Editing the accounting details of a general asset
The Accounting tab will be available for Accounting only or Accounting and Taxation assets.
How to edit the accounting details of a general asset
- Open the Assets Listing page. See Opening an asset year.
- Select the general asset to be edited. The row containing the selected asset is highlighted.
- Click Edit asset on the Tasks bar.
or
You can select Edit from the right-click menu. The Edit Asset window opens. - Edit the asset Acquisition date, if necessary
Enter the date in the format dd/mm/yyyy or select the date from the drop-down calendar. Click Today on the drop-down calendar to use the current date.
You must not enter a date that is after the Year end date. If you are editing an asset that has been previously depreciated, enter an Acquisition date prior to the Year start date. - Edit the Start date for the asset.
Enter the date in the format dd/mm/yyyy or select the date from the drop-down calendar. Click Today on the drop-down calendar to use the current date.
You must not enter a date that is after the Year end date for the year period.
If you are editing an asset that has been previously depreciated, enter a date prior to the Year start date. Select a different Depreciation method from the drop-down, if necessary.
Edit the Original Cost of the asset. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
Edit the Opening written down value of the asset. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
- Select the options for the Calculate decline in value section.
Edit the number of years for Useful life. Useful life is applicable if the asset is being depreciated using the Straight line method only.
or
- Edit the Depreciation rate as a percentage for Rate year 1% and Edit the Depreciation rate as a percentage for Rate year 2+%. These fields must be a value between 0 and 100%
Select the appropriate options in the Other values section.
Edit the Private use % for the asset. The value must be between 0 and 100%.
Select a different Private use bal sheet a/c to be used, if a portion of the asset is to be used for private use.
For example, this would normally be the shareholder’s current account - being the shareholder who is using this asset for private use.
Click the magnifying glass icon to open the Find Chart of Accounts window where you can search for and select the appropriate Balance Sheet account to be used for posting journals regarding private use of the asset.
The Accumulated depreciation and Accumulated private use fields are calculated fields and are read only.
The Accumulated private use field is enabled if you create an asset where the Start date is prior to the Year start date.
Edit the General details of the asset. See Editing the general details of an asset.
Click OK. The database is updated with any changes made to the asset. The Edit Asset window closes.
