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Set up special allocation groups for partnership depreciation data

Use the following steps to identify which partnership assets need to have depreciation specially allocated among the partners. These allocation groups are then automatically available for use in the Partnership Allocation Spreadsheet in UltraTax/1065.
  1. Open the partnership client.
  2. In the Asset List window, select the business activity folder.
  3. Select
    Setup
    , then
    1065 Allocation
    . This opens the Partnership Allocation window, where you can select the existing Individually Allocated group or create a new group.
    note
    • Each asset included in the Individually Allocated group is listed separately in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the 1st 16 characters of the asset's description.
    • All of the assets selected for a user-defined allocation group are included together as a single item in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the 1st 16 characters of the allocation group description.
    • Assets with the
      Tracking partner's outside basis (1065 only)
       checkbox marked on the Other tab should be allocated together.
  4. Do 1 of the following:
    • Create a new partnership allocation group.
      1. In the Add Partnership Allocation window, enter a short description for the new allocation group, then select
        Continue
        .
        note
        Only the 1st 16 characters of the description appear as the asset description for all items in this group when listed in the UltraTax/1065 Partnership Allocation Spreadsheet.
      2. In the Select Assets window, double-click the assets you want to add to the group, then select
        Continue
         to save the information.
    • Change setup information for an existing partnership allocation group.
      1. In the Add Partnership Allocation window, select an existing allocation group.
        note
        You can't change the name of the Individually Allocated group.
      2. Select
        Edit
        , then
        Select Assets
         to open the Select Assets window.
      3. Add or remove assets from the allocation group.
      4. Select
        OK
         to save the information.
      5. Select
        Enter
         to save the changes you made.
  5. Select
    Done
     to return to the Asset List window.
The next time you open the Partnership Allocation Spreadsheet, you can use the new columns to make allocations to the various partners.

This article applies to:

  • PRODUCT: Fixed Assets CS
  • Return type: 1065 Partnership

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