First time to use Turbo Tax Corp. , when entering data for S125 and S100 , I don't know how to get the accumulate amortization data for vehicle, equipment etc.. Is there a way that I can put in the asset acquisition cost , choose the asset class and the software will calculate for me?
You need to fill in schedule 8. If this is the first corporate filing for your company, let me know. Otherwise you will need to put in each asset, choose the correct class, and also put in the prior year information regarding amortization from the last T2 that was filed. You will not put the assets in additions if it is not your first filing. Check to make certain that the amortization balance matches correctly what should be there. Also check to make sure that the amortization is added back on schedule 1.
Your assets go into schedule 8, where the actual CCA is calculated. You do not have to build in each individual item, although it is very useful to add the big ticket items. Done correctly, this matches your total of property, plant & equipment on the balance sheet, which is input on S100. So, since amortization goes in on schedule 8, and S125, it must come out on Schedule 1.