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.

Question

How is beginning capital allocated to the partners?

Answer

Beginning capital is allocated, or not allocated, based on whether the client was proforma'd, converted, or new.

• Proforma'd clientsIn addition, UltraTax CS proformas the partners' specific amounts for the Ptr Alloc button.
• Converted clients - The UltraTax CS Data Conversion Service converts only the total beginning capital for all partners and enters the amount in the Capital account at the beginning of year field in the Schs M-2 and K-1 columns in Screen M1M2. Click the Ptr Alloc button, and allocate this amount by absolute dollar to the partners.
• New clients - UltraTax CS does not automatically allocate beginning capital. Enter the total beginning capital for all partners in the Capital account at the beginning of year field in the Schs M-2 and K-1 columns in Screen M1M2. Click the Ptr Alloc button, and allocate this amount by absolute dollar to the partners.

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