Background

For Class Portfolio (Trust), a new option has been added to allow Capital Works Deduction to reduce the accounting book cost of the property and show this depreciation on the Operating Statement as an accounting depreciation expense.

Turning on this option

Navigate to Business > Settings > Fund Default

Refer to our User Guide, Business Settings, for detailed instructions.

For take-on fund

1. Make sure Property Parcel Edit point has been entered correctly, refer to How to move depreciable assets into a property (first year entity on Class) for detailed steps
2. Set up the Depreciation Worksheet, refer to Overview of Depreciation

This setting will only apply to property which has a Depreciation Worksheet setup in Class.

For existing trust with property 

If you would like this change to apply to the existing Trust entity: 

Step 1: Roll back all existing Period Updates

Step 2: Export Depreciation Worksheet from the first year the fund was loaded onto Class 

Step 3: Click on "Remove All" on the Depreciation Worksheet 

Step 4: Import the Depreciation Worksheet

Step 5: Re-enter Parcel History

Step 6: Run Period Update

Roll back all existing Period Updates

Navigate to Fund Level > Periodic Processing > Period Update

1. Click on the most recent financial year
2. Roll back Period Updates for most recent financial year
3. Roll back Period Updates for all prior financial years

Export Depreciation Worksheet from the first year the fund was loaded onto Class

Navigate to Fund Level > Investments > Depreciation Worksheet

1. Click on Export button - this will export all the properties this trust holds
2. Save the file in a local drive

Click on "Remove All" on the Depreciation Worksheet

Import Depreciation Worksheet

1. Click on the Import button
2. Attach the previously exported file 

Re-enter Parcel History

Navigate to Fund level > Fund > Load Opening Balance

1. Click on Edit Parcel History to the property
2. Delete the purchase parcel and adjustments
3. Click on Save
4. Enter the purchase parcel and adjustments again

Run Period Updates

Navigate to Fund level > Periodic processing > Period update

1. Run Period Updates from the first year the fund was loaded onto Class.