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.

[pisces2405]

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.

[Cattlerancher · Accepted solution]

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.