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Set up special allocation groups for partnership depreciation data

Use the following steps to identify which partnership assets need to have depreciation specially allocated among the partners. These allocation groups are then automatically available for use in the Partnership Allocation Spreadsheet in UltraTax/1065.
  1. Open the partnership client.
  2. In the Asset List window, select the business activity folder.
  3. Select
    Setup
    , then
    1065 Allocation
    . This opens the Partnership Allocation window, where you can select the existing Individually Allocated group or create a new group.
  4. Do 1 of the following:
    • Create a new partnership allocation group.
      1. In the Add Partnership Allocation window, enter a short description for the new allocation group, then select
        Continue
        .
      2. In the Select Assets window, double-click the assets you want to add to the group, then select
        Continue
         to save the information.
    • Change setup information for an existing partnership allocation group.
      1. In the Add Partnership Allocation window, select an existing allocation group.
      2. Select
        Edit
        , then
        Select Assets
         to open the Select Assets window.
      3. Add or remove assets from the allocation group.
      4. Select
        OK
         to save the information.
      5. Select
        Enter
         to save the changes you made.
  5. Select
    Done
     to return to the Asset List window.
The next time you open the Partnership Allocation Spreadsheet, you can use the new columns to make allocations to the various partners.

This article applies to:

  • Product: Fixed Assets CS
  • Return type: 1065 Partnership
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