New business with 75 assets listed

[David]

The bookkeeper for a dentist's office sent me their QB file. She listed 75 assets in the asset list.

What have those of you done who use ATX software when you have such a huge asset list? Is there a shortcut we can use instead of inputting all 75 items into the asset manager?

Thanks,

David

[Lynn EA USTCP in Louisiana]

The bookkeeper for a dentist's office sent me their QB file. She listed 75 assets in the asset list.

What have those of you done who use ATX software when you have such a huge asset list? Is there a shortcut we can use instead of inputting all 75 items into the asset manager?

Thanks,

David

My client with the largest asset list had HUNDREDS of assets. Every year before I started working on the income section of the return I reviewed their assets, to see which were disposed of and if any new ones were purchased. I don't know about any shortcuts as I always listed each and every asset. Maybe some others with more ATX experience than I will be more helpful with this.

Lynn Jacobs, EA

Kenner, La

[RitaB]

The bookkeeper for a dentist's office sent me their QB file. She listed 75 assets in the asset list.

What have those of you done who use ATX software when you have such a huge asset list? Is there a shortcut we can use instead of inputting all 75 items into the asset manager?

Thanks,

David

I'm with Lynn. List them all, and charge lots. Be sure and print that Form 4562 Statement AND the Tax Classification Report when you do the return to show how you have slaved over this, in case the dentist is as cheap as my vet guy. HaHa!

Seriously, if you lump assets into groups, you may wish you hadn't. If the dentist disposes of some assets, it might be easier on you if they are all entered separately.

[kcjenkins]

And only the first time is hard, after that it is usually just a few new items. I would check, first, tho, to be sure they still have all 75 still in service.

[Gail in Virginia]

I would agree with everyone else and just list the assets - it is a one time pain for which you make them pay. However, if you really don't want to, i believe you could export the asset list from quickbooks to excel and do the depreciation in excel and only put totals on the 4562 in ATX. I am not recommending this, merely offering it as an alternative.