There is a rounding difference on the carry forward value of the general pool
Article ID
ias-8665
Article Name
There is a rounding difference on the carry forward value of the general pool
Created Date
9th March 2010
Problem
There is a rounding difference on the carry forward value of the general pool (WDV c/f). This incorrect value is then brought forward into the next accounting period (WDV b/f). How can this be corrected?
Resolution
Users may wish to amend the pool brought forward value for a number of reasons:
1. In situations where the pool brought forward is incorrect
2. Rounding errors leading to balancing charges
To amend the pool brought forward value users may:-
1. Log on to IRIS Business Tax and select the client. Ensure that the earlier posting file selected
2. Edit | Capital Allowances | E – Maintain Pool
3. Tick the Pool B/Fwd (Override) box and verify that the information is correct on screen. Click OK and then Close
4. Generate either the Computation or the Capital Allowances report and confirm if these details are also correct
5. Close the report and now change the posting file to the current period
6. Edit | Bring Forward and confirm that you wish to bring forward from the earlier period.
7. Review the brought forward value on the general pool either via the Computation / Capital Allowances report or by viewing the Option E – Maintain Pool screen
OR
1. Log into Business Tax and select the client
2. Select the posting file where the pool brought value is incorrect
3. From the Edit | Capital Allowances followed by Option E – Maintain Pool
4. Tick the Pool B/Fwd (Override box) and manually amend the WDV brought forward figure
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