Setting accounting details for a small business pool (SBP) asset

https://help.myob.com/wiki/x/ch_EAQ

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Australia only

This will be Step 2 of the Create New Asset Wizard for Accounting only assets. It will be Step 3 for Accounting and Taxation assets. This step will not be seen if you are creating a Taxation only asset.

In this step of the Create New Asset Wizard you record the accounting details for an asset.

If this is step 3, that is an Accounting and Taxation asset, then some of the fields in this step are filled in for you from the Taxation details entered in the previous step.

To enter the accounting details for an asset

In the first step for Asset details you selected:
- Small business pool from the Asset type drop-down.
Enter the Acquisition date of the asset. By default, this field is automatically filled with the Year start date. 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 loading an asset that has been previously depreciated, enter a date prior to the Year start date.
Enter the Start date for the asset. By default, this field is automatically filled with the Acquisition date that you entered above. The Start date must not be after the Year end date for the year period. If you are loading an asset that has been previously depreciated, enter a date prior to the Year start date.
Select the Depreciation method from the drop-down. By default, the depreciation method is taken from what was configured in the control group for the asset. The depreciation method can be overwritten for each asset.
Enter the Original Cost of the asset. The default value is 0.00. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
Enter the Opening written down value of the asset. The default value is 0.00 and it is a read only field. An Opening written down value can be entered, if the Start date is prior to the current financial year. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
Select the appropriate options in the Calculate decline in value section.
Perform one of the following:
1. Enter the number of years for Useful life. Useful life is applicable if the asset is being depreciated using the Straight line method only.
  or
2. Enter the Depreciation rate as a percentage for Rate year 1% and Enter 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.
1. Enter the Private use % for the asset. The value must be between 0 and 100%.
2. Select the 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.
3. The Accumulated depreciation and Accumulated private use fields are calculated fields and are read only.
4. The Accumulated private use field is enabled if you create an asset where the Start date is prior to the Year start date.
Click Next. Continue to Setting general details for a small business pool (SBP) asset.

Setting asset details

Editing an asset

Viewing assets

Deleting an asset

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