Part 2/4 in Series on Keeping Records - Non Corporate

Keeping records for business assets revolved around reconciliation of NBV to UCC, and how those tax schedules and the records should be kept reconciled.

We used Class 50 for computers to explore acquisitions, dispositions, claiming UCC, terminal losses, recapture and capital gains when the proceeds are more than cost - and on depreciable assets, that probably doesn't happen all that often, but if it does, it's necessary to record a capital gain. We touched on vehicles and Class 10 and 10.1 and how to enter ITC's on CCA.  Remember there's another video on HST for Quick Method that covers this topic very thoroughly and there's a sample QuickBooks data file you can restore to review the transactions and how to set up the Items and Sales Tax Module so it works to report at period end.

Remember that when proceeds are less than cost, there's not a capital loss, just a drop in the amount of the pool to claim CCA on next year.

The video is up on the shopping cart, and remember, if you're an IPBC member, go sign in to www.ipbc.ca and go through Member Links drilling down to Educational Discount products to purchase your video for $5.00 with your promo code.

I've redesigned the IPBC member shopping list page and if there are any links that don't work, please don't hesitate to drop me a note and I'll fix it as soon as I can.  That's where you'll find the HST Quick Method video I mentioned as well as the bundle of products from October 2012 (member price is $145) non members $290.

Q&A I'm going to cover in a separate topic after I take a break, likely tomorrow.  Had a great visit with Tena, we drank tea, ate oranges, and then took the dog out for a walk. After that we tested out my Intuit GoPayment thingie that plugs into your iPhone or iPAD and played around with QuickBooks Online Plus Accountant. What else would a couple of accounting geeks do with their time I ask you...

Strong urge to nap or eat chocolate after the day today brought on by contemplation of CCA and UCC versus NBV...if you're feeling the same way, that's probably why.