Schedule K-1 for 1065 - Drake Software

Drake Software User’s ManualUpdating a Prior-Year Return in DrakeBook Depreciation SchedulesA book depreciation schedule will now be printed when the Carry book accumulateddepreciation and amortization to Schedule L check box is marked on the Lscreen.Adjustment and Override WorksheetsThe Adjustment Worksheet and Override Worksheet are updated each year to help youunderstand what happens in the return when certain data is changed through the use ofadjustment or override fields (Figure 1).Figure 1: Adjustment (+/-) and override (=) fieldsBy default, fields that allow overrides are preceded by an equal sign (=) and displayred text. Data entered in these fields replaces, or overrides, program calculations.Fields that allow adjustments are preceded by a plus/minus sign (+/-) and display bluetext. Data in these fields adjust program calculations by the amount entered. A positivenumber increases the calculated amount; a negative number decreases it.The Adjustment and Override worksheets are available through the FAQ screen. Toaccess them, open the FAQ screen, click the Screen Help button (or pressCTRL+ALT+?) and click the links at the top of the window.Updating a Prior-Year Return in DrakeHeader InformationIf you prepared the tax return in Drake last year, you will need to update the return forthe current year. A prior-year return can be updated in three ways:• With all other returns in the program using Last Year Data > Update Clients2010 to 2011 (not recommended)• As a single return (updated one at a time) using Last Year Data > Update Clients2010 to 2011 (recommended)• When you open the return for the first time in the 2011 program and are promptedto update itWhen you update a 1065 return that was marked as “final” the previous year, the programinforms you that the return was marked final before prompting you to proceed.Screen 1 contains fields for the general information that is printed in the top section ofpage 1 of Form 1065.Tax Year 2011 3