Importing CCH^® ProSystem fx^® Fixed Asset Data

You can import fixed assets information into Individual, Fiduciary, Partnership, Corporation, S Corporation, and Exempt organization returns from CCH ProSystem fx Fixed Assets. Fixed Assets is available on the Import menu when a return is open and Fixed Assets is installed.

Note: The following procedure describes all possible steps in a fixed assets import. The configuration of your fixed assets may not require all of these steps.

To import data from Fixed Assets, do the following:

1. Open the return that will receive fixed assets data.
2. Select Fixed Assets > Fixed Assets in the Import group on the Import / Export tab.
3. Click Browse.
4. Navigate to and select the Fixed Assets client file to be imported.
5. Click Open.

Note: The Fixed Assets client type must match the tax return product.

6. Select Save client return before import if you want to save the return before performing the import.
7. Click Next.

   Tip: Click at the top of the import window to return to previous windows in the import wizard. The back button is disabled once you click Import.

8. If prompted, enter the password, and then click Next.
9. Select the import method.
   • Totals only. Current depreciation totals for each entity in the fixed assets system will be imported to a business, rent, royalty, farm, or depletion Depreciation and Amortization Totals worksheet. Existing totals in the return for these entities will be overwritten.
   • Asset detail. Current depreciation totals for each entity in the fixed assets system will be imported to a business, rent, royalty, farm, or depletion Depreciation and Amortization worksheet. Existing totals in the return for these entities will be overwritten. If you select this option, you also must choose one of the following asset detail methods from the list:
     • Import current year acquisitions only
     • Import current year dispositions only
     • Import only current year acquisitions and dispositions
     • Append and update all assets
     • Full import (overwrites all asset detail data)

     Notes

     • If you are doing an initial import (no depreciation or disposition data on the input worksheets), only Current year acquisitions and Full import are available.
     • Entities that do not have corresponding asset data in Fixed Assets remain as they were prior to import.
     • Inactive or disposed assets will not be imported from Fixed Assets.

10. Select to either add an entity or bypass the entity when handling a fixed asset entity that does not already exist in the return. Tell me more about these options.

    Option	Action
    Add entity	Fixed Assets will control depreciation entries on the return. If Fixed Assets has assets with depreciation that are not matched on the open return, the assets and their depreciation are created in the return.
    Bypass entity	The return will control depreciation entries on the return. If Fixed Assets has assets with depreciation that are not matched on the open return, the assets and their depreciation are not created in the return.

11. Review the information selected for import, and, if the information is correct, click Next to begin the data validation.
12. Examine the validation log and make your selection for handling the log summary.
    • Validation completed. All data in the source file can be imported. You can continue to the next step in the import.
    • Validation partially succeeded. Some data in the source file cannot be imported. You can continue with the import without fixing the errors. However, only the data that passed validation will be imported.
    • Validation failed. The data file cannot be imported in its current form.To view information about the problematic data, click Details. You must exit the wizard and fix the errors. Then, you can repeat the import process.
13. Click Import.

    Important: You cannot cancel an import once it has begun.

14. When the import completes, click Details to view information about the imported data.

    Note: The detail logs are not retained when you exit the wizard. If you need to keep a copy of a log for your reference, click Print to send the log to a printer. You can also click Copy to add the information to the Windows Clipboard, then paste the log information into another document.

15. Click Finish.