How To Add Asset Groups To AssetAccountant™ – Transcript
We’re going to show you how to add one or more asset groups into the AssetAccountant™ software.
Now you may want to add just a single asset group with your own particular depreciation details to it, or I’m going to show you also, we have seven or eight pretty standard templates that you can use, and very simply copy across to your asset register.
When using, or setting up AssetAccountant™ for the first time, or even if you’re partway through using AssetAccountant™ and for whatever reason, you decide that you need to add one or more asset groups, the process is quite simple and I’ll show you now.
How to Add Asset Groups To Your Asset Register
This is the home screen, the dashboard, and on the tab menu up here, you can see asset groups. If I click there, you’ll see, I currently have three asset groups set up. I’ve got motor vehicles, office equipment at cost and gym equipment at cost. You might notice gym equipment is not a standard asset group. AssetAccountant™ allows you to create or import as many different asset groups as you want to.
I’m going to set up a new asset group. It is as simple as visiting the top tab, asset groups and add. Now you’ve got two options here. I’ll show you the first one, which is new asset group. I’ll come to this one later – adding asset groups from a template. If I add a new asset group here, you can call your new asset group whatever you like and give it a description.
Now you can choose a reporting category. You can choose whether there’s capital gains tax to be applied with the checkbox. The capital allowance – we’ll select “other tangible assets”. You’ve got the three options here and motor vehicles, other tangible assets, or other intangible assets. And here you get to choose.
Group Asset Depreciation Settings
You can set group depreciation settings for both tax and accounts. Some accountants prefer to leave this blank, which forces anyone setting this up to think about it each time. Assets entered at a later date need to have manually entered the effective life for that particular asset in this group. Or you may choose to enter a standard group setting of diminishing value – five years in this example using Diminishing Value 200% method.
Whenever a new asset is added to this group, these are the standard depreciation settings that are applied to it. Again, you have full control over that. Now just save this and exit. In my asset groups, you will now see it is created with no assets in it. We’ve got my new asset group.
Adding Asset Groups From Templates
This is how to add asset groups from a template. You can see we have 8 templates that you can choose from.
In this example, we want to add 3 new asset groups quickly and easily. Computer equipment, Furniture and fittings and Machinery. You can see we’ve got some standard tax and accounts depreciation figures for you. For example, computer equipment, diminishing value is 4 years at 25%. Furniture and fittings is 10 years at 10% using Diminishing Value method. You can change these default numbers if you want/need to. You’ve got full control over how this is done. Now simply click save and exit.
Now you will see that we’ve got the three new asset groups. If you don’t like our default naming, simply click in each field and change whatever you like. You have full control over this.