Enter prior year ends if different from current year end
important
Use this procedure only if the application is calculating depreciation and the client has had a short tax year.
The application uses
Prior year-ends, if different
on the 990
screen for 990E clients or the 990PF
screen for 990PF clients to calculate the correct prior and current depreciation expense of assets entered in the asset module. If you're entering the client's assets on the Asset
tab and if the prior fiscal year end differs from the current fiscal year end, enter the different year ends in on the 990
or 990PF
screen.note
If this is the client's first year, and the year was shorter than 12 months, don't complete this procedure. Enter the ending date of the month preceding the month in which the short year began in
Most recent
.- Select theGeneralfolder, then the990or990PFtab.
- Go to the Year End Information section.
- Starting with the most immediate prior year end, review the client's year ends until you find a fiscal year end that differs toTax year ending, if other than 12/31.
- Enter the different fiscal year end inMost recent.
- Continue to review the client's year ends. If you find another year end that differs from the year end entered inMost recent, enter this year end inInterim.
- 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 inOldest.
- In the folders block, select a folder that contains theAssettab.
- Select theAssettab,Tasks, thenCalculate All Assets.
- Make sure that:
- dates are entered in ascending order from oldest to most recent.
- you've entered only the year ends that precede the year end inTax year ending, if other than 12/31.
- the last day of the month is entered in MMDDYY format.note
- The990or990PFscreens are not completed until these dates are correct.
- Depreciation is calculated based only on whole months.
A client with a current fiscal year end of 6/30/23 has prior fiscal year ends of 6/30/22, 3/31/22, 3/31/21, 6/30/20, and 9/30/19. Enter the following information:
- Most Recent: 3/31/122.
- Interim: 6/30/20.
- Oldest: 9/30/19.
If you change information in these fields after depreciation has been calculated, you'll need to recalculate depreciation (select the
Asset
tab, Tasks
, then Calculate all assets
).
