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Returning Member
posted May 31, 2019 11:42:45 PM

Accountant setup my depreciation on previous years. when i input it on TT, it changes my asset class to 7 yrs instead of 5 yrs.

accountant prviously did my taxes, now with TT.

my accountant set-up an asset in 2012 (specialty coffee machine) depreciation to 5 yrs.  Now with TT, it's selecting 7 yrs instead of 5 yrs to match my records.   A second set of assets were set-up the same in 2013.

TT is wanting me to put this to asset class 7 yrs instead of 5 yrs.

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1 Best answer
New Member
May 31, 2019 11:42:47 PM

You need to match the useful life your accountant used. You can either pick a different asset classification (5yr) OR use Other Asset and custom set it up. I recommend using another asset class (Construction machinery) 5 year useful life will work.

1 Replies
New Member
May 31, 2019 11:42:47 PM

You need to match the useful life your accountant used. You can either pick a different asset classification (5yr) OR use Other Asset and custom set it up. I recommend using another asset class (Construction machinery) 5 year useful life will work.