AssetManager Pro Setting up Asset Groups

Setting up Asset Groups

Each asset group, , will be set up to include default accounts, depreciation methods, and the basis of depreciation calculations. 


By default, an asset will use the properties that are associated with the asset group to which it is assigned. As such, prior to assigning asset acquisition to an asset group you should make sure that the asset group has been set up with the correct properties.


For instance, for the purpose of exporting journal entries to be used in your accounting software, it is imperative that you enter the same account names, numbers and format that are used in your accounting software.


ASSET GROUPS TOPICS

  • To create an asset group
  • To edit an asset group
  • To delete an asset group
  • To print an asset group

To create an asset group

1 Go to the Acquisitions command centre and click Asset Groups. The Asset Group List window appears, showing the asset groups you selected in the New AssetManager Data File Assistant. 


  

2 Click New. The Asset Group Entry window appears. 


 


3 Enter the name of the asset group and general ledger accounts information. 


 

Asset Group Name - Enter the Asset Group Name. You might find it useful to use the same name for the Asset Group and Asset at Cost account to facilitate a group presentation of the Depreciation Journal Report. 

Group Type - Select the type of Asset Group that you are creating:* If the asset group you are creating will not contain buildings or motor vehicles, selectGeneral Asset Group.

  • If the asset group you are creating is for buildings, select Building Assets. Note that when you select this type, the depreciation information in the bottom half of the window will not be displayed. Any detail asset that is assigned to an asset group of this type will only record the cost of the asset (building).
  • If the asset group you are creating is for motor vehicles, select Motor Vehicles.
  • If the asset group you are creating is for software that needs to be assigned to the Software Development Pool, select Software Development Expenditure. Tax depreciation for assets assigned to this group will be based on the Software Development Pool's rates.

Accounts - The Asset Group Entry window defaults to three accounts suitable for miscellaneous assets: Assets at Cost, Accumulated Depreciation and Depreciation Expense. You might consider setting up accounts to reflect each asset group. For example, if the asset group is Computer Equipment, you could create the accounts Computer Equipment at Cost, Computer Equipment Accumulated Depreciation and Computer Equipment Depreciation Expense. If suitable accounts have not been set up, see 'To edit an account' on page 29. If you want to choose a different default account, click the search icon (  ). All accounts created for the relevant Account Type will be displayed. Select the account you want to use and click Use Account. Note that if you have not yet created any accounts, the only account appearing in the list will be the default account. 

4 Select the DEFAULT Asset Group depreciation method to be used for both Book Depreciation and Tax Depreciation using the drop-down lists
  • Non Depreciable If this option is selected, no depreciation will be calculated for the asset. 

.

5 Enter a value in the Rate% and Effective Life fields for Book and Tax Depreciation.

CAUTION : Consult your accountant The decisions you make regarding how you treat asset depreciation can have a significant effect on your tax return. Consult your accountant if you are not sure of the depreciation methods, rates or life you should use. 

CAUTION : Entering the effective life Ensure that the effective life you enter for each Asset Group matches the Commissioner's determined effective life. You are able to override this for each asset in the Asset Information window. If you override the effective life of an asset in the Asset Information window, it will be treated as a self-assessed asset for Capital Allowances Schedule purposes. 

NOTE : The Asset Group setting is only the DEFAULT. When entering Assets against that group these values are defaulted. However it can be changed for each individual asset entere

Please note the following in regards to the Rate% and Effective Life fields. If the asset was acquired:

6 Enter the depreciation basis in the Calculated field. You can calculate depreciation on either a daily or monthly basis. Both depreciation methods allow you to enter asset acquisitions and disposals on any date you choose. The Daily basis calculates depreciation from the date of acquisition to the date of disposal or up to the date you run a depreciation journal report. The monthly basis calculates depreciation, not including the month of acquisition or the month you run the report but including the month of disposal.


7 Click OK to save the details you have entered for the asset group. The new asset group appears in the Asset Group List window. 

To edit an asset group

If you realise that you have set up an asset group with incorrect properties (for example, incorrect general ledger accounts, or depreciation or calculation methods), you can edit the asset group and correct the properties. However, note that any assets you have already assigned to the asset group will continue to use that asset group's previous properties.


1 Go to the Acquisitions command centre and click Asset Groups. The Asset Group List window appears.

2 Select the required asset group from the list and click Edit to display that asset group's properties.

3 Edit the asset group as required. Note that editing the asset group's properties will not impact any assets to which that asset group has already been assigned.

4 Click OK to record your changes. 

To delete an asset group

You will only be able to delete an asset group if it is not linked to any acquisitions.

1 Go to the Acquisitions command centre and click Asset Groups. The Asset Group List window appears. You cannot delete an asset after you rollover to the next year. Only assets acquired in the current year may be deleted.

2 Select the required asset group from the list and click Delete.

3 Click Yes to confirm the deletion. 

To print an asset group

1 Go to the Acquisitions command centre and click Asset Groups. The Asset Group List window appears.

2 Click Print to print a report of your asset groups, showing the depreciation calculation methods and linked accounts for each asset group.


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