Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Processing

Enter prior year ends if different from current year end

In the
Asset
 tab, when you enter the client's assets, enter the different year ends for the prior and current year end in the
Prior year-ends, if different
field on the
1065
 screen if a prior year end differs from the current year end. UltraTax CS uses these fields to calculate the correct prior and current depreciation expenses for the assets entered in the asset module.
note
If this is the client's 1st year and it was shorter than 12 months, don’t complete the following procedure. Instead, enter the ending date of the month preceding the month in which the short year began in the
Most recent
 field. For example, if the client's year began on May 15, 2022 and ended on December 31, 2022, enter 4/30/22.
  1. In the folders block, select the
    General
     folder, then open the
    1065
     screen.
  2. Starting with the most immediate prior year end, review the client's year ends until you find a year end that differs from the one entered in the
    Tax year ending
     field.
  3. Enter the different year end in the
    Most recent
     field.
  4. Continue to review the client's year ends. If you find another year end that differs from the year end entered in the
    Most recent
     field, enter this year end in the
    Interim
     field. Otherwise, skip to step 6.
  5. Continue to review the client's year ends. If you find another year end that differs from the year end entered in the
    Interim
     field, enter this year end in the
    Oldest
     field. Otherwise, skip to step 6.
  6. In the folders block, select a folder that has the Asset tab (for example, the Income & Deductions folder), select the
    Asset
     tab, then select
    Tasks
    , then
    Calculate All Assets
    .
    1. Enter dates in ascending order from the
      Oldest
       field to the
      Most recent
       field.
    2. Enter only year ends that differ from the preceding and following year ends.
    3. Enter only year ends that precede the year end entered in the
      Tax year ending
       field.
    4. Enter the last day of the month when you enter the year end in MMDDYY format. (UltraTax CS calculates depreciation based only on whole months.)
Example
A client with a current fiscal year end of June 30, 2023 has prior fiscal year ends of June 30, 2022, March 31, 2022, June 30, 2022, and September 30, 2019. Enter the following year-end dates.
Fiscal year-end dates
Most recent
Interim
Oldest
3/31/22
6/30/20
9/30/19

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close