Adding a new CCA Class

To add a class to CCA/Depreciation:

1. Select CCA/Depreciation from the Setup menu. The CCA/Depreciation dialogue box appears.
2. Click Add. The Add CCA Class dialogue box opens.
3. Enter the following:
   • Class – Enter the class number.
   • Book value account – Select the capital asset account number. AgExpert Analyst updates this account when you purchase or sell capital assets in this class. Click the book icon to view a list of account numbers.
   • Accumulated depreciation account – Select the accumulated depreciation account number. Click the book icon to view a list of account numbers.
   • Beginning balance – Enter the original undepreciated capital cost for the fiscal year. You can get this amount from your last tax return. It may be different than the capital asset’s account balance in the chart of accounts. Check with your accountant to ensure that you’re using the right number.
   • Maximum CCA depreciation rate – Enter a percentage between 0 and 100. This is the maximum allowable depreciation rate for the class.
   • User CCA depreciation rate – Enter a percentage between 0 and the maximum CCA rate. You can use this rate instead of the maximum CCA rate in the asset depreciation tool and on reports like the CCA/Depreciation report to get a different view of the depreciation.
4. Click Save. Your new class will appear in your list. You can add another class, or click Close.

Last updated on August 19, 2013 by FCC AgExpert