Field descriptions
Field | Description |
|---|---|
Asset name | The name of the asset. |
Asset class | The asset class that the asset belongs to. |
Code | You can: - enter a prefix for all future codes in this asset class - enter a number – this will automatically increase for each future asset. |
Purchase date | The date the asset was acquired or purchased, as a date prior to the year-end date, in DD/MM/YYYY format. |
Cost | The cost of the asset. |
Assign to pool (taxation) | Select from: - Do not assign to pool - Small business pool - Low-value pool |
Location | The location of the asset |
Serial number | The serial number of the asset, if applicable. |
Insurer | The insurer of the asset, if applicable. |
Premium due date | The premium due date for the asset. |
Premium amount | The premium amount for the asset. |
Insured value | The insured value of the asset. |
Start date | The date to start calculating depreciation. It defaults to the acquisition date. |
Opening written down value | This field is only available if the depreciation start date is before the current financial year. |
Apply motor vehicle cost limit from ATO ($57,581) | Select the motor vehicle cost limit from ATO checkbox, if applicable. |
Depreciation method (Taxation) | The taxation deprecation method for an asset can be: Diminishing value Immediate write-off Prime cost. |
Depreciation method (Accounting) | The accounting deprecation method for the asset can be: - Diminishing value - Exempt from depreciation - Immediate write-off - Prime cost - Straight line. |
Depreciation rate 1st year | The percentage (between 0 and 100%) used to depreciate the asset for the first year. |
Depreciation rate 2+ year | The percentage between 0 and 100% used to depreciate the asset for the second and subsequent years. |
Effective life | If you calculate depreciation using the effective life, it's the number of years and/or months to depreciate over. However, if you're entering taxation details, you can select the ATO commissioner's effective life. |
Private use % | Private use percentage between 0 and 100%, if applicable. |
Accumulated private use | If the asset's start date is in a prior financial year, you can enter the accumulated private use. If not, it's automatically calculated for you and you can't change it. |
Private use account | Select a balance sheet account to post the private use portion of depreciation to. For example, account 50004 Partner A - Drawings. |
Adjusted base cost | Enter a value if you're using the Prime Cost (Tax) or Straight Line (accounting) depreciation method and your asset start date is prior to the year start date. This field is only available if the asset's start date is prior to the asset register year start date. |
Accumulated depreciation | Read-only calculated field. |