Transferring depreciation assets between return types using Fixed Asset Manager

You wish to transfer depreciation assets between tax returns in ProSeries Fixed Asset Manager (FAM), like a business return to an individual return.

Transferring depreciation using FAM

1. Open FAM and create an client for the return you wish to transfer depreciable assets from.
   • Create the client with matching client information, like a federal ID number or a tax return type.
2. Open the new FAM client and select the File menu, go to Import, and select ProSeries Tax.
   1. FAM will open a list of tax clients that match the tax return type of the current client.
   2. Select the specific tax return client, then select the Import button to transfer the depreciable assets.
   3. Make sure that the transferred data is accurate.
3. From the FAM ClientBase:
   1. Select the File menu, File Maintenance, and Copy Files.  Selecting the Clients menu will open the Copy Client window.  Select the newly transferred account and select the OK button to create a duplicate of your client.
   2. Open the new file and select the File menu and then Client Information.  Under the General tab, update the Client Information with details for the Tax Return client that you wish to transfer the depreciable assets to (like a client name or federal tax ID).
   3. Under the Form tab, select the appropriate tax return type.
   4. Under the Grouping tab, edit or create Property Name, Location, or Category to match the activity that the assets should be linked to within ProSeries.
      • You can apply Categories or Forms to assets by selecting specific assets listed under the Schedule tab.
   5. Select the Asset menu and Schedule Tools menu. 
   6. Select the Apply Form Link option to choose the appropriate form and Property Names for the selected assets. 
   7. Select the OK button.
4. With the account file open, select the File menu, Export Client menu, ProSeries menu, then select Export menu to export the depreciable assets to the default directory.
5. After exporting the file to ProSeries, open the tax return client that is to receive the depreciable assets.
6. Within the tax return, select the Import menu, Fixed Asset Import menu, which will allow you to select the FAM Account file that you wish to import.
7. Select the Open button and check the imported data for accuracy.