Section 179

[emtl-admin1]

All of the assets set-up as 179 qualified, did not populate the 179 column for first year depreciation in the calendar year ending December 31, 2008 on the 179 History Report. Additionally, the maximum allowable 179 deduction of $250k was not taken.
Each assest is set-up to "automatically assign", but some but not all assets were assigned nor did we populate that field manually.
So, the 2008 year is closed out. First, is there a know reason why this may have occurred, and is there a fix for it? Second, we need to make a correction. Would the best way to fix the 2008 error be reopen 2008, and manually enter the asset cost into the Section 179 box, in the Asset Addition Screen. We a talking about 60 assets.


Thank You!
Quintin

[Support]

Just because an asset is set to Yes for Qualified Sec 179 does not mean you are taking Sec 179. You either need to manually enter the amount of Sec 179 you want to take or allow the system to assign Sec 179 by going to the Assets menu, Auto Assign Sec 179.

If you want to go back to 2008 and make changes you will need to do the following:

Go to the Housekeeping menu, Unreset to Prior Year.

Step through the wizard and you will be asked if you want to save acquisitions. Be sure to check that box as this will save any 2009 acquisitions that have been entered.

Continue through the wizard to go back to 2008. Make your changes, run reports, etc.

When you are ready to go back to 2009 go to the Housekeeping menu, Reset to New Year as you would normally do. Your 2009 acqs will be merged back into the file. However, any trades or disposals that were done in 2009 will have to be re-entered as those are not saved.