Entering a short year for the current client

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To enter a short year end for an existing client, perform the following steps.

  1. Make sure you are in the processing period in which the client's short year will end. For example, if a client's year end is currently 12/31/16, and the short year will end 6/30/16, the client needs to be in the 12/31/17 processing period before you can update the year end.

    Note: If necessary, choose File > Select Period to Process to advance the client's processing period.

  2. Choose File > Client Properties.
  3. In the Client Properties dialog, change the date in the Current fiscal year end field to the short year end. (Based on the example above, you would change the date from 12/31/17 to 6/30/17.)
  4. Click the Short years tab.
  5. In the Most recent field, enter the client's first year end that is prior to the date entered in the Current fiscal year end field. (Based on the example above, you would enter 12/31/15 in the Most recent field because that was the most recent different year end that was processed for the client prior to the current year end of 6/30/17.)
  6. Click OK to save the changes to the Client Properties dialog.
  7. To recalculate the current depreciation for the changes made to the processing period, choose Tasks > Calculate All Assets.

Fixed Assets CS uses the fields in the Short Years tab to calculate the correct prior and current depreciation expense for assets. These fields are also used to indicate if the client's first year was a short year.

  • Oldest: If the company has a year end prior to the year end entered in the Interim field, enter that year end date here.
  • Interim: If the company has a year end prior to the date entered in the Most recent field, enter that year end date here.
  • Most recent: Enter the company's first year end that is prior to the date entered in the Current fiscal year end field.

Note: When the first year of business is a short year, enter in this field the ending date of the month preceding the month that the short year began.

When you are done making your changes, choose Tasks > Calculate All Assets to recalculate depreciation for all of the current client's assets. Due to the importance of these fields for accurate depreciation calculation, Fixed Assets CS does not let you close the New Client dialog (or the Client Properties dialog) until the year ends are entered correctly. Verify the following conditions exist.

Examples

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