ProConnect Tax includes a powerful integrated depreciation module that most preparers leverage as their single fixed asset manager throughout the entire year.
You can track federal depreciation, AMT depreciation, state depreciation, and book depreciation, and print six depreciation schedules, and additional schedules for each state, which can be used to manage fixed assets and estimate depreciation for current year journal entries as new assets are acquired.
To add the reports to the printed return:
- From the
menu, select Print settings. - Select the tab for the copy you will be printing (Client copy, Preparer copy or Government Copy).
- Under the Federal Depreciation Schedules section checkmark any schedules you would like to activate.
- Under the State Depreciation Schedules section checkmark any schedules you would like to activate.
- The requested reports will now be included when you print the return to PDF.
Robust depreciation schedules
- Current Year Depreciation (Regular)
- Current Year Depreciation (Book)
- Current Year Depreciation (AMT)
- Next Year Depreciation (Regular)
- Next Year Depreciation (Book)
- State depreciation schedules
Next year calculations
Next Year Depreciation schedules allow you to enter assets during the current year as they're acquired. Assets entered with an acquisition date after the end of the current tax year will print only on the next year schedules. These schedules will also help you estimate depreciation on your existing assets.
Smart categorization
You can categorize assets in the following categories to align with balance sheet general ledger accounts, or you create custom asset categories to best fit your clients' needs.
- Automobiles
- Furniture and fixtures
- Machinery and equipment
- Buildings
- Improvements
- Land
- Miscellaneous
- Amortization
