2018 UltraTax CS
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If you change data in a client who shares data with other clients (and print or preview the client's return to update the calculated values), you will be prompted to update the data in those other clients. The next time you open a client who shares data with the updated client, the Data Sharing - Pending Updates dialog appears and prompts you to review the updated data. Use the Data Sharing - Update dialog to either accept the newer data or to retain the existing values.
Example: Client A is an 1120S client with two shareholders who are both 1040 clients (Clients B & C). After printing or previewing the Client A's 1120S completed return, you open Client B, add the new K1 unit when prompted, accept the updated data, and close Client B. Later, you go back into Client A and increase the amount of ordinary income. This will increase Client B's share of ordinary income on their K1. In order for Client B to receive the updated data, you must print preview Client A (to update the calculated values), then open Client B and use the Data Sharing - Update dialog to accept the updated data.
The preparer should diligently review all data that is shared among clients.
Tips
- UltraTax CS must recalculate a client's return in order to update shared financial data. In addition to printing or previewing the return, you can also spool the return in order to update shared financial data.
- To discard updates to shared data and retain the existing values, select the Retain existing client data and discard source data option and click the Retain button.
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