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Level 5
September 12, 2023
Solved

new client with several items on depreciation schedule - is there a shortcut to enter?

  • September 12, 2023
  • 4 replies
  • 17 views

I have a new client that has a depreciation schedule that is several pages long.  Is there a shortcut to entering these items or do i need to do a separate asset entry worksheet for each item?

Thank you.

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Best answer by PATAX

Sometimes when I get in a situation like that, I just immediately put the nose to the grindstone and start plowing away. And you can usually get it done in the time you spend spinning your wheels trying to figure out an alternative. 

4 replies

Just-Lisa-Now-
Intuit Community Champion
September 12, 2023

No shortcuts that Im aware of, unless the previous accountant used ProSeries or the taxpayer was a DIY that used TurboTax Desktop and can give you and tax file that you can transfer in.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Jim-from-Ohio
Intuit Community Champion
September 12, 2023

i have experienced this.. if there are a ton of assets that are fully depreciated I have added up those particular assets and created one asset for the totals.. items that are not fully depreciated i entered individually..

now one shortcoming of this method if the company sells one of the assets fully depreciated you will not be able to mark that one "composite" asset as being sold.. you could at that point though carve out that one asset and create an asset for the item being sold.. but you would not know the cost unless client knew or you can keep the "old" depreciation schedule to find the cost there. 

i know this is not the best method but it can be a workaround and as far as these old assets, i have not seen clients selling old assets.. it could very well be that some of those old assets don't even exist anymore and were never taken off of the fixed asset listing. 

Just-Lisa-Now-
Intuit Community Champion
September 12, 2023

Ive had clients go through the list, many times there's old stuff that's been junked long ago or stuff they dont even recognize anymore and can be removed, and the list can be whittled down to something more manageable.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Jim-from-Ohio
Intuit Community Champion
September 12, 2023

i have seen depreciation schedule with such vague descriptions, like F & F, EQUIP, etc.. and they are repeated over and over. 

PATAX
PATAXAnswer
Level 12
September 12, 2023

Sometimes when I get in a situation like that, I just immediately put the nose to the grindstone and start plowing away. And you can usually get it done in the time you spend spinning your wheels trying to figure out an alternative. 

Level 2
September 13, 2023

Control+M (when on the asset screen) will bring you to the quick entry screen. You can then enter all the assets sequentially vs needed to pull up a new asset screen for each asset. 

Not exactly a shortcut but it does save some time!