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.
- Open theAsset Listwindow and selectSetup, thenTreatments.
- Select the Book treatment (don't unmark the checkbox), thenOptions.
- Mark theMake treatment equal to Taxcheckbox, then selectOK.
- When prompted, selectYesto apply the Tax treatment values to the Book treatment for existing assets.
- SelectOKto return to theAsset Listwindow.
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.
- Open theAsset Listwindow and selectSetup, thenTreatments.
- Select the Book treatment, thenBuild.
- SelectReplace all assets with the following treatment's values:,Taxfrom the dropdown menu, thenOK.
- SelectOKto return to theAsset Listwindow.
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 selectingSetup,Treatments,Book,Options, thenNew 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.
