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This article applies to:

  • Product: Fixed Assets CS

Enter a short year for the current client

To enter a short year end for a client that exists in UltraTax CS see, short-year data entry. Otherwise, perform the following steps.
  1. Make sure you are in the processing period in which the client's short year will end. For example, if a client's year end is currently 12/31/18, and the short year will end 6/30/19, the client needs to be in the 12/31/19 processing period before you can update the year end.
    note
    If necessary, select
    File
    , then
    Select Period to Process
     to advance the client's processing period.
  2. Select
    File
    , then
    Client Properties
    .
  3. In the
    Client Properties
     window, change the date in the
    Current fiscal year end
     field to the short year end. (Based on the previous example, you would change the date from 12/31/19 to 6/30/19.)
  4. Select the
    Short years
     tab.
  5. In the
    Most recent
     field, enter the client's first year end that is prior to the date entered in the
    Current fiscal year end
     field. (Based on the previous example, you would enter 12/31/18 in the
    Most recent
     field because that was the most recent different year end that was processed for the client prior to the current year end of 6/30/19.)
  6. Select
    OK
     to save the changes to the
    Client Properties
     window.
  7. To recalculate the current depreciation for the changes made to the processing period, select
    Tasks
    , then
    Calculate All Assets
    .
    Fixed Assets CS uses the fields in the
    Short Years
     tab to calculate the correct prior and current depreciation expense for assets. These fields are also used to indicate if the client's first year was a short year.
    • Oldest: If the company has a year end prior to the year end entered in the Interim field, enter that year-end date here.
    • Interim: If the company has a year end prior to the date entered in the Most recent field, enter that year-end date here.
    • Most recent: Enter the company's first year end that is prior to the date entered in the Current fiscal year-end field.
    note
    When the 1st year of business is a short year, enter in this field the ending date of the month preceding the month that the short year began.
    When you are done making your changes, select
    Tasks
    , then
    Calculate All Assets
     to recalculate depreciation for all of the current client's assets. Due to the importance of these fields for accurate depreciation calculation, Fixed Assets CS doesn't let you close the
    New Client
     window (or the
    Client Properties
     window) until the year ends are entered correctly. Verify the following conditions exist.
    • The dates are entered in ascending order from the Oldest to the Most recent field.
    • You only enter year ends that are different from the year end preceding or following.
    • You only enter year ends prior to the year end entered in the Current fiscal year end field.
    • You enter the year in MMDDYY format because the application only calculates depreciation based on whole months. Therefore, the DD should be the last day of the month.
    Examples
    • A client with the current FYE of 6/30/18 had the prior fiscal year ends of 6/30/17, 3/31/17, 3/31/16, 6/30/15, and 9/30/14. You would enter 3/31/17 in the Most Recent field, 6/30/15 in the Interim field, and 9/30/14 in the Oldest field.
    • This is the client's first year and it is a short year. The client's fiscal year began 2/15/18 and ended 12/31/18. You would enter 1/31/18 in the Most recent field.

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