Entering Fixed Assets
To enter Fixed Assets:
- From the Home page, use one of the following methods to open the Fixed Assets form:
- Select Tax Provision National, and then Fixed Assets.
- Select Library, then Deferred Tax Provision, then Balance Sheet Approach, and then Fixed Assets.
The first time you access the form, a message is displayed advising that a User Variable needs to be created.
- (First Time): From the Home page, select Tools, then User Variables and then click the member selector to select Fixed Assets/Liabilities for the Dimension Account on the Fixed Assets form.
- From the Home page, select Tax Provision National, and then Fixed Assets. The Fixed Assets/Liabilities parent selection is displayed as part of the POV. Descendants of the parent are displayed in the rows on the schedule.
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For each Fixed Asset, enter details for each Data Source (Book Basis, Tax Basis and IRE):
Table 11-8 Fixed Assets Movements
Category Description Opening Balance
The Opening Balance is always populated with the Closing Balance from the prior year.
You perform a data load to load the prior year closing balances and then run a Consolidation on the current year to pull in the values.
Opening Balance Adjustment
Prior year adjustment booked in the current year.
Opening Remapped
Opening Balance plus Opening Balance Adjustment
Current Year
Enter the value of the asset for the current year movement.
Prior Year
Enter the value of the asset for the prior year movement.
Acquisitions
Enter the value of any acquisitions for the selected asset.
Disposals
Enter the value of any disposals for the selected asset.
Change in Group Structure
Enter the value for any transfers for the selected asset.
Other
Enter miscellaneous adjustments for the selected asset.
Foreign Exchange
Displays the impact of the total change in FX rates.
Expand the column to display the following:
- Foreign Exchange – Current Year - Displays the impact of the change in FX rates on the current year movements.
- Foreign Exchange – Opening Balance - Displays the impact of the change in FX rates on the Opening Remapped.
Note:
Foreign Exchange values only display following TranslationOwnership - Opening Balance
This amount is the difference in the Opening Balance due to Ownership changes to the Parent.
Ownership - Current Year
This amount is the difference in the Current Year due to changes in Ownership to the Parent.
Ownership
This amount is the total of Ownership Opening Balance and Ownership for the Current Year.
Closing Book vs Tax Basis
Displays the Closing Balance of the asset. The sum of the Opening Remapped plus the Current Movements.
BVT Accounts
This is the Net Book versus Tax ("BVT") value – equal to tax basis minus book basis minus IRE.
- Click Save.
- Click Consolidate to calculate results.