Recording a Capital Cost Allowance

AgExpert Accounting does not post Capital Cost Allowance (CCA) automatically. If you want your depreciation amounts to appear in your financial statements, you must enter it manually.

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.

Select Reports from the menu on the left.  

Select CCA schedule from the Tax Information section.

Select Standard Classes and the Maximum depreciation rate from the choices along the top.  Your depreciation amounts are listed in column 12.  

You can either print the report for your reference or write down the class number and amount of depreciation being claimed for the year.

You need to repeat the process for Class 10.1

Once you have the figures you need, close the reports console.  

Select General Journal from the Quick Action Menu in the upper right.

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

Last updated on October 27, 2023 by FCC AgExpert