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Adding and editing an asset

Adding an asset

You can add different types of assets depending on the type of depreciation calculation.

If you are calculating depreciation for...

Asset types

Accounting & Taxation

General asset

(Australia) Low-value pool asset

(Australia) Small business pool asset

Taxation only

(Australia) Small business pool asset

Accounting only

General asset

Immediate deduction asset

Editing an asset

You can edit an asset that is:

  • created within the current year

  • rolled forward from a prior year.

You can only edit an immediate deductible asset in the current year. If you change an asset, depreciation may be re-calculated for the current year and subsequent years.

You can only make certain changes to an asset in its first year in the asset register. For example, you can only change the cost price in the first year. However, you can change private use % in any year because it may change from year to year.

You can only change the asset details section, depreciation rate 2+ year, and the private use % in subsequent years. While an asset is open for editing, you can't delete, move, transfer, or sell the asset. You also can't post journals when editing an asset for the given period.