Bring forward property basis from prior years
Record an existing property and its accumulated depreciation from your prior books.
On this page
Have the prior property schedule and opening balances ready.
Step 1: Collect the prior balances
Use the balances for the day before your bookkeeping period starts. Gather the property basis, non-depreciable land and accumulated depreciation from the prior books or your preparer.
Step 2: Add the property asset
Open Accounting > Mileage & assets > Fixed assets. Open + New > Fixed asset, or choose Add fixed asset in the empty list. Choose A property (building), then Next. Enter Name and select the property, then Next. Review Useful life (years) and Date placed in service, then Next. Enter Cost basis and Non-depreciable part (land). Check the details before choosing Add asset.
Step 3: Bring forward depreciation
Open the saved asset and choose Historical depreciation. Enter Prior year-end, Accumulated depreciation and Source of this balance. Choose Review opening balance, check the details, then Submit for journal approval.
Step 4: Review the opening and schedule
Review and approve the saved opening only when it agrees with the source. Compare the asset record and Fixed assets schedule with those balances. Check journal report coverage before expecting the opening to appear in other reports.
Keep the balances separate
Buildings carry the depreciable basis. Land is non-depreciable. Accumulated depreciation carries the depreciation already recorded. Use the established records rather than the current market value.
Review the property purchase, related loan opening and asset schedule separately. A general journal does not automatically update the asset or loan tracker.
Check the result
- The asset and approved historical balance agree with the prior schedule.
FAQs
Should I use the current property value?
Use the basis established from your acquisition records and prior books. Ask your bookkeeper to resolve missing amounts.
What if the earlier deduction is already recorded?
Review the asset history first. Use Link posted years only for a clear matching deduction; do not post it again.