Error: CMN.ATO.CTR.430021 - Check depreciation expenses or deduction for decline in value of depreciating
To avoid keying/manual impute, we suggest to import financial or use our direct Excel Import and to avoid such error.
TABLE OF CONTENTS
- Illustration 1. Financial Import + LodgeiT "Tools"
- Illustration 2. Financial import only
- Illustration 3. Manual fill only
Illustration 1. Financial Import + LodgeiT "Tools"
This error should not be available for Import + Tools, because system auto fill the required boxes
This part is auto-filled
Illustration 2. Financial import only
(no LodgeiT "Tools" impute)
Solution:
You will need to turn on "Depreciation" and report all relevant depreciable facts.
LodgeiT relies on the reported depreciable facts and adjusts out the accounting facts.
X = Depreciation expenses (from the imported financials)
Since, you do not have Depreciation schedule in LodgeiT "Tools" you will have this error-
Kindly, fill item "F" - Deduction for decline in value" manually, then it will copied via "Reconciliation" > Item F as well
Form should be "Valid"
Illustration 3. Manual fill only
(No Financial import or LodgeiT "Tools" impute)
Then, add back the accounting depreciation and less the tax depreciation
1. Click "Reconciliation"
2. Add $ 7,217 to "Non Deductible expenses" (W)
Form should be "Valid"
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