 |
 |
|
|
When a client is converted to the ELTD chart data entered in the following options must also be converted:
Business Tax Accounts
Postings
Capital allowances
Some accounts in the ELTD chart will automatically be dealt with on the corporation tax computation, for example depreciation will be added back to reach the Trading Profit/Loss.
Global Disallowed Expenses
The Global Disallowed Expenses option is a new feature available on enhanced charts. Any accounts entered into this group in Setup | Business Tax Accounts will be added
back automatically to reach the taxable profit. The accounts can be set at either client or chart level. Accounts 321 (entertaining) and 295 (formation costs) are included in this group by default.
If Business Tax detects that the user has a value in account 321 or 295 and has also made a disallowed expense posting for this account it will warn the user that this is the case when the computation is run.
Click here for more information regarding how accounts within the Business Tax Accounts option are treated on the computation.
When a client is converted to the new ELTD chart any Business Tax postings linked to a particular posting in Accounts Production will not be converted. This is because the conversion process does not convert cancelled Accounts Production postings so the link to a particular posting number will no longer be valid. A utility has been created to allow the user to track these missing posting entries. Click here for further information.
All Business Tax account total postings and specific postings will be converted.
If sub accounts have been used then they need to be mapped to the chart of accounts in Accounts production in order for this to be converted. Click here for more information on how to add a sub account to the chart of accounts in Accounts Production.
All assets will be converted to the new chart.