Editing the taxation details for an immediate deductible asset

Open the Assets Listing page. See Opening an asset year.

Select the immediate deductible 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.

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.

Edit the Cost of the asset. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.

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 private use field is a calculated field and is read only. The Accumulated private use field is enabled if you created 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.