This section explains how to create a short life asset in a multiple accounting period scenario.
To create a Short life asset in a multiple accounting period:
- Click into the blank description box in the Summary window.The following window will appear:
- Enter a Description - the description must be unique. It is not possible to have two assets with the same description.
- Enter a Date of acquisition - the date of acquisition is mandatory and must be a valid date within any of the accounting period. This date will determine which accounting period the asset will be created.
An existing asset where the date of acquisition is prior to the current period of account can only be added if the period of account is the first period created using CCH Corporation Tax.
Enter a Date of disposal if the asset was disposed of during the current period.
- Enter an amount of the Additions in period.
- Enter an amount for the Tax written down value brought forward - a manual entry can only be made for an existing asset where this is the first period created using CCH Corporation Tax. This box will be automatically completed where the asset has been carried forward from a previous period.
- To create additional Short life assets simply click the green plus button.
- Click Close to create the asset record.
- The record will now appear in the Summary and the writing down allowance will be automatically calculated for the relevant accounting periods.
- Click on the hyperlink name in the Description box of the asset to view the detailed information and to make any other changes to the asset information. The detail asset window will appear. See Creating a short life asset - single accounting period help for detailed information on the boxes within this window.