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https://help.myob.com/wiki/x/5A5NAQ


 

 

MYOB Assets caters for two types of pooled assets:

Low value

Depreciating assets may be added to a low-value pool and depreciated at the relevant pool rate if they:

  • have GST credits or adjustment costs, or
  • have an adjustable opening value or written-down value of less than $20,000.

When assets are first added to the low-value pool, they are depreciated at the rate of:

  • 18.75% for the current year
  • 37.5% for following years.

These rates are used regardless of when you allocate the asset to the pool during the year.

Small business

If you are a small business entity with an aggregated turnover of less than $2 million, you can use simplified depreciation rules. The simplified depreciation rules are an alternative to the uniform capital allowances method of calculating depreciation. If you choose to use the simplified depreciation rules, you must apply them to all the assets that the rules apply to.

To set up a low-value pool
  1. Select Small business pool from the Task bar. The Small Business Pool Summary window opens.
    If you see a red dash, that means none of the accounts have been mapped. In order to submit journals back correctly, you need to first map these accounts
  2. Map the relevant general ledger account codes for the small business pool.
    1. Select the magnifying glass and search for the account you want to map it to. You can search by account code or account name.
    2. When you have mapped an account to the General Ledger, this will be indicated with a green tick.
  3. Create the small business pool asset using the Create New Asset Wizard.

Adding an asset to a pool

You can transfer an asset to a pool at any time.

To add an asset to a pool
  1. Click the asset that you want to move.
  2. On the TASKS bar, click either Transfer to Low value pool or Transfer to small business pool.
 
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The root page MYOB Ledger module 4. Substantiating balances could not be found in space MYOB Client Accounting.
Related topics

Managing asset years

Adding new assets

Finalising assets

<< Managing asset years Adding new assets >>

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