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Control groups let you organise assets with common characteristics such as cost limits, depreciation rates and methods. In Assets Live, the control group links the asset register to the configured source ledger to ensure:

depreciation journals are posted into the correct accounts
default depreciation rates are automatically applied to new assets added to the group.

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Enter a control group name of up to 50 alphanumeric characters in the Name field. This field cannot be blank.

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If you have selected Integrate with the supported general ledger when specifying your asset register settings, the Name field automatically displays the account name.

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On the Taxation and the Accounting tabs, fill in the following fields:

From the Depreciation defaults section, select the appropriate Depreciation method:

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Select from the following

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Diminishing value
Immediate write-off
Prime cost

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Diminishing value
Exempt from depreciation
Immediate write-off
Prime cost
Straight line

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If applicable, you can tick the Motor vehicle checkbox to apply the ATO cost limit to all motor vehicles allocated to the control group. This is best if you have purchased multiple motor vehicles in the same financial year. You can look up the cost limit on the ATO website: Car cost limit for depreciation.

Select your Calculate depreciation using preferences from the following options:

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In the Integrated accounts section, select or enter account codes to post journals for each of the following:

Realisation
Profit on Sale
Loss on Sale
Private use (must be a Profit and Loss account)
Depreciation expense
Accumulated depreciation

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Account fields can be left blank however, when posting journals to the general ledger, if an integrated account field has been left blank the journal may not be posted.

If you have mapped the integrated accounts with a configured and supported general ledger, the Mapped with GL account(s) icon (_{Image Removed}) is displayed in the last column of the control group table.

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Click Save. The Maintain Control Group window remains open.

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Did you know you can save your control group as a template? By clicking the Save as template button located on the bottom left of the Maintain Control Group window you can save the control group settings so they can be re-used for another client on a later date. Learn more about Control group templates here.

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To create another control group, click the next cell of the Account code column and go step 4. Otherwise, click Close to exit the Maintain Control Group window.

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Module 2. Set up an Asset Register

Module 3. Add current-year data

Module 4. Substantiate balances

Module 5. Produce financial statements

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