Entering opening balances for Capital Works

Overview 

Entering opening balances for capital works in Simple Fund 360 and Simple Invest 360 ensures that existing depreciation and cost base details are carried forward correctly. 

Navigation 

On the Main Toolbar, select the Investments Icon.
Navigate to Property Dashboard
Select Tools.
Select Depreciation.

Before you begin 

Ensure that the Property is recorded with 1 unit when first entered in the Transactions List. 

Steps

1. Click New Asset and then search for the property in question. 
   
   
2. In the same screen, enter the capital works amount claimed to date in the Accumulated Depreciation field, select the appropriate depreciation method (Capital Works Deduction) and rate, then save the changes.
   
   
3. To confirm that the setup is correct, run the Unrealised Capital Gains – Detailed report from the Reports screen. The amount entered in the Accumulated Depreciation field will appear in the Tax Deferred/Depreciation column.