Re: CCA / Depreciation of Capital Assets ?

["Chris Travers" <..hidden..>]

Unfortunately, we have no fixed asset tracking capabilities at the
moment and this needs to be done as GL entries.  More details inline
:-)

On 4/5/07, Ashley J Gittins <..hidden..> wrote:
> 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
> 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 :-)
Depreciation is normally tracked as an expense.  I suppose there may
be cases where you may also want contra accounts, but for basic
operations, this wouldn't be done that way to my knowledge.  IANACPA
though.  Nor do I know either Canadian or Australian regulations in
this area, so the above statement should be taken as "generally
accepted practice" rather than something

> 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!

Maybe the following link will be of help?
http://www.tutor2u.net/business/accounts/assets_fixedassets_depreciation.asp
> --
> Regards,
>         Ashley J Gittins
>         web:    http://www.purple.dropbear.id.au
>         jabber: ..hidden..
>
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