Creating new assets
Assets may be created in two ways:
If the asset was purchased during the current financial year (as displayed in the assets control form). Load it from the cheque/payment transaction that records the payment by clicking the Load existing assets button on the Asset Register Control form. The ledger account the transaction is for must be the same as the capital expense account in the control form. You can load such assets at any time during the year.
If the asset was purchased in a previous financial year. Create a new asset using the asset maintenance form. Make sure you have the cheque/transaction number, purchase date and purchase price (exclusive of G.S.T.). When saved depreciation is calculated and the asset's current value is purchase price minus total depreciation.
From the asset maintenance form:
If the asset was loaded for the current year the transaction description is used as the asset description.
Enter the depreciation rate for the item.
Select the depreciation method for the item
If this is an inventory item (and you intend to right off depreciation on such inventory) define a link to the inventory record.
Enter the current value if it is a new item. You cannot change this once the first depreciation run has completed.
Enter the domestic percent of the item if the item is to be used for domestic purposes. If the item is "split" depreciation is run on the business component only.
If you are unsure of the depreciation rate and method to use check with your accountant or obtain the IRD depreciation document from the IRD website.