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Admin at
Hi Gurus,
We have three assets that have been loaded for tax but not accounting. However the cost value is sitting in both accounting and tax CWIP. The duplicated value will need to be posted against the assets contra account for tax (140000).
I think to fix this we need to write-up depreciation on
existing tax assets and then sell assets at cost value. We
can then clear out sale on proceeds account to the assets
contra account on the tax GL. We can then load the CWIP
for both accounting and tax accelerating depreciation on the
tax assets. The accelerated depreciation will offset the
depreciation write-up. I would just like someone to look at
this and confirm this is going to work and assist with the
process.
Note: Contra account is only using for Tax depreciation.
Regards
Shanu
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