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Enter prior year ends if different from current year end

The application uses
Prior year-ends, if different
 on the
990
 screen for 990E clients or the
990PF
 screen for 990PF clients to calculate the correct prior and current depreciation expense of assets entered in the asset module. If you're entering the client's assets on the
Asset
 tab and if the prior fiscal year end differs from the current fiscal year end, enter the different year ends in on the
990
 or
990PF
 screen.
  1. Select the
    General
     folder, then the
    990
     or
    990PF
     tab.
  2. Go to the Year End Information section.
  3. Starting with the most immediate prior year end, review the client's year ends until you find a fiscal year end that differs to
    Tax year ending, if other than 12/31
    .
  4. Enter the different fiscal year end in
    Most recent
    .
  5. Continue to review the client's year ends. If you find another year end that differs from the year end entered in
    Most recent
    , enter this year end in
    Interim
    .
  6. 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
    Oldest
    .
  7. In the folders block, select a folder that contains the
    Asset
     tab.
  8. Select the
    Asset
     tab,
    Tasks
    , then
    Calculate All Assets
    .
  9. Make sure that:
    1. dates are entered in ascending order from oldest to most recent.
    2. you've entered only the year ends that precede the year end in
      Tax year ending, if other than 12/31
      .
    3. the last day of the month is entered in MMDDYY format.
A client with a current fiscal year end of 6/30/23 has prior fiscal year ends of 6/30/22, 3/31/22, 3/31/21, 6/30/20, and 9/30/19. Enter the following information:
  • Most Recent
    : 3/31/122.
  • Interim
    : 6/30/20.
  • Oldest
    : 9/30/19.
If you change information in these fields after depreciation has been calculated, you'll need to recalculate depreciation (select the
Asset
 tab,
Tasks
, then
Calculate all assets
).
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