When rolling over your AssetManager company file into a new financial year, there are certain recommended steps and procedures you should follow. This support note guides you through these.

Before you start a new year

Before you prepare any reports in AssetManager Pro or Start a New Year, you must ensure that alltransactions for the current financial year have been entered in chronological order. This includes any disposal of assets, asset write-offs or revaluation of assets.

What reports do I print?

• Asset Transaction Journal Report - to show the journal entries needed to be entered into your accounting system

Currently AssetManager Pro does not have a direct import/export link between other accounting packages for these journal entries, so the journals will need to be manually entered.

• Depreciation Journal Report - These journals can be exported and imported into MYOB Accounting, Accounting Plus, Premier, AccountEdge and FirstAccounts. Alternatively they can be entered into your accounting system manually.

The Accumulated Depreciation Asset Account will always have a negative ( - ) balance to represent a reduction in the value of the asset. The original value of the asset does not change.

• Trial Balance Report
  
  
• Capital Allowance Schedule Report - should be produced and given to your accountant. This report is designed for Non-STS Businesses.
  
  
• Depreciation Schedule Worksheet 1 - may also be required by your accountant.
  
  
• Depreciation Schedule Worksheet 2 - This relates to Low Value Pool assets and is appropriate if your AssetManager Pro data file is set up as a Non-STS Business.
  
  
• Low Value Pool Statement and Low Value Pool Summary - These reports are generally for Non-STS Businesses.
  
  
• General STS Pool Statement and  General STS Pool Summary - These reports are generally for STS Businesses.
  
  
• Long Life STS Pool Statement and Long Life STS Pool Summary - These reports are generally for STS Businesses.
  
  
• Software Pool Summary - This report is appropriate if you have set up a Software Development Pool.
  
  

• Transaction Detailed List - This report details all transactions entered throughout the year.  For businesses that have assets in STS pools, please also refer to our support note Disposal of STS Poolassets for greater than the Pool balance.

What happens when I Start a New Year?

1. AssetManager Pro will erase assets written off during the year, except those you marked to be retained at the time the Write Off transaction was generated.
   
   
2. AssetManager Pro will calculate the depreciation for the financial year and adjust the Written Down or Adjustable Value of the assets (the Opening Balances) to correct the amount.
   
   
3. AssetManager Pro will mark all assets as 'rolled' to the new financial year. This means that you will not be able to edit some of the existing assets and asset transaction data.
   
   
   Note: This is particularly important if you are starting a new financial year for the first time. Ensure all assets purchased prior to the first financial year have been entered because you will not be able to enter assets prior to the financial year once you have rolled.
   
   
   
4. Assets marked to go into the Low Value Pool when their Opening Adjustable Value falls below the threshold will be pooled (if applicable).
   
   
5. Asset Transaction Summary is cleared for previous year.
   
   
6. Changes in asset revaluation are shown in the Opening Balance field in the AssetInformation window.
   
   
7. You will not be able to enter historical assets.
   
   
8. You will not be able to copy historical assets.
   
   
9. You will not be able to delete historical assets.

How do I Start a New Year?

1. After entering ALL transactions and assets that relate to the financial year, make a backup of your file to removable media such as CDs, DVDs, or USB stick.
   
   
2. Go to the File menu and choose Start a New Year.
   
   
3. You may be prompted to print a Session Report. If you normally print this report, click Yes. Otherwise click No.
   
   
4. You may be reminded to make a backup. If you have not made a backup, click Yes. Otherwise clickNo.
   
   
5. Read the Transactions window then click Next.
   
   
6. The next window gives you a choice of what type of business is appropriate for the next financial year.
   
   
   
   
   
7. Depending on your choice of business type, you will be presented with a number of windows in which you will need to enter the appropriate information.
   
   For STS Businesses, the windows will be:
   
   - General STS Pool
   
   - Long Life STS Pool
   
   - Software Development Pool
   
   - Full Depreciation Limit
   
   
   
   For Non-STS Businesses, the windows will be:
   
   - Setting the Limits of the Low Value Pool
   
   - Software Development Pool
   
   - Full Depreciation Limit
   
   
8. When all the necessary information has been entered, you will be presented with the Ready to go! window. This is the last time you can cancel the Start a New Year process. If you have not made a backup, click Cancel and make a backup.
   
   
9. If you have made errors or need to adjust data from the previous year, you will need to restore a backup and repeat the Start a New Year process.

For more detailed information, please refer to your AssetManager Pro User Guide.