also, how do I initiate the mid year convention?  Keep the in service date as Dec, but beginning date of June? 

Finally, if I change to SL can I override the 168 allowance % to 0? 

Hello Stephanie,

The 168 amount and percentage is controlled by the Depreciation Method on the Assets and using the MF100 (MARCS Straight line) or any other non-168 method, would be the only way to zero out the 168 fields.

That sounds like you are entering QIP type assets which would mean you want Property Type R, MF100 and 15 years.

See How to add or edit a Qualified Improvement Property for more information.

As for the convention, that is determined by the combination of the Property Type, Method and Life and a Property Type R, MF100 and 15-year life asset would calculate a Half-year convention by default. Sometimes the Placed-in Service date could come into play, but if these are new assets, not Placed-in Service prior to 2018 (I think), that will not be an issue.

For these changes to take effect properly – You will be answering Yes and selecting Placed-in Service date to the questions that pop on making the change.

~Delray

Thanks Delray...one more question....if I needed to update the tax status of a few individual assets, could I do that and run depreciation on just those individual assets and then run the year end report on the totals? 

Or do I have to re-depreciate all of the assets? 

Hello Stephanie,

Either way works. You can make the change and re-run depreciation on the individual asset or go through and change all the assets then re-run all the assets after everything is done.

When I am editing assets, I am running depreciation on the individual asset to check the numbers on the specific asset and later of all the asset since I do not trust something else was changed in the interim, but I am told I am paranoid. 

~Delray