Troubleshooting fiscal year-end date discrepancies in UltraTax CS and Fixed Assets CS

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Reason for discrepancy

To properly integrate depreciation data with UltraTax CS, the Fixed Assets CS client must have a fiscal year end that ends in the same month and year as in UltraTax CS.

In most cases of fiscal year-end discrepancy between the two applications, you will be prompted to fix the dates. The issue occurs most frequently in the following situations.

Situation 1

Discrepancy: You are adding a client to UltraTax CS who already exists in Fixed Assets CS. The client's year end in Fixed Assets CS is one year prior to the year end you are entering for the client in UltraTax CS.

Result: UltraTax CS prompts you to proforma the client's depreciation files.

Situation 2

Discrepancy: The client has the same year end in both Fixed Assets CS and UltraTax CS, but the Fixed Assets CS client's data is being processed either monthly or quarterly and the current period is not the last period of the year.

Result: When you add or proforma the client into UltraTax CS, the client's data is moved to the last period of the year in Fixed Assets CS.

Situation 3

Discrepancy: The Fixed Assets CS client's year end is more than one year prior to the UltraTax CS client's year end.

Result: UltraTax CS may set up blank depreciation files for the client. If so, you will not see any depreciation data from prior years.

Resolving the discrepancy

To advance the client's year end in Fixed Assets CS so it is the same as in UltraTax CS, open the client in Fixed Assets CS and advance the client's processing period.

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