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Is it possible to convert a sole prop farm to an S Corp in Proseries?

KatB
Level 2

I have a client with a farm that switch to an SCorp for 2020 and need to know if it can be converted in Proseries.

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5 Replies 5
Just-Lisa-Now-
Level 15
Level 15

Nope.  You have to reenter the assets manually in the Scorp program.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
KatB
Level 2

That's painful.  There should be an easy solution for that.  

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IRonMaN
Level 15

"There should be an easy solution for that"  

But there isn't, unless you are using Fixed Asset Manager.


Ukraine - hang in there
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KatB
Level 2

I am using FAM.  Please tell me how to export from Proseries Professional to FAM.  There are two businesses that I have to do this for, both with a ton of assets.  

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IRonMaN
Level 15

I don't use FAM, but I have seen posts in the past about the ability to do so.  See if this link helps:

Transfer Depreciation Assets Between Return Types ... - Intuit Accountants Community


Ukraine - hang in there