Editing CCA Classes

You can edit CCA classes to change opening balances, user rates, and account linking.  Click More > Capital Assets.

Click CCA classes at the top of the page.

There are two tabs in the CCA classes screen – one for standard classes, and one for class 10.1 assets.

Your beginning balance will come from the closing UCC from your prior year’s tax return.  This must be updated every year for the CCA schedule to calculate properly.

You can add a user rate that is different than the standard rate for the CCA class.  This rate cannot be higher than the current standard rate.

The book value account and accumulated depreciation account must be assigned for each class.  Do not use the same account for book value and depreciation, as by standards, they must be tracked separately.

The same information can be edited for class 10.1.  The only difference is class 10.1 is tracked by individual asset instead of an asset pool.

Once you are done making your changes, click Save.

Last updated on April 6, 2023 by FCC AgExpert