4 Most Asked FAQS
An AssetAccountant™ subscription will save tax advisors and bookkeeping professionals time and therefore money addressing their client’s asset registers.
Sophisticated treatment of Australian Accounting and Tax Rules gives confidence depreciation calculations are right every time.
We’ll update this list with time, but these are currently the 4 most asked FAQs we are receiving.
What depreciation methods does AssetAccountant™ handle?
AssetAccountant™ offers a complete suite of depreciation methods for both Accounting and Tax. These include
- Diminishing Value (150% and 200% cost basis).
- Prime Cost / Straight Line.
- Luxury Motor Vehicle (with full representation of annual caps).
- Div 43 (building and construction).
- Immediate (instant asset write-off).
- No Depreciation.
Does AssetAccountant™ handle pools?
AssetAccountant™ provides detailed treatment of the pools defined by the ATO – the Low Value Pool, Small Business Pool and the Software Pool. Aside from producing exportable reports detailing annual pool opening balances, additions, transfers and closing balances, AssetAccountant™ also manages common ‘edge’ cases such as:
- Pool Write-offs.
- Pool Transfer Reversals.
- Balancing Adjustments for Pools with a negative balance.
AssetAccountant™ is free to use or trial (ALL features)
for up to 10 assets
Does AssetAccountant™ produce journals?
AssetAccountant™ produces detailed journals on cost, accumulated depreciation, depreciation expense, profit and loss on disposal and more. Journals can be exported to excel or posted directly to QuickBooks Online.
Does AssetAccountant™ map to my QuickBooks Online chart of accounts?
Our integration with QuickBooks Online allows you to access your chart of accounts and map them directly to AssetAccountant™, ensuring that your journal entries map effortlessly to your ledger.
Depreciation calculations and journals for both tax and accounting methods is made easy
Now that AssetAccountant is in our app store, our customers and sales team have a cloud option for fixed asset depreciation which has a strong integration with QuickBooks Online.
Matt Pisarski - Global Business Development, Intuit Quickbooks