Recording Capital Cost Allowance

AgExpert Analyst no longer posts Capital Cost Allowance (CCA) automatically. If you want your depreciation amounts to appear in your financial statements, you must enter them manually.  The CCA report is meant for information purposes only and will assist you in getting the correct numbers entered.

Note: Your CCA schedule must be properly set up in order for this process to work. Ensure that your opening balance and CCA rates are correct. This must be done every year, as AgExpert does not roll these numbers forward for you.

First, go to Reports > Reports Console and select Tax information from the menu on the left.  You will select the CCA/Depreciation report in this section.

Select Standard classes and the Maximum depreciation rate and click Table View to view the depreciation report. Do the same for Class 10.1.

Your depreciation amounts are listed in column 9. You can either print the report for your reference or write down the class number and amount of depreciation being claimed for the year.

Once you have the figures you need, close the Reports Console. Go to Transactions > General Journal.

You can now make the general journal entry for depreciation. Set up the entry as follows:

Last updated on April 5, 2016 by FCC AgExpert