Discussion:Entering depreciation and Sec 179

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Discussion Forum Index --> Tax Questions --> Entering depreciation and Sec 179

Gabcpa04 (talk|edits) said:

1 June 2006
Question 1:Do you have to enter the depreciation and Sec 179 manually, after you export the trial balance from QB (S Corp)?Do you need to assign a line for the depreciation when you export?


Question 2 : If you are the sole shareholder of an S corp and you make a contribution.Could I use a contribution expense account on the Income Statement?

Mastill (talk|edits) said:

14 June 2006
question 1-depreciation should be automatically calculated by tax software. You don't want quickbooks to override this. Calculate depreciation on tax software, then enter in quickbooks so that books will balance.

question 2-You can use contribution expense, but assign the line to K-1 contribution to transfer to tax software.

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