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Depreciation Issues

SFL
Level 1

Hi Intuit Community,

I just started using pro-connect (Pro-Series) and it hasn't been easy. Looks easy to use i just dont know how to use it. Im having serious issues and i already put SO many hours into one specific 1120s. ProFX is really basic when it comes to add/delete fixed assets. Pro Series not so much. So, I was able to get to the fixed asset worksheet (page 1 box 14). Name, date of purchase, amount, asset type, etc. I can see all my depreciation at the end on box 14, form 4562 is also correct BUT i dont see it on the actual page when i print the reports, Balance sheet is out of balance by my depreciation, M1 and K dont tie out, AND K-1s income doesnt reflect any depreciation. Also, do i really have to enter line 10a and 10b manually? (depreciable assets and acc dep) Im sure i clicked on something or havent click something that is creating all this mess. any help is greatly appreciated. 

Thanks     

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7 Replies 7
Just-Lisa-Now-
Level 15
Level 15
You keep saying ProConnect, but the product youve chosen is ProSeries Professional.

Are you using ProConnect Tax Online or ProSeries, theyre 2 completely different programs.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
SFL
Level 1

Hi Lisa. i see proconnect all over but its actually Pro Series.

TaxGuyBill
Level 15

@SFL wrote:

(1) I can see all my depreciation at the end on box 14, form 4562 is also correct BUT i dont see it on the actual page when i print the reports

(2) Balance sheet is out of balance by my depreciation,

(3) M1 and K dont tie out, AND K-1s income doesnt reflect any depreciation.

(4) Also, do i really have to enter line 10a and 10b manually?


 

Let's break this up a bit.

(1) Are you saying that the depreciation on Line 14 of page 1 of the 1120-S *IS* showing up on the screen, BUT it is NOT showing up there when you actually print the tax return?

(2) and (3)  Might be dependent on the first question (and I don't do many S-corporations, so this isn't really my specialty).

(4)  If I remember correctly, yes.  The depreciation on the Balance sheet needs to be done manually.  Maybe someone else can clarify that if I am wrong.

Accountant-Man
Level 11

1) There is an Accum Depr W/S in all the business returns that will automatically add current tax depr to the accum amount on the Balance Sheet. You have to check the box on the Accum Depr W/S to "Check to enter on balance sheet."

2) You have to manually enter ending depreciable assets on the B/S. Only Accum Depr and Amort are automatic;

3) You still have to enter book depr on M-1 OR check the box that depr and amort are the same for book and tax;

4) On the Accum Depr W/S, you can manually enter Less Accum of assets retired. Assets sold should carry form the Depr W/s itself.

** I'm still a champion... of the world! Even without The Lounge.
JoeyMadduxCPA
Level 1

You have to manually enter Fixed and intangible assets!?  That can't be right...How is it every other tax software will automatically calculate based upon information entered on asset entry worksheets, but ProSeries doesn't?

Bought a business that had already paid for ProSeries...Definitely switching to Lacerte in the Fall...

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Accountant-Man
Level 11

Total fixed Assets on the B/S is one number. How hard is it?

Assuming your Asset W/Ss agree to you r B/s, the total number is on the Depr Report. Enter it on the B/S.

** I'm still a champion... of the world! Even without The Lounge.
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JoeyMadduxCPA
Level 1

Time = money

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