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Deductible as paid |
See Also
Expense analysis | Multiple general reserves | Profit and loss account / Income statement (D schedule) | Reserves (single item)
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule provides an analysis of any costs which are deductible on a paid basis.
Copies of the schedule may be obtained by using the Develop option from either the D schedule or any Expense and income analysis schedule, and by selecting either Provisions and reserves then Deductible as paid or Develop, Link then Deductible as paid. The latter option is only available for 2007 files and onwards.
For 2007 files onwards, if multiple Deductible as paid schedules are required, these should be developed from the Provisions and Reserves option first before linking the figure through using Link then Deductible as paid. When this last action is performed, the system will ask the user which of the Deductible as paid schedules they want the amount to link to i.e. different figures can be linked to different schedules.
The user is required to enter the opening balance of unpaid costs, the charge to the profit and loss, and the actual amount paid. The net movement is disallowed.
Investment companies
The investment company version treats the net movement as an allowable expense of management; the user must also allow the P/L charge as an expense of management.
Long periods of account
The version for a long period of accounts is identical. There is no split between each of the two accounting periods.
Reconciliation
For 2007 files onwards, a reconciliation to the P&L figures is included at the bottom of the schedule. If this schedule has been developed using the Link then Deductible as paid option, then this section will automatically populate with the amount linked through from the D schedule or supporting D schedules (income and expense analyses). If the deductible as paid schedule has been developed using Provisions and Reserves and Deductible as paid, then the reconciliation at the bottom of the schedule will need to be input manually.
The schedule has no standard sub schedules.
On carry forward, this schedule is automatically developed in the subsequent computation if it is present in the prior year computation. In the subsequent computation the balance at the beginning of the period is automatically completed.
© 2009 Thomson Reuters.