Review depreciation and the fixed assets schedule
Choose the report year and property, read the asset balances, then review annual entries and existing history separately.
On this page
Check each asset record against purchase documents and prior-year records, including its property, class, in-service date, basis, non-depreciable amount and useful life.
Have your tax preparer confirm depreciation treatment and missing historical balances. Opening or downloading a report does not post depreciation.
Step 1: Open and scope the schedule
In Accounting, open Reports. Under Assets, choose Fixed assets schedule. Open More filters, choose Tax year and Portfolio/property, then Run. Check the year and scope before reading or exporting the report.
Step 2: Read and download the balances
Review Description, Property, Class and In service alongside Basis, Non-depreciable and Life (years). Compare the selected year’s depreciation, Accumulated and Remaining with your reviewed records. Open Download and choose CSV (this view), Excel workbook (this view) or PDF. Check the downloaded year, scope, columns and totals.
Step 3: Load the annual review separately
To review entries for posting, open Mileage & assets and select Fixed assets. Open More, choose Annual review, enter Year and choose Load assets. Read each asset’s Amount and Review note before selecting it.
Step 4: Preview, then post only reviewed entries
Select the available assets and review their amounts, then choose Preview entries. Compare the asset names, amounts, books, dates and total with your approved schedule. When correct, choose Post reviewed year. Confirm the success message, close the review to refresh the register, and inspect the asset histories and schedule.
Step 5: Link a deduction already recorded
From Fixed assets, open More and choose Link posted years. Select Asset and its matching Historical depreciation row. Confirm the asset, year, amount and property from the original record. Type LINK POSTED YEAR in the confirmation field, then choose Link existing deduction. Confirm the result and close to refresh the register.
Understand what the amounts mean
Basis is the asset’s recorded cost basis. Non-depreciable is the excluded amount, such as land. Remaining is the depreciable basis less accumulated depreciation, with a minimum of zero; it excludes the non-depreciable portion and is not the property’s market value.
The schedule covers active assets in the selected scope. Depreciation can include planned amounts as well as recorded asset history. Compare it with approved openings and posted years; the report alone does not prove an entry was posted. A general depreciation journal does not automatically become linked asset history.
An in-service date records when an asset is ready and available for its intended rental use. Your preparer determines the applicable useful life, method, conventions and final deduction. Do not use a purchase date, listing date or suggested amount without checking the facts.
Recover from review problems
If the review says Select at least one available asset, select an available asset after checking its amount. If there are none, finish or correct the asset records first. After changing Year, use Load assets again before previewing.
Read the Review note for a blocked year. Existing deductions, unlinked history or an opening that needs approval can require reconciliation. If a preview is stale or the saved result is uncertain, inspect history and the displayed error before retrying the same reviewed request. Do not create a replacement expense to work around the message.
Check the result
- The downloaded schedule has the intended year and property scope. Any annual posting or historical linkage is confirmed separately against the asset records.
FAQs
Does downloading the schedule post depreciation?
No. The report can contain planned amounts. Annual review and Link posted years are separate actions; confirm posted history and approved opening balances before relying on the schedule for filing.
Why is an asset missing or a year blocked?
Check the report’s year and property, the active asset record, and the annual Review note. Resolve prior deductions, unlinked history or opening balances with your bookkeeper. Do not assign an uncertain historical expense merely to clear a warning.