Error: Class 10.1 is being improperly assigned to my new capital asset purchase 

Problem: You’re trying to enter the purchase of a capital asset, but the program keeps showing the CCA class as 10.1 even though you’re not entering a 10.1 purchase.

You’re experiencing this problem because you added a capital asset account to the balance sheet, but didn’t link it to the CCA Schedule. You could do this in older versions (2012-05 or earlier) of AgExpert Analyst because, although the system was designed to group capital assets by class into one balance sheet account, assets classed as 10.1 could be listed individually.

In the newer version, AgExpert Analyst assumes that any asset posted to this new account is by default a 10.1 asset.

Solution

1. Select Setup>Software Preferences. The Preferences dialogue box appears.
2. Select the General tab and ensure that the Show check box is selected under the Reversed transactions heading.
   Note: If you don’t want your transaction lists to display reversals going forward, you can select the Hide check box after you’ve made your corrections.
3. Select Setup>CCA/Depreciation. The CCA/Depreciation dialogue box appears.
4. Click Add. The Add CCA Class dialogue box appears.
5. Enter the required fields to set up your new class on the CCA Schedule.
6. Click the  book icon to open your account list and select the appropriate balance sheet account(s) to link to.
7. Click Save. The new class will be linked to the appropriate account in the CCA Schedule and will display the correct class number.
8. Select Reports>Report Console. The report console appears.
9. Select Capital Assets from the menu panel on the left.
10. Select All – show all assets in the options panel on the right.
11. Select the current Fiscal year.
12. Click View in Grid. The Capital Asset Report appears.
13. Write down any assets that are incorrectly listed as 10.1
    Note: You only need to reverse assets that were purchased in the current fiscal year. You can fix incorrectly categorized assets from previous years without reversing the purchase transaction.
14. Check each asset’s label under the In Possession column.
    • If an asset is labelled No, it means the transaction that purchased it has already been reversed. 
    • If an asset is labelled Yes and the date in the Purchase Date column is within the current fiscal year, write down the number in the Purchase Audit # column so that you can reverse the transaction.
15. At this point you should have identified the capital assets showing incorrectly as 10.1 and you should have reversed any that showed as being in possession with an purchase date in the current fiscal year. We have one more step before we can re-enter these capital asset purchases.  We need to edit the capital assets list to change these assets from 10.1 to the class number they should have used in the first place. 
16. Select Setup>Capital Assets. The Capital Assets dialogue box appears.
17. Select In Possession from the Filter drop-down menu and select Class from the Group by drop-down menu.
18. Find any assets that are incorrectly listed as 10.1 and repeat the following steps for each:
    • Select the asset and click Edit. The Edit Capital Asset dialogue box appears.
    • Change the CCA class and description to the correct class.
    • Click Save to return to the Capital Assets dialogue box.
19. Select Not In Possession from the Filter drop-down menu. 
20. Find any assets that are incorrectly listed as 10.1 and repeat the following steps for each:
    • Select the asset and click Edit. The Edit Capital Asset dialogue box appears.
    • Change the CCA class and description to the correct class. 
    • Click Save to return to the Capital Assets dialogue box.
21. Re-enter the capital asset purchase. The correct CCA class and description should display.

Last updated on March 12, 2014 by FCC AgExpert