New Asset defaults
    . For example, you can choose to have the cost and Section 179 expense in the Book treatment default to values entered in the Tax treatment.
  • Making the Book treatment equal to the Tax treatment will often eliminate unwanted Book\Tax difference adjustments on Schedule M-1 in 1120 and 1065 clients.
  • If your firm uses Fixed Assets CS, you can make the Book treatment equal to the Tax treatment for multiple or all clients by using the Template client.

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