What do you do when you change depreciation software and the rerun calc doesnt tie to prior year? For context, my company used to have a CPA firm run depreciation, but this year we switched to another software and do this in house. I added all the assets with the same placed in service date, but the rerun accum. depreciation numbers don't tie to PY. I think trying to make them tie is time consuming and can be impossible... To be continued in comments.

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I would start by understanding the difference. Pick a few individual assets and recalc their depreciation in Excel to tie to both softwares so that you can understand what the new software is doing differently. Perhaps once you figure that out, you can change the inputs in the new software so that your 2024 starting point is the same.

likehelpfulsmart

No we are private company and dont issue statements. For book we use straight line.

I work in depreciation. When systems are changed, the accumulated balance never ties. Something is always either off with the data,or a method set up incorrectly, or it could just be rounding precision difference. Figure out if the old balance is right, or the new (Manually recalculate it).

You'll likely need to either push the difference through the current year, or amend the prior year returns, or file a method change.

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So I was thinking we can just rerun through 12/31/2023 then make adjustment through JEs to tie, then run 2024 calc. Would that be a preferred method in this case or what have you done? TIA.

Is your company doing the returns as well? Also, are there states that the company files in? If there are state depreciation adjustments who is calculating that?

Depending on this, the CPA firm may need to do this work anyway…

Yeah... I am not familiar with all these yet. I came from indirect tax and was put on this project because someone left the team, and google has been my go to source but there are too many things I cant grab yet just within 3 weeks.

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