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You can edit an asset that is:

  • created within the current year period

  • rolled forward from a prior year period.

An immediate deductible asset can only be edited in the current year period.

Any changes made to an asset may result in the depreciation being re-calculated for the current year and for any available subsequent years.

Some changed can only be made in the year the asset was added to the register. For example, the Cost price can only be edited in the first year, however the Private use % can be edited in any year as it may change from year to year. You'll only be able to edit the General details tab, the depreciation Rate Year 2+ and the Private use portion in subsequent years.

While an asset is open for editing, you cannot delete, move, transfer, or sell the asset. You also cannot post journals when editing an asset for the given period.

How to edit an asset
  1. Open the Assets Listing page. See Opening an asset year.
  2. Select the asset to be edited. The row containing the selected asset is highlighted.
  3. Click Edit asset on the TASKS bar.
    Edit Asset circled on Task panel
    The Edit Asset window opens.
  4. Edit the Asset code. The Asset code can only be edited in the first year the asset is created. Otherwise this field is disabled and you will not be able to edit the Asset code. The Asset code must be unique. It is a mandatory field and a value must be entered.
  5. Edit the Asset name. If you edit the Asset name, the changes are reflected in all years of the asset register that the asset is part of. The Asset type and Control group fields cannot be edited once the asset has been created. They are read only fields.
    If you want to move the asset to a different control group, see Moving an asset to another control group.
    Edit the fields within the Taxation tab, as required. This tab will be available Taxation only or Accounting and Taxation assets.
    See the relevant information:
  6. Click the Accounting tab, as required. This tab will be available Accounting only or Accounting and Taxation assets.
    See the relevant information:
  7. Click the General details tab.
  8. Edit the fields within the General details tab as required. See Editing the general details of an asset.
  9. Click OK. The database is updated with any changes made to the asset. The Edit Asset window closes.