Enter prior year ends if different from current year end
In the
Asset
tab, when you enter the client's assets, enter the different year ends for the prior and current year end in the Prior year-ends, if different
field on the 1065
screen if a prior year end differs from the current year end. UltraTax CS uses these fields to calculate the correct prior and current depreciation expenses for the assets entered in the asset module. note
If this is the client's 1st year and it was shorter than 12 months, don’t complete the following procedure. Instead, enter the ending date of the month preceding the month in which the short year began in the
Most recent
field. For example, if the client's year began on May 15, 2022 and ended on December 31, 2022, enter 4/30/22.- In the folders block, select theGeneralfolder, then open the1065screen.
- Starting with the most immediate prior year end, review the client's year ends until you find a year end that differs from the one entered in theTax year endingfield.
- Enter the different 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 has the Asset tab (for example, the Income & Deductions folder), select theAssettab, then selectTasks, thenCalculate All Assets.
- 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 endingfield.
- Enter the last day of the month when you enter the year end in MMDDYY format. (UltraTax CS calculates depreciation based only on whole months.)
Example
A client with a current fiscal year end of June 30, 2023 has prior fiscal year ends of June 30, 2022, March 31, 2022, June 30, 2022, and September 30, 2019. Enter the following year-end dates.
Most recent | Interim | Oldest |
|---|---|---|
3/31/22 | 6/30/20 | 9/30/19 |
