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.

Follow the instructions below to prepare a final, short-year 2019 Partnership return using 2018 UltraTax CS, when starting with a previously prepared client. Note that the IRS will accept the return on 2018 forms.

1. Create a copy of the client:
   • If the client is open, choose File > Save As
   • If the client was previously e-filed, you may get the Warning - Status System dialog upon opening the client. For more on the dialog, see Discourage Access Feature.

   Note: If you choose to open for editing, UltraTax will recalculate the return information. To avoid recalculating the return, choose Replicate with cleared status events. Make sure to NOT mark Treat replicated client as temporary; delete it upon closing.

2. Change the year end on Screen 1065, located in the General folder.
3. On Screen 1065, enter or update the tax period dates for the Tax year beginning - short year and Tax year ending fields. If the return is calculating depreciation, enter dates in the Prior year ends, if different fields. For details on what dates to enter, see Entering prior year ends if different from current year end (1065).
4. In the detail of each asset, add the current depreciation and the prior depreciation shown in the Prior Depreciation field, and enter the total in the Prior Depreciation field.
5. Enter the Balance Sheet End of Year amounts in the Beginning of Year fields.
6. Enter the ending capital into the Capital account - beginning of year field on Screen M1M2 in the Balance Sheet folder, and allocate the capital to the partners.
7. Complete the return as needed, removing any 2018 data that should NOT exist.
8. Since this is a final return, you may also want to zero all capital accounts. To zero out all partners' ending capital, choose View > Partner Information. Then choose Partner > Transfers of Capital, and click the wand icon on the toolbar. Mark the Zero all capital accounts radio button and follow the steps in the Transfers of Capital Wizard. 

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