New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

To use the Method/Life Wizard during asset data entry, perform the following steps.

1. Open the Asset List window for an activity.
2. Click the Add button to add a new asset.
3. In the Asset Detail dialog, enter the asset's description, date in service, and information for any association fields that are at the top of the Asset Detail dialog.
4. In the Cost/basis field of the Tax column, enter the asset's cost/basis.
5. Click the Method/Life Wizard button (or press F6).

   A list of asset classes opens.

   Note: By default, all activities use the General asset class list, except for Farm, which defaults to using the Farm asset class list. You can change the list of asset classes that is available from the button for the Method/Life Wizard.

6. Choose the appropriate asset class for the asset you are entering.
7. Depending on the asset class you chose, a dialog may open in which you must enter additional information. To view detailed information about the dialog, press CTRL+F1 to view the help for that dialog.
8. The application either automatically fills in the methods and lives that are set up in the Method/Life Wizard, or it fills in the methods and lives that are equal to or derived from another treatment.

Was this article helpful?

Yes No

Submit