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Set up special allocation groups for partnership depreciation data

For users of UltraTax/1065:
 Use the following procedure to identify which partnership assets have depreciation to be 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 may 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 first 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 first 16 characters of the allocation group description.
    • Assets for which the
      Tracking partner's outside basis (1065 only)
       checkbox is marked on the
      Other
       tab should be allocated together.
  4. Do one 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 first 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 that you want to add to the group, then select
        Continue
         to save the information.
    • Modify setup information for an existing partnership allocation group
      1. In the
        Add Partnership Allocation
         window, select an existing allocation group to select it.
        note
        You can't change the name of the
        Individually Allocated
         group.
      2. Select
        Edit
        , then select
        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 that are available to make allocations to the various partners. For more information about entering partnership allocations in UltraTax/1065, search the UltraTax CS help for "UltraTax/1065 procedures."

This article applies to:

  • Product: Fixed Assets CS

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