How do I add assets to the Fixed Asset Register (both new and existing)?
The Fixed Assets Register:
The details of assets acquired in previous years can be entered (as opening balance details) at any time.
Automatic updating of the Assets Register can occur via cashbook transactions entry. In this way, the assets register can be updated as purchases of assets (payments) or sales of assets (deposits) are entered into cashbook. Alternatively, the fixed assets register can be maintained independently of transactions entered into the cashbook.
Sold assets are automatically removed during the end of year rollover procedure.
Note: The Fixed Assets is only available in level 4 of the program.
To Add an asset:
Note:
There are two methods you can use to calculate asset depreciation.
Click on the following ATO website link: https://www.ato.gov.au/business/depreciation-and-capital-expenses-and-allowances/general-depreciation-rules---capital-allowances/prime-cost-(straight-line)-and-diminishing-value-methods/ for further information.
Note: The sections coloured Red must have information entered in them. The other sections are optional.
Note: A new asset can be automatically added via the cashbook transaction entry used to record the purchase of the asset. To set up accounts for automatic allocation to the fixed asset register, click on the following Knowledge Base link: Adding an asset account.
Note:
There are two methods you can use to calculate asset depreciation.
Click on the following ATO website link: https://www.ato.gov.au/business/depreciation-and-capital-expenses-and-allowances/general-depreciation-rules---capital-allowances/prime-cost-(straight-line)-and-diminishing-value-methods/ for further information.
Note: The sections coloured Red must have information entered in them. The other sections are optional.