This is where the analysis of the fixed asset additions is made and any capital allowance claims identified.
The Summary reconciliation table reconciles the fixed asset additions analysis entries, split into relevant trade/business types, to the figures entered in the Tangible Fixed Asset summary. Any differences in the totals will be flagged.
Once all the columns have been completed, the assets can be linked so that the capital allowances are automatically populated in the relevant windows in the software.
Inserting Analysis Information
There are a number of methods for adding analysis information. These are:
- Manual entry.
- Copy from an Excel file using "copy and paste".
- Import from a CSV file.
Copy from Excel
Data can be copied from individual cells or from multiple rows in an Excel spreadsheet into the Description, Date and Balance sheet cost columns only. However, only one column at a time can be copied.
- Select and copy the relevant column in the Excel spreadsheet, e.g. asset descriptions.
- Click in the description field in the first blank row. Right-click and select 'Paste'. Multiple rows should be created.
- Select the next column to copy from the spreadsheet, e.g. the date of acquisition.
- Click in the date field of the first created row. Hold Ctrl on the keyboard and select all the following rows in the Date column.
- Right-click and select 'Paste'.
Import from CSV file
The data which is imported from a CSV is limited to the Description, Date and Balance sheet cost columns only.
A specific format is required to import data from a CSV file. The column headings must be named:
The CSV file can include other columns, but they will be ignored.
The first row in the CSV file must be the column headers with the specified names for the import to be successful.
To import asset additions data from a CSV file
- Click Import/Export in the Balance Sheet area of the ribbon.
- Select "Import Fixed Asset Additions" from the dropdown list in the Import/Export pop-up window and click 'OK'.
- Locate the CSV file to import and click 'Open'.
- A message should appear to say assets were successfully imported.
- The assets should now show in the Additions analysis window.
The entries that should be made in the analysis are:
Enter a description of the fixed asset addition.
Where the asset is to be included in a single pool, such as for Short Life Assets, then a unique description for the asset should be shown. The description should not match any asset description already existing in the single asset pool.
Enter the date of acquisition of the asset. A default date of the final day in the Period of Account will be shown after you enter the description and then use the tab function to navigate to the date field.
Balance sheet cost
The value entered here should be the cost of the asset as shown in the balance sheet. This value is used in the Summary reconciliation table to reconcile against the total cost per balance sheet.
If the tax value of the asset qualifying for capital allowances is different to the value shown in the balance sheet, the amount should be entered here.
If the tax value is nil, then a tick in the Nil tax value box should be made.
Nil tax value
If the tax value of an asset is nil, this box must be selected.
B/fwd prior AP
If the asset was acquired in an earlier Period of Account and capital allowances are being claimed on the asset in the current Period of Account, this box should be selected.
To ensure this does not affect the reconciliation against the Tangible Fixed Asset summary, the Balance sheet cost of the addition should be zero.
Balance sheet category
This is a dropdown menu based on the column descriptions shown in the Tangible Fixed Asset summary.
This is a dropdown menu based on the entries shown in the Trading Income window. It allows the asset to be categorised against the trade, Management expenses or Non-qualifying, to identify where capital allowances will be claimed.
If the asset does not qualify for capital allowances, and is neither an Intangible Fixed Asset or finance lease asset, then show the asset as Non-qualifying.
This is a drop down menu. Choose the pool in which the capital allowance on the asset is to be claimed.
The options available in the drop down menu for the allowance type are based on the entry made in the previous field for Pool type.
Where the allowance type selected is AIA, then the claim for AIA should be made in the normal manner via the Tax Planning > AIA Claim window for pooled items, and via the individual asset where the asset is a Short Life Asset.
This is a hyperlink which is automatically created when the asset has been linked and data is used elsewhere in the software.
Clicking on the hyperlink will navigate directly to the area where the data is being used.
To allow the data entered in the Additions analysis window to be automatically used elsewhere in the software, click the Link button below the data entry grid.
When an asset has been linked to another area, a hyperlink will appear in the Details column. The values will automatically populate the capital allowance pools, based on the entries made in the columns, and any single asset capital allowance pools will be created as appropriate.
Assets that have not been linked will show a red warning triangle in the Balance sheet cost field.
If there is a minor change made to the data after it has been linked, for example a change to the value eligible for capital allowances, then the data will be automatically updated in the linked area.
If there is a major change made to the data after it has been linked, for example a change in Pool type, then the link will be deleted and any data which had been created as a result of the link will be removed. The asset will then need to be linked again.