Changing one client to a different processing period

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See also: Closing multiple clients to a new processing period

Changing the current-period ending date in the File > Client Properties dialog does not update the application's calculated depreciation values. You must perform the steps in this procedure.

To change one client to a different processing period, perform the following steps.

  1. Complete all data entry for the desired client.
  2. Print all necessary reports for the current processing period.

    Note: If you also use Accounting CS or Creative Solutions Accounting (Write-Up CS or Trial Balance CS) to process the open client, you should create the journal entry transaction file.

  3. Choose File > Backup and complete the backup procedure for the open client.
  4. Choose File > Select Period to Process.

    Note: Depending on your security configuration, you might need to enter the master password before you can open the Select Period to Process dialog.

  5. In the Select Period to Process dialog, click the ending date for the period to which you want to change.
  6. Click the link that corresponds to the task you are performing for more information.

    Fixed Assets CS automatically does the following tasks when you advance to a different processing period within the same fiscal year.

    • Updates the current-period ending date in the File > Client Properties dialog. This date also appears in the title bar of both the Asset List window and the Asset Detail dialog.
    • Adds the current period's depreciation to the YTD depreciation.

    Fixed Assets CS automatically does the following tasks when you change to a different processing period within the same fiscal year.

    • Updates the current-period ending date in the File > Client Properties dialog. This date also appears in the title bar of both the Asset List window and the Asset Detail dialog.
    • Displays the prior period's depreciation.

    Fixed Assets CS automatically does the following tasks when you move to a prior fiscal year without closing the current year.

    • Updates the current-period ending date in the File > Client Properties dialog. This date also appears in the title bar of both the Asset List window and the Asset Detail dialog.
    • Displays the prior fiscal year's depreciation information.
    • If you do not move back to the current year prior to closing the client, Fixed Assets CS automatically moves you to the current year when you reopen the client.

    Note: Only the last period of the prior fiscal year can be accessed.

    Fixed Assets CS automatically does the following tasks when you merge to an existing fiscal year end.

    • Updates the current period ending date in the File > Client Properties dialog. This date also appears in the title bar of both the Asset List window and the Asset Detail dialog.
    • Adds any assets entered in the prior year.
    • Updates any changes to depreciation amounts for existing assets.
    • Removes any assets that were disposed of in the previous period.

    Notes

    • If a treatment is added to a prior period, its values will not transfer when you merge unless the treatment is already set up in the exiting fiscal year.
    • If association values are changed in an existing asset for the prior year, the association changes will not transfer when you merge to the existing fiscal year. You must manually change the association values in the current-year asset.
    • Data cannot be merged to an existing short year.

    Fixed Assets CS automatically does the following tasks when you close to a new fiscal year.

    • If you choose to overwrite the existing data, deletes all existing data already present within the new year or any subsequent year.
    • If you choose to merge to the next year, any changes in future periods are retained.
    • Updates the current-period ending date in the File > Client Properties dialog. This date also appears in the title bar of both the Asset List window and the Asset Detail dialog.
    • Advances the fiscal year ending date on the File > Client Properties dialog by one year.
    • Adds the current-period depreciation and the YTD depreciation for the year just completed to the prior depreciation.
    • Zeroes out the YTD depreciation for all assets.
    • Deletes all assets disposed of by sale, scrap, casualty, theft, or like-kind exchange during the fiscal year just completed. If the Display prior year disposals/transfers that occurred during the personal property assessment period ending checkbox is marked and the assessment date is entered in the Setup > Options > Asset List tab, assets disposed of in the prior year will be displayed in the future year. These assets are used for some state personal property tax returns.
    • Calculates the new current-period depreciation for each asset.
    • For assets with a section 179 expense amount, the amount in the Sec 179 expensed field in the Other column (when deriving Earnings & Profits from Tax) in the Depreciation tab of the Asset Detail dialog is incremented by 20 percent of the total section 179 expense entered in the Tax column for each of the four taxable years following the year of acquisition.

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