Is it possible to enter past data for properties?

Is it possible to enter data for properties which have been owned a number of years? Does this mean old data has to be individually entered for each year in retrospect until the first year of ownership. Is it suffice to enter the purchase price and the year purchased and then enter the current year’s income and expenditure?Answer: There is no need to input prior years’ data unless you want to do tax returns for those years as well.

Since the RW is based around the tax year, you need only input the information that relates to the relevant tax year.

Anything that’s happened in the past will either be entered on a previous year’s tax return, a balance brought forward, or will be irrelevant!

If you ARE wanting to enter details from say 2007 using the Rental Workbook, think on this scenario sent to us by one of our users.

They had purchased one property in tax year 2008 and another in 2009.

Start with the 2008 tax year; first ensure your Rental Workbook is in the latest version so that it will have the all the details for the relevant tax years including the current one.

Enter the first property details using the 2008 year on the property details page.

Complete all entries for the 2008 tax year. Once complete, make sure that you save the property (Rental Workbook > Property > Save).

Make a backup of the Rental Workbook, and then run the rollover procedure to get into tax year 2009. (Rental Workbook > Utilities > Rollover).

A new copy will be created for you to begin tax year 2009. Enter all transactions for the existing property, and add the second property purchased in 2009.

As previously, complete all transactions and make sure that you save each property (Rental Workbook > Property > Save) before running the second rollover to tax year 2010 as before.

 

UPDATE: Version 14 allows you to store data for ALL of your properties, past and present – we store each property with its appropriate tax years – as many as you need!

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