# Asset tracking **URL:** \ **Category:** Product Suggestions\ **Created:** [November 2, 2017, 8:51pm UTC](https://www.protaxcommunity.com/t/asset-tracking/1440 "2017-11-02T20:51:30Z")\ **Posts on this page:** 9\ **Page:** 1
**Author:** ![dominique\_dabolczi](https://avatars.discourse-cdn.com/v4/letter/d/7ab992/32.png) [@dominique\_dabolczi](https://www.protaxcommunity.com/u/dominique_dabolczi)\ **Post date:** [November 2, 2017, 8:51pm UTC](https://www.protaxcommunity.com/t/asset-tracking/1440/1 "2017-11-02T20:51:30Z")
Asset tracking is a big deal for me with my trades, technologists, and micro professionals, especially for T2125, but still important on the T2, Sched 8. Since QBDT and QBO offer a less than ideal solution I track these in a combination of Excel Asset Continuity and OneNote to house capture source docs, notes, and excel asset continuity by year. During CRA GST Trust Examiner review, the asset reconciliation is always a tempting area in which the Trust Examiner likes to fish to send the client to CRA Audit. I like my source docs to be complete and easy to access. I like my Chart of Accounts to be broken down by class with sub-accounts for additions, procedure, and accum amort. I like my T2 Sched 8 to match my Chart of Accounts. I like my Excel to show the year over year asset continuity. (Don’t have Casware.) I add source and destination references into my Excel. I create annual doc bundles with the Excel continuity and source docs. I do something similar for high net worth clients with large donations for the donations continuity. ---
**Author:** ![dominique\_dabolczi](https://avatars.discourse-cdn.com/v4/letter/d/7ab992/32.png) [@dominique\_dabolczi](https://www.protaxcommunity.com/u/dominique_dabolczi)\ **Post date:** [November 2, 2017, 8:51pm UTC](https://www.protaxcommunity.com/t/asset-tracking/1440/2 "2017-11-02T20:51:53Z")
I do something similar for high net worth clients with large donations for the donations continuity on the T1 side. ---
**Author:** ![kevin](https://avatars.discourse-cdn.com/v4/letter/k/2acd7d/32.png) [@kevin](https://www.protaxcommunity.com/u/kevin)\ **Post date:** [November 7, 2017, 3:40am UTC](https://www.protaxcommunity.com/t/asset-tracking/1440/3 "2017-11-07T03:40:56Z")
Just wondering, based on the category of this post (“Suggestions”), whether I’ve missed the suggestion. I haven’t had a problem with the TaxCycle CCA additions. It appears to allow you to be as detailed as you wish with entering additions to the various CCA classes. Is there a weakness that I’ve been missing? ---
**Author:** ![snoplowguy](https://sea2.discourse-cdn.com/flex016/user_avatar/www.protaxcommunity.com/snoplowguy/32/2535_2.png) [@snoplowguy](https://www.protaxcommunity.com/u/snoplowguy)\ **Post date:** [November 8, 2017, 7:51pm UTC](https://www.protaxcommunity.com/t/asset-tracking/1440/4 "2017-11-08T19:51:54Z")
Maybe it’s just me, but based on my limited experience, I find that TaxCycle does a very good job of asset tracking… considerably better than my previous Tax software. I don’t use Quickbooks or Sage50 with much regularity so I can not comment on asset tracking features of retail bookkeeping software. In TaxCycle, however, the Asset Manager Schedules in the T1 and T2 do work quite well for tracking individual assets. I can even drag in a clickable pdf link to an asset receipt or bill of sale in the S8Asset schedule of a T2 return under Current Year or History of Additions. Same goes for any of the T1 Asset Managers (T776, T2125, T1163, T2042 etc). ---
**Author:** ![dominique\_dabolczi](https://avatars.discourse-cdn.com/v4/letter/d/7ab992/32.png) [@dominique\_dabolczi](https://www.protaxcommunity.com/u/dominique_dabolczi)\ **Post date:** [November 8, 2017, 9:19pm UTC](https://www.protaxcommunity.com/t/asset-tracking/1440/5 "2017-11-08T21:19:25Z")
@snoplowguy Agreed. For simple corps and simple proprietorships the TaxCycle Assets work well. For more complex businesses with a large number of assets in several classes and/or segmented classes it would be helpful but nor required for the asset class continuity. Examples can be many classes and many items in each class where item tracking is required. Ie farms, golf courses, landscape, tree pruners, trades with multiple vehicles. Examples can be many few assets but high dollar value and segregated such as Gravel Truck, Cement Mixer, Dump Truck. ---
**Author:** ![dominique\_dabolczi](https://avatars.discourse-cdn.com/v4/letter/d/7ab992/32.png) [@dominique\_dabolczi](https://www.protaxcommunity.com/u/dominique_dabolczi)\ **Post date:** [November 8, 2017, 9:21pm UTC](https://www.protaxcommunity.com/t/asset-tracking/1440/6 "2017-11-08T21:21:47Z")
@snoplowguy The point is not to have TaxCycle be the original record of entry. Instead it is a matter of reconciling individual classes per the tax return, against the classes per the bookkeeping and/or financial statements. ---
**Author:** ![snoplowguy](https://sea2.discourse-cdn.com/flex016/user_avatar/www.protaxcommunity.com/snoplowguy/32/2535_2.png) [@snoplowguy](https://www.protaxcommunity.com/u/snoplowguy)\ **Post date:** [November 8, 2017, 9:48pm UTC](https://www.protaxcommunity.com/t/asset-tracking/1440/7 "2017-11-08T21:48:04Z")
I’m a simple person, so perhaps why Asset Tracking in TaxCycle works well for my less complex clients. It seems to be able to capture an unlimited amount of assets. At this stage I think I’ll keep things simple. 😊! Here are a couple of examples of how I might use asset tracking for my basic businesses. ![2017-11-08_16-31-58](https://us1.discourse-cdn.com/flex016/uploads/taxcycle/original/1X/020320263297f256df76c87a91e4696b98bac0a8.jpg) ![2017-11-08_16-38-08](https://us1.discourse-cdn.com/flex016/uploads/taxcycle/original/1X/9c33937c1ce75822a5c2832d6b482a441dcb9e89.jpg) ---
**Author:** ![dominique\_dabolczi](https://avatars.discourse-cdn.com/v4/letter/d/7ab992/32.png) [@dominique\_dabolczi](https://www.protaxcommunity.com/u/dominique_dabolczi)\ **Post date:** [November 8, 2017, 10:17pm UTC](https://www.protaxcommunity.com/t/asset-tracking/1440/8 "2017-11-08T22:17:35Z")
@snoplowguy Thank you. Your example is very helpful. I am new to Taxcycle. T1 since March 2017. T2 since July. I will play with examples this month. ---
**Author:** ![dominique.dabolczi](https://avatars.discourse-cdn.com/v4/letter/d/f19dbf/32.png) [@dominique.dabolczi](https://www.protaxcommunity.com/u/dominique.dabolczi)\ **Post date:** [November 19, 2017, 6:29pm UTC](https://www.protaxcommunity.com/t/asset-tracking/1440/9 "2017-11-19T18:29:21Z")
For those who love Excel templates, there is a freebie resource with an interesting financial model including capital asset and CCA projections. These are samples only. IFRS based. Interesting none the less. Created by Sapling Financial Consultants. Register and complete no charge checkout to obtain two free templates. 1. Simple-Startup-Model-Release-v1 2. Product-Development-Model-Release-v1 [https://www.saplingfinancial.com/register/](https://www.saplingfinancial.com/register/) They are providing a financial modeling webinar for Equity and Debt Financing webinar through IPBC on 2017-11-23 @ 1pm MST… [http://www.ipbc.ca/events/EventDetails.aspx?id=1030340&group=](http://www.ipbc.ca/events/EventDetails.aspx?id=1030340&group=) Sapling Financial Blog [https://www.saplingfinancial.com/blog/](https://www.saplingfinancial.com/blog/) > **[Modelling Depreciation: A Straight-Line Depreciation Waterfall - Sapling...](https://saplingfinancial.com/blog/modelling-depreciation-straight-line-depreciation-waterfall/)** > > Calculating depreciation can be a bit of a pain. For one thing, for many businesses, it’s just one of three ways of accounting for purchases of new fixed assets, besides the investing cash flow and tax depreciation (in Canada, the Capital Cost... > **[8 More Model Building No-Nos - Sapling Financial Consultants Inc.](https://saplingfinancial.com/blog/8-model-building-nos/)** > > In May 2014, I launched Sapling’s blog with a post entitled “10 Model Building No-Nos”. Almost two years later, I’ve seen a raft of additional models developed by internal accountants/analysts and external consultants. Many of them left me scratching... > **[10 Model Building No-Nos - Sapling Financial Consultants Inc.](https://saplingfinancial.com/blog/10-model-building-no-nos/)** > > Having worked with a large variety of Excel-based models, in a number of different settings—investment management, telecom corporate finance, and strategy consulting—I’ve seen a lot of practices that seriously undermine the usability of a model. Here...