Warning - Schedule L does not equal 4562 ???

[miatax]

I'm getting these warnings for assets / a/d accounts when I do the error check... Warning - Schedule L does not equal 4562 ??? Client did NOT add any assets in 2008. There was only a SEC 179 deduction in 2007. My forms are current as far as updates.

Why? Do I just ignore?

[michaelmars]

are your balance sheet fixed assets diff than 4562 [you didn't enter fully depr items or land for example.

[miatax]

These are old assets that the client still uses that have been fully depreciated for years. Now I need to add them to the 4562? I never did this in prior years and the system never gave me a warning about it...

The only item that shows up on the asset detail is the addition of the copy machine in 2007 but that rolled over fine.

[michaelmars]

its only a warning and you can ignore it, in fact above the balance sheet is a check box to turn off the 4562 verification

[miatax]

Thank you.

[Catherine]

its only a warning and you can ignore it, in fact above the balance sheet is a check box to turn off the 4562 verification

Argh! Now you tell me! That warning drove me nuts last year (for the same reason; assets fully depreciated before I ever got the client).

I'll remember for the next time; thanks.

[jklcpa]

Thanks for that tip about turning off the warning. I only use the ATX depreciation for my very small business clients. All those blue warning messages are just plain annoying. I use Thomson Creative Solutions DSII for my depreciation. It's a great program, lots of flexibility and comprehensive reports.