I would like the ability to enter in fixed asset depreciations in the Capital Cost Allowance (CCA) that is used in Canada. Here in Canada the government requires us to depreciation an item at 50% of the aloud % in the first year.
Guest
| Company | Logical Solutions Ltd |
| Job Title / Role | Sales and Support |
| I need it... | Yesterday...Come on already |
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While I am not a licensed CPA in Canada, I can tell you that in the US, we handle similar situations using 'Tax bonus depreciation' or 'Section 179' fields.
Assume you have an asset at $10,000 depreciated over 5 years. (10,000 / 5 years = 2,000 per year)
If you get to depreciate more in the first year, you could enter $3,000 as Section 179 or tax bonus depreciation. Since the system is going to write off 2,000 a year, adding the extra 3K brings you to the 50%. Then the asset will depreciate using straight line for the rest of its life.