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Re: CCA / Depreciation of Capital Assets ?
- Subject: Re: CCA / Depreciation of Capital Assets ?
- From: Ashley J Gittins <..hidden..>
- Date: Fri, 6 Apr 2007 01:55:47 +1000
On Fri, 6 Apr 2007, Leah Kubik wrote:
> I tried to send a question about this before, but I am not sure if it went
> through correctly. Anyhow, I'm doing my taxes and I'm trying to figure out
> what is the best way to track in the Ledger-SMB Capital Assets on which I
> claim CCA allowances yearly for.
Hi Leah, we have a similar arrangement in Oz, but you know... IANACPA etc
I think the way it's usually done is you create two accounts. One is where you
enter the expense for the original item, the other is where you enter the
claimed depreciation. Ultimately the two accounts will end up cancelling each
other out, at which point you can't claim depreciation any more :-)
It might be set up as a contra account, or you might just enter negative
values, I really don't know the details on how it's done but hopefully it may
be enough for you to find an answer having some new terms to google with ;-)
And if we're really lucky, my ignorant post is enough to anger someone into
correcting me with the right way to do it!
Ashley J Gittins