GameChanger Manual

Appearance

Opening Balances ​

Opening Balance Sheet ​

In GC you need to enter the prior two years balance sheet information. This is so GC has the information required to compute the cash flow statement.

In the first prior year that you enter, the date span of the bookkeeping should span from the business start date to the end of the second previous year, this is to avoid warnings that entries are made outside the bookkeeping page range. This is because you will want to enter the proper purchase date for the property, plant or equipment that you'll be entering.

Aside from entering your balance sheet items, the final thing that you will want to do is enter the closing inventory items. Click on the Inventory button on the bookkeeping page, enter the information into the data grid, save and close. You will repeat this process when you enter the second year of the opening balance sheet.

However, the second year that you will enter will only span the year. Further you will also need to enter the income and expenses instead of entering the retained earnings. This is to allow for the computation of the proper comparative amounts.

Opening UCC and CEC1 ​

After you have entered all the asset detail into the first year that you're setting up, click CCA/CEC, GC will detect that there is no opening balances and ask you to do an initial setup, click yes to this prompt.

Because you entered the opening date for bookkeeping to be the same as the business start date, GC will pick up all the assets you entered and will group them and add them to their respective classes. Don't concern yourself with reconciling the closing balances, rather check and ensure the proper classes are being added.

Click Calc and Save (respectively) for each CCA and CEC, then you're done the initial setup.

Once you're done entering the second year's information and your product is balanced, then go CCA/CEC.

  1. Change the opening balances for each class to agree with what is on the tax return
  2. Click Calc.
  3. If everything has been entered correctly then the closing balances should agree with the CCA schedules from the tax return
  4. When everything agrees, click Save.

1. Effective January 1, 2017, the rules governing eligible capital property (ECP) are replaced by the new Class 14.1 to Schedule II of the Income Tax Regulations. Property that would be eligible capital property prior to January 1, 2017, will be depreciable property in the new Class 14.1 after December 31, 2016. Prior to 2017, a separate cumulative eligible capital (CEC) account must be kept for each business. Effective January 1, 2017, subsection 1101(1) of the Income Tax Regulations provides for a separate Class 14.1 in respect of each business of the taxpayer.