Welcome

Last modified 11:05, 31 Oct 2016

Overview

CCH Fixed Asset Register (FAR) records a business’s fixed assets and posts into both CCH Accounts Production and CCH Corporation Tax. It is accessed through CCH Accounts Production; so it can be regarded as a module of CCH Accounts Production.

Features

  • An icon for the Fixed Asset Register is visible on the Ribbon for CCH Accounts Production.

  • Data Entry is via CCH Accounts Production. When a posting is made to a Fixed Asset Register account, such as "Motor Vehicles Additions", you are asked whether you want to analyse the details of the asset (or assets) in the FAR. If you do, you can add the name of the asset, the depreciation method etc.

  • Alternatively you may wish to add the details of the asset later. In this case you can continue posting in CCH Accounts Production Data Entry. Later, when you go into the FAR using the icon on the Ribbon, a Reconciliation shows that the Fixed Asset Register asset balances do not agree with the Accounts Production nominal balances. You then add movements in the Fixed Asset Register until the differences come down to zero..

  • The FAR has 4 levels:

    • Asset Summary The top level is the Asset Summary screen which displays a similar level of detail to a fixed asset note. From here you can drill down into any Asset Class, such as Fixtures and Fittings or Motor Vehicles.
    • Asset Class The Asset Class screen lists the assets that comprise the Asset Class together with a Reconciliation of the Asset Class balances to those in the nominal ledger. From here you can drill down into the individual assets.
    • Asset The Asset screen shows details of the asset such as its code, name and depreciation method, together with a History of all the movements on the asset. From here you can drill down into the individual movements.
    • Asset Movement The Asset Movement screen shows the details of an individual Asset Movement such as its date, type, description and amount.
  • When postings in the FAR are complete there is an option to Post Depreciation that posts journals back to CCH Accounts Production.

  • When CCH Corporation Tax is updated from CCH Accounts Production, the detailed Additions and Disposals from the FAR are imported into CCH Corporation Tax alongside the fixed asset totals from CCH Accounts Production.

Benefits

  • The CCH Fixed Asset Register allows you to maintain a record of your clients' assets alongside their accounts production data, saving you from maintaining separate spreadsheets.

  • Updating the assets is quick and efficient as it can be done at the same time as CCH Accounts Production data entry.

  • Depreciation calculations and postings are automated, saving time in posting entries.

  • CCH Corporation Tax is also updated saving you from entering the same information in two different applications. Extra fields required for tax processing can be completed in CCH Corporation Tax by tax staff.

Release

As a user, you will fall into one of two groups, depending on whether you have one of the legacy fixed asset register programs, i.e. VAP Fixed Asset Register or PROfix:

  • Users without a legacy fixed asset register program - CCH Fixed Asset Register will be a chargeable module and will be launched in October 2016. Further details will be made available in the 'Whats New' area of the support website before October.
  • Users with a legacy fixed asset register program - CCH Fixed Asset Register is available on request now. There is no additional cost over what you are currently paying for the legacy product. Please contact Jeremy Foster at jeremy.foster@wolterskluwer.com for further details.
     

Limitations

CCH Fixed Asset Register was launched with version 2016.2 and still has some limitations. The main one is: 

  • Integration with CCH Personal Tax Fixed Asset Register currently integrates with CCH Corporation Tax. Some users require similar integration with CCH Personal Tax. CCH are looking to add this for version 2017.2.

Other limitations are listed under FAQs
 

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