Using the prior year conversion to proforma converted data into the current version of UltraTax CS

Alerts and notices

Overview

Use the prior year conversion if you have uncompleted current-year returns that you would like to complete in UltraTax CS. This option allows you to take advantage of the slower summer months to spend time on returns that still need to be filed while also helping you become familiar with UltraTax CS navigation and data entry.

Process

Follow these steps to begin processing your returns in the current year of UltraTax CS. 

  1. Convert returns from the prior year competitor.
  2. Review the Post Conversion Document for data that converts and data that does not convert. 
  3. Proforma the converted data to the current year of UltraTax CS.
  4. Process the converted returns in the current year of UltraTax CS. 

Pros, cons, and best practices

Pros

You can familiarize yourself with UltraTax CS navigation and data entry before the tax season rush begins.

Cons

You may be converting outdated data (for example, changed addresses, old bank account information, outdated employment information, etc.).

You may inadvertently overwrite previously converted data.

Best practices

If next year's version of UltraTax CS is unavailable and the current year conversion has not been released, use the prior year conversion to convert a handful of returns. Proforma those returns to the current year version of UltraTax CS. Use this method for returns that are on extension, or for clients who still need to process current year returns. Wait for the current year conversion to be released to convert the rest of your clients. 

Keep track of which clients you converted using the prior year conversion. You do not want to convert those clients again because it may lead to you accidentally overwriting a completed return.

Related topic: Converting to UltraTax CS - Which conversion do I use?