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Re: CCA / Depreciation of Capital Assets ?
- Subject: Re: CCA / Depreciation of Capital Assets ?
- From: "Chris Travers" <..hidden..>
- Date: Thu, 5 Apr 2007 10:07:24 -0700
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
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?
Ashley J Gittins
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