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Fiscal year-end date discrepancies in UltraTax CS and Fixed Assets CS

Scenario

When you want to integrate depreciation data, the application may ask you to fix dates so that the client has a fiscal year end with the same month and year in Fixed Assets CS and UltraTax CS. This is needed for integration to work.
The issue occurs most frequently in the following situations.
  • Discrepancy scenario 1: You're adding a client to UltraTax CS who exists in Fixed Assets CS. The client's year end in Fixed Assets CS is 1 year before the year end you're entering for the client in UltraTax CS. The result is that UltraTax CS will ask you to proforma the client's depreciation files.
  • Discrepancy scenario 2: The client has the same year end in both Fixed Assets CS and UltraTax CS, but the Fixed Assets CS client's data is being processed either monthly or quarterly and the current period is not the last period of the year. The result is that when you add or proforma the client into UltraTax CS, the client's data is moved to the last period of the year in Fixed Assets CS.
  • Discrepancy scenario 3: The Fixed Assets CS client's year end is more than 1 year before the UltraTax CS client's year end. The result is that UltraTax CS may set up blank depreciation files for the client. If so, you'll not see any depreciation data from prior years.

Solution

Advance the client's year end in Fixed Assets CS so it's the same as in UltraTax CS.
  1. If UltraTax CS hasn't set up blank depreciation files:
    1. Open the client in Fixed Assets CS.
    2. Select
      File
      , then
      Period to Process
      .
    3. Select
      Close to Next Period
       until the year end in Fixed Assets CS aligns with the year end in UltraTax CS.
  2. If UltraTax CS has set up blank depreciation files:
    1. Open the client in Fixed Assets CS.
    2. Choose
      File
      , then
      Period to Process
      .
    3. Select the period for which you were processing the Fixed Assets CS client's asset data, then
      Move to Selected Period
      .
    4. Select
      File
      , then
      Select Period to Process
      .
    5. Select
      Close to Next Period
       until the year end in Fixed Assets CS aligns with the year end in UltraTax CS.
    6. If the application asks you, replace the depreciation files for the year for which UltraTax CS set up blank files.

This article applies to:

  • Product: Fixed Assets CS
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