Viewing a T2042 report

You can automatically produce a CRA Statement of Farming Activities (T2042) for the current year.

In AgExpert Analyst, you can associate income and expense accounts associated with a specific T2042 line number.

To view a T2042 report:

1. Select Report Console from the Reports menu. The report console opens.
2. Select Tax Information from the menu panel, and then select T2042.
3. Select the Method (Cash or Accrual) for your report. An accrual report (all income and expense accounts integrated) includes all outstanding accounts receivable and accounts payable charges for the current year. A cash report (all income and expense accounts integrated except inventory adjustment accounts) includes the current balance of income and expense accounts for the current year.
4. Select the Depreciation to determine how much depreciation expense to report:
   • None – Sets the CCA rate to zero. No depreciation expense is calculated.
   • Maximum - Uses the maximum allowable CCA expense.
   • User – Calculates the CCA expense using the rates you’ve established.
   Note: You can set up the maximum and user depreciation rates in the CCA/Depreciation.
5. Select the Fiscal Year you’d like to report on.
6. Click Generate. 

Last updated on August 22, 2014 by FCC AgExpert