Prior Year Capital Loss Dissection 2023

To enable the Prior Year losses dissection worksheet the Item Number of the Capital Gains item must be set to 0 (zero).

To open the Prior Year Capital Losses dissection worksheet

In the Capital Gains Items data entry:

Enter the Item Number as 0 (zero)
Enter the amount of the total loss brought forward into the Purchased Amount field.
Press [Tab]. Pressing [Tab] refreshes the Capital Gains worksheet totals with respect to the value just entered.
If the total loss brought forward comprises amounts from previous income years then these may be recorded as a Prior Year Capital Loss dissection:
1. Click [PY Losses]. The total loss brought forward amount is applied to the prior income year in the worksheet and the Dissection Balance is zero.
2. Enter the amounts to allocate losses to the years in which they were incurred, and press [Tab] to move to the next year. Each time you press [Tab], the Dissection Balance is updated.
3. Finally, adjust the total loss brought forward amount, that is the amount in the prior year and click [Tab]. The Dissection Balance will be restored to zero.
4. Click OK to close and save the dissection details.

To close the prior year capital losses worksheet, the Dissection Balance must be zero.

To resolve the message "Total of individual years do not match total losses brought forward"

These instructions only apply if you get the message 'Total of individual years do not match total losses brought forward'.

Cancel the Prior Year Capital Losses dissection.
Clear the amount shown as Purchased amount, press [Tab].
Click OK to save and close.
From the Capital Gains worksheet index click Properties again.
Click PY Losses.
Clear out any values that are remaining on the dissection list remembering to click [Tab]. Click OK.
Click OK again to save and close the Item Properties.
From the Capital Gains worksheet index click Properties again.
Enter the required values as described in steps 1 - 6 above.