Tax book to workpaper

Keep tax-book calculations and reviewed elections connected to the workpapers that support them.

Step by step

Asset book setup Fixed Asset Accountant

Create financial and tax books with distinct basis, method, convention and rule version. Designate the financial posting book and preserve calculated forecasts separately from posted history.
- Updates Asset books, Book schedules
Tax election review Tax Accountant

Review eligibility and applicable rule versions before applying elections to a tax book. Validate the effective tax year and acquisition/in-service facts; independently review the preparer’s proposal.
- Updates Section 179elections, Bonus depreciation elections, Tax rule sets
ApprovalA person approves before the work moves on.
Depreciation calculation Fixed Asset Accountant

Calculate one candidate per entity, book and period using versioned inputs. Do not update posted accumulated depreciation from draft calculations. Repeated requests reuse the same run identity.
- Updates Depreciation runs, Depreciation run items, Book schedules
Tax and audit reporting Tax Accountant

Reconcile workpapers to the reviewed tax books and asset roll-forward. Export the retained version; record filing only with external acceptance evidence. Keep prior snapshots when a return or book is corrected.
- Updates Form 4562snapshots, Book schedules, Asset movements

What Fixed Asset Management enforces at each step.

Apply elections only after checking eligibility, the effective tax year and the asset’s acquisition and in-service facts.
Retain the tax-book rule version and preserve earlier calculations when a correction is reviewed.
Keep a prepared workpaper distinct from an accepted external filing.

Fixed Asset Accountant: Fixed Asset Accountant works within the record, field and action scope below.
Tax Accountant: Tax Accountant works within the record, field and action scope below.

Start free, then use Proto to change fields, steps and approvals before your team goes live.