Setting up asset associations

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Associations are used to sort assets during data entry (by clicking a column heading in the Asset List window), to categorize assets for reporting purposes, and to enter additional information needed for UltraTax CS personal property tax returns. They may also be used to focus the list of available assets when reassigning assets or selecting assets for a mass transfer or mass disposition.

Note: Associations are set up on a client-by-client basis. With the exception of the Oil & Gas association, once set up, associations are available in all activities for the open client. The Oil & Gas association is available only for 1040, 1120, 1065, and 1041 clients for Business and Rental activities.

  1. Open the desired client.
  2. Choose Setup > Associations to open the Associations dialog.
  3. Do one or both of the following tasks.

    • Mark the checkbox for the association you want to set up.

      Note: If you mark one of the Custom checkboxes, the Association Title dialog opens automatically. Enter the name of the custom association and click Continue.

    • For UltraTax CS personal property tax returns, click the Enable button to activate all associations that are needed for any states that are attached to this client.
  4. Highlight the association that you want to set up (if it isn't already highlighted) and click the Properties button.

    The Association Properties dialog opens (unless you are setting up an Oil & Gas association, in which case the Oil & Gas dialog opens).

    The steps to finish setting up your association vary depending on whether the association will or will not maintain a list of acceptable values, or if you are setting up the Oil & Gas association.

    Note: You cannot edit the list of acceptable values for application-defined associations for which the application maintains the lists. Most of these associations end with a state postal code (for example, County - KY). These associations only appear in the Associations dialog if an UltraTax CS personal property tax return is available for a state that is attached to the current client.

  5. Click the appropriate link for more information.

    1. Click the A list of acceptable values IS NOT maintained option.
    2. Click the option for the appropriate data format.
    3. Click OK to close the dialog.

    The association field now accepts entries only in the data format you specified.

    1. If you are setting up a custom association, click the A list of acceptable values IS maintained option.
    2. To enter the list of acceptable values for this association, click the Add button.
    3. In the field below the Add button, enter an acceptable value for the association field.
    4. Click the Enter button.
    5. Repeat steps c and d for each value you want to add.
    6. Click OK to close the dialog.

    The values you entered are now available for selection from the drop-down list in the association field during asset data entry.

    1. In the Oil & Gas dialog, click the Add button.
    2. Enter the cost center, well number, description, beginning reserves, and current-year production of this well.
    3. Click the Enter button to save the information you entered.
    4. Do one of the following tasks.

      • To add information for another cost center and well: Repeat steps a - c.
      • If you are done adding cost centers and wells: Click Done.

    The well descriptions you have added are available for selection from the drop-down list in the Oil & Gas field in the Asset Detail dialog for the current activity.

    You can now enter oil and gas well assets for this client.

    Notes

    • You can enter setup information regarding oil and gas cost centers and wells for transfer to UltraTax CS in this dialog.
    • You may define up to 12 cost centers and up to 9,999 wells per activity.
    • To speed up data entry, move the Oil & Gas field to the top of the Asset Detail dialog. During data entry, this allows you to choose the well description from the Oil & Gas field, enter the cost/basis, and when you choose Units of Production from the drop-down list in the Method field, the application automatically enters that well's beginning reserves and current-year production amounts.

Notes

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