Depreciation Data Conversion—Asset Keeper Pro to Fixed Assets CS

Review information before the data conversion

• Identify the companies to be converted and note the company names and file names in Asset Keeper Pro.
• Identify the client IDs you'll use in Fixed Assets CS. If you'll integrate your depreciation client data with UltraTax CS® and/or Accounting CS®, the client IDs need to match.
• Note the drive and path where the Asset Keeper Pro client data resides.
• Note the entity type of the client (I = Individual, C = C Corporation, S = S Corporation, P = Partnership, and so on).
• Note the current year beginning and ending dates (found in the Year-End field of the General section in the Client Information screen).

Create conversion files from Asset Keeper Pro data files

To start the CS Conversions application, double-click
CS Data Conversions
on your desktop.
In the Conversion Type field, select
Depreciation
.
In the Competitor field, select
Asset Keeper Pro
.
In the Input Data Folder field, select
Browse
to go to the location where your data is stored.
Select
Start
to start the conversion program.
In the client list, highlight the client you want to convert then select
OK
.
The client’s data is converted and a Client Data Transfer Report is prepared. When the process is complete, select
OK
.
To process another client, repeat steps 5 through 7.
To import the converted data into Fixed Assets CS, select
Close
and then go to the Import the conversion file into Fixed Assets CS section.

Import the conversion file into Fixed Assets CS

Double-click
Fixed Assets CS
  on your desktop to start the program.
Select
File
then
New Client
to create a new client in Fixed Assets CS.
Select
Utilities
,
Import Asset Data
, then
ASCII file
. If the path specified in the
Location of import
file field isn't the location of your Asset Keeper Pro client data, select
Change Location
and go to the correct location.
Enter the name of the conversion file you want to import or select the dropdown to view a list of conversion files that are available in the specified location. The name of the conversion file is in the
XXXXXXXXXXX.DSW
format, where
XXXXXXXXXXX
is the client’s file name from Asset Keeper Pro.
Select
Import
to transfer the files.
When the import is complete, select
Done
.
Repeat steps 2 through 6 for each client you’ve created a conversion file for. For any client you haven't created a conversion file for, repeat the procedures in the “Create conversion files from Asset Keeper Pro data files” section.

Converted items—known exceptions

Converted items—Activity

Converted items— Monthly depreciation

Converted items—Treatments

Converted items—Methods

Converted items—MACRS 150% method, code MA150

• If the life is 3, 5, 7, 10, 15, or 20, the asset converts with a MACRS 150% & Farm method.
• If the life is 9 or 12, the asset converts with a MACRS Indian reservation method.

Converted items—Alternative Depreciation System (ADS), code ASL — MACRS Personal

Converted items—Alternative Depreciation System, code ASL – MACRS Real

• If the asset was acquired before May 13, 1993, the asset converts to Fixed Assets CS with a life of 31.5.
• If the asset was acquired after May 12, 1993, the asset converts to Fixed Assets CS with a life of 39.

Converted items—Declining-balance methods: DC, DE, and DI

Converted items—Asset Keeper Pro straight-line ACRSS - ACRS Real

Converted items—Asset Keeper Pro MACRS straight-line depreciation method, code MSL

• If the life is 3, 5, 7, 10, 15, or 20, the asset converts with a MACRS straight-line method and Life converts the same as what was entered in Asset Keeper Pro.
• If the life is 31.5 or 39, the asset converts with a MACRS method and Life converts the same as what was entered in Asset Keeper Pro.
• If the life is 40, the asset converts as MACRS straight-line with a life of 27.5.
• If the life is 50, the asset converts as MACRS straight-line with a life of 25.

Converted items—Indian reservation

Converted items—Asset dispositions

Converted items—IRS Notice 2004-14

Converted items—Inactive assets

Converted items—Listed property

• Assets with a Listed Code of Electric but not placed in service between August 5, 1997 and January 1, 2007 will convert as Other business & personal.
• Assets with a Listed Code of Truck / Van but placed in service before January 1, 2003 will convert as Other business & personal.
• All other assets with a business use percentage other than 100 percent convert as Other business & personal.

Converted items—Associations

Converted items—Section 168(k)

Converted items—Business use

Converted items—Section 179

Converted items—Amortization

Converted items—Mid-quarter

Items not converted

• General information, such as client ID, company name, fiscal year-end dates, and short-year information. You'll need to manually enter this information when you add the client.
• Asset A/C#, Expense A/C#, and Accum. A/C#. You'll need to set up the journal entry accounts in Fixed Assets CS to create asset cost and corresponding depreciation journal entry information.
• Customized depreciation reports. Custom reports are available in Fixed Assets CS.
• Custom depreciation methods.
• Client and Asset notes.
• ITC Code and Amount.
• Data in the Auto Mileage tab.
• Disposition information.
• Information entered in the Selling Price and Selling Expense fields in Asset Keeper Pro.

Review the converted data

Make any necessary changes identified in the “Items not converted” section of this article.
Print the
Asset Depreciation Report
in Asset Keeper Pro.
Print the
Tax Asset Detail Report
in Fixed Assets CS.
Compare the totals for basis, accumulated depreciation, and current depreciation expense.
Print and review the
Client Data Transfer Reports
.

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