I've just finished my accounts for year ending 5 April 2012. This includes depreciation on an asset worth £2,400. I've set it to depreciate over three years, but with hindsight I'd be better off doing it as one lump sum. This would increase the loss I can offset against tax paid on other income.
I've run the 'Year End' on Solar accounts and upgraded to the latest version, so I'd rather not dig out the Year End backup (which is in the old version of Solar) and end up with an upgraded/downgraded file.
Can I simply change the depreciation on my current file and then simply re-enter the figures in my tax return? Or will this have an impact on the changes made when you run Year End?
Hi Dafydd,
Changing the depreciation figure will affect that year's profit, so it's best to re-create the end-of-year transaction. Here's what you need to do:
1. Click menu Setup > Financial Year > Revert to previous financial year
2. Edit the depreciation transaction and change the amount
3. Click menu Setup > Financial Year > Start a new financial year
Regards,
