Copying Book Information

You can use the Copy Book feature to copy the depreciation information from a book, such as the Tax book, to another book. The Internal, State, AMT, ACE, and user-defined books can be selected as destination books. You may want to use this feature if you have been using the program for some time but you only now decided to open one of the books.

For example, you may have decided to not use the State book when you first started using the program because your state followed all federal depreciation rules, so you closed the book on the Book Defaults tab of the Edit Company dialog. Suppose your state now decides not to comply with newly issued federal tax laws. If your state does not fully conform to the federal tax laws, you may need to open the State book and depreciate your assets following the rules for your state. You can use the Copy Book feature to quickly populate the fields in the State book with the correct placed-in-service date and cost information. Then you can modify the assets to conform to your state rules.

You select the Copy Book feature from the Asset List. The system copies information for all of the assets in the open company.

To copy book information

In the Asset List, select Asset/Copy Book from the menu bar. The system displays the Copy Book dialog.
Complete the Copy Book dialog, and then select OK.

If the Source Book and the Destination have different short year information, the system displays a message that gives you two options:

Copy both calendar information and depreciation information.

Copy depreciation information only.

Select whether you want to copy both the short year information and the depreciation information, or just the depreciation information, and then select OK.

For information on copying books with different short year information, see Copying Short Year Information.

Caution! The ACE book performs a special depreciation calculation for assets PIS before 1990 with an ACRS or MACRS depreciation method. For such assets, the ACE book calculates depreciation for 1990 through the end of the asset’s ADS life on a straight-line basis. See the ACE Book Overview topic for details.

When copying the ACE book to another book it may not retain all of the ACE book information as originally calculated, especially if there is a recalculation of depreciation back to prior years. Similarly when copying another book into the ACE book, assets with a PIS date before 1990 will be depreciated following the ACE rules if the ACE book is recalculated before the end of the asset’s ADS life.

Recommended: If you have assets PIS before 1990 that are not fully depreciated as of your current tax reporting period (or earlier), only use the ACE book for calculating ACE depreciation. Alternatively, if ACE calculations are not needed, close the ACE book.