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Fixed Assets CS: Change bonus depreciation elections in a prior period
In Fixed Assets CS, it is possible to move back to prior periods and change the bonus depreciation options. When going back to a prior period and changing the bonus depreciation elections (either from electing out to calculating bonus or from calculating bonus to electing out), it is necessary to reclose (merge) to bring forward the updated depreciation calculations. However, the change to the bonus depreciation elections entered under
Setup
, Options
, then Bonus Depreciation Elections
won’t come forward when merging and must be remarked in each succeeding year.For example, consider a client that is currently in the 2015 period and the decision has been made to move back to 2013 and elect out of bonus depreciation. The 1st step would be to move back to 2013 and elect out of bonus depreciation under
Setup
, Options
, Bonus Depreciation Elections
, then 2013
. The client would then be closed to 2014 to bring forward the updated current depreciation calculation by selecting File
, then Select Period to Process
. If in the 2014 period you were to select Setup
, Options
, then Bonus Depreciation Elections
and select the 2013
tab, the elect out options that were entered in the 2013 period won’t be marked. The prior depreciation will properly reflect that bonus depreciation was not taken, but you must elect out of bonus depreciation for 2013 again in the 2014 period. This will ensure that if prior depreciation is recalculated it won’t include bonus depreciation. When the client is advanced to 2015, the same is true. Access
Setup
, Options
, Bonus Depreciation Elections
, and then 2013
to elect out again. The basic concept is that if the bonus depreciation elections are changed in a prior period the correct calculation will be brought forward by using the Merge
option. However, the change to the bonus depreciation elections won’t be merged forward and if the prior depreciation is recalculated it won’t properly reflect the prior year elections.