cpa2help
Level 2

I'm referring to ProSeries Professional 2020.  Several client returns with assets being depreciated are showing this problem in 2020 returns.  If you look at an Asset Entry Worksheet for Schedule C or Schedule E assets, the prior depreciation does not appear.  You can go to the link for "Asset Life History" to see what the prior depreciation amount should be and manually input that on the Asset Entry Worksheet prior depreciation line.  After doing so, the Depreciation Report will show the prior depreciation.  Otherwise, the Depreciation Report also does not show prior depreciation on those assets that "prior depreciation" does not appear on the Asset Entry Worksheet.  I have noticed some assets show prior depreciation correctly, but other assets do not show prior depreciation until you manually input the prior depreciation. 

That issue creates a lot of manual correction to get the Asset Entry Worksheets to show correct prior depreciation, and the Depreciation Report to show the correct Accumulation Depreciation.  If this problem is not noticed by the tax practitioner.  If an asset is sold this error creates incorrect gain or loss information for tax reporting.  In prior years, ProSeries automatically carried through the prior depreciation to the asset entry worksheets and depreciation reports.

Looking for a program fix that would globally fix this issue so practitioners do not have to manually update the depreciation schedules.

 

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