Enter different year ends if different from current year end
Do the following to enter the different year ends:
- In the folders block, select theGeneralfolder then open the1041screen.
- In the General Information tab section, review the client's year ends starting with the most immediate prior year end until you find a fiscal year end that differs from the year entered in theTax year: Ending, if other than 12/31field.
- Enter the different fiscal year end in theMost recentfield.
- Continue to review the client's year ends. If you find another year end that differs from the year end entered in theMost recentfield, enter this year end in theInterimfield. Otherwise, skip to step 6.
- Continue to review the client's year ends. If you find another year end that differs from the year end entered in theInterimfield, enter this year end in theOldestfield. Otherwise, skip to step 6.
- In the folders block, select a folder that contains theAssettab, select theAssettab, then selectTasksthenCalculate AllAssets.noteUltraTax/1041 doesn't consider the1041screen complete until you enter these dates correctly and doesn't allow you to leave the screen. Be sure to complete the following tasks.
- Enter dates in ascending order from theOldestfield to theMost recentfield.
- Enter only year ends that differ from the preceding and following year ends.
- Enter only year ends that precede the year end entered in theTax year: Ending, if other than 12/31field.
- Enter the last day of the month when you enter the year end in MMDDYY format. (UltraTax CS only calculates depreciation based on whole months.)
If you change information in these fields after depreciation has been calculated, it's necessary to recalculate depreciation by returning to theAssettab and selectingTasksthenCalculate All Assets.
