Updating 3 YR tax book assets to 5 YR


After meeting with our accounting firm this morning, we have been asked to update the assets that we added to Sage for 2023 as 3 YR to a 5 YR term.  Being we already ran Depreciation through December 2023, I wasn't sure the best way of going about this or if it was possible to change.

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    Hello JWillman,

    Since you are talking about current year asset in the Tax book, the usual answer would be to go into the asset, make the change and then answer Yes and selecting Placed-in Service date to the questions and once completed re-run depreciation on those assets back to the end of the year.

    There are lot of reasons when making changes in the Tax book in the year an asset is Placed in Service that it gets reset to that Placed-in Service date.

    Since your change is on the life, you can create a group of those assets and then use the Bulk Edit feature to make the change, see How to perform a Bulk Edit of Critical Depreciation Fields for the details on that process.