Please refer to How to move depreciable assets into a property (Second-year entity on Class) if more than one period update has been completed and can't be rolled back.

Issue

In the event that the entity is a first-year entity on Class and any period updates can be rolled back, these instructions document how to consolidate assets into a property to correctly set up a depreciation worksheet.

Some entities have their depreciable assets set up as separate assets to the property when they transition to Class. This occurs when depreciable assets are recorded as separate assets on the General Ledger reports provided when transitioning.

The depreciable assets in the below example (i.e. Air Conditioner & Kitchen Stove) need to be amalgamated into the main property.

The benefit of changing this is for reporting purposes to show the depreciation worksheet correctly and also to automate the CGT calc when it comes to disposing of the property.

Resolution

Navigate to Fund Level > Load Opening Balances > Fund Opening Position > Holdings 

1. Scroll down to the Properties Section and click Edit Parcel History
   
   
2. Parcel History Screen will open, Click Add 
   
   
3. Enter the Date, Original Cost and a Description of the adjustment to recognise the purchase of the depreciable asset. The Type of adjustment will always be First Element. 
   
   
4. Click Add button to add the accumulated depreciation at year-end.
5. Enter the Date, Amount, Type of adjustment, and Description per the below table:
   
   

   Adj	Date	Amount	Type	Description
   Div 40	Year-End Date Fund has entered Class	Total Accumulated Capital Allowance claimed as at Year-End Date. Must be entered as a negative number.	First Element	Accumulated
   Div 43	Year-End Date Fund has entered Class	Total Accumulated Capital Works Depreciation claimed as at Year-End Date Must be entered as a positive number.	Tax-Deferred	Accumulated

   
   
6. Click Save and then Close.

Properties > Edit Parcel History > for the depreciable assets

1. Against the depreciable assets, Click Edit Parcel History
   
   
   
2. Click Remove all parcels
   
   
3.  Click Save and Close.

Navigate to Fund Level > Load Opening Balances > Fund Opening Position > Holdings 

1. The book cost should now show $0.00
2. Make the Market Value ($0.00) for each asset.
   
   
3. The Market Value should now include the final value of the furniture and fittings as at year-end. 
   
   
   

   The total market value will be the sum of the property market value at year-end plus the closing written value of the depreciable assets as displayed above.

4.  Select Submit.
5. Go to Investments > Browse Holding Accounts and delete the accounts relating to the depreciable assets
6. You are now ready to set up your Depreciation Worksheet. Refer to Adding Assets to a depreciation Worksheet