I use ProSeries Basic Edition and am inputting new client information for Residential Rental Property. The previous accountant used SL 40 years since property was put into place. My system will not allow me to use SL 40 Years, which distorts accumulated depreciation and current year depreciation expense.
Any help resolving this issue quickly would be very much appreciated.
I don't know about Basic but in Professional you can compute depreciation manually. I don't have the software in front of my but can you choose "Other" as the asset type (or something else generic like that) and then scroll way down to the bottom and enter SL 40 yr? I really only know this because this is how the assets import from FAM!
As Rick said, for the "type" of asset select "other". The go WAY down to the very bottom of the Asset Entry Worksheet. Select "ALT" for one of the options on the left side (for Alternative Depreciation System) and fill in the rest until it makes sense. 🙂