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Frequently Asked Questions

From our prospects and new clients.

General FAQs

What does AssetAccountant™ (AA) do?

AA is cloud-based fixed asset depreciation software that calculates and journals depreciation.  It is best-of-breed software that handles large volumes of assets, multiple books with built in tax and depreciation rules for a number of jurisdictions and manages complex scenarios such as leases and components.

Platform

Is AA a web-based online product? Does it require any local desktop software installation?

AA is 100% cloud-based. No software installations required and the service can be accessed on any device with an internet connection. You receive the benefits of regular updates communicated monthly.

Does your software perform full asset management functionality I.e. for facilities management and maintenance?

Whilst AA supports a suite of custom fields and tracking categories at the asset level, the primary focus is depreciation calculation and journaling of fixed assets.

Do you integrate with any accounting software providers?

Yes. Currently we support deep integrations with QuickBooks Online, Sage Intacct and Xero. More integrations coming soon.

How can we be assured our data is secure, backed up and your service is reliable?

AA is ISO27001 certified and is audited annually for compliance. We can supply our Information Security Management System Schedule on request. This document details information about our systems, processes and backup procedures.

Can we have multiple fixed asset registers using a single login - i.e. in the same account?

Yes. We will assess your individual requirements and propose pricing accordingly.
NOTE: Free and Basic subscriptions (see pricing page) allow only one fixed asset register per account.

Does AssetAccountant™ have different user permission levels?

Yes. Administrator, User and Read-Only permission levels are supported. You can download a structure information diagram.

AssetAccountant™ is free to use or trial (ALL features)
for up to 10 assets

Setup Free Account

Depreciation

Which Tax depreciation methods do you support?

AA accommodates International Financial Reporting Standards (IFRS/GAAP) and supports all international jurisdictions. When setting up each register, the User chooses for which jurisdiction and standard it will be set to. Because of their added complexities, AA has deep support for and actively monitors the tax rulings for Australia (ATO) and New Zealand (IRD). AA supports the full range of methods available (E.g. Diminishing Value, Double Declining Balance, Div43, Prime Cost, Straight Line, Blackhole Expenditure, Immediate and more). AA has a handy ATO/IRD lookup tool here: Fixed Assets Depreciation Life/Rate Lookup Tool

Do you support both Tax and Accounts depreciation calculations?

Yes. It is very easy in AA to see each set of numbers and run reports.

Does AA calculate depreciation AND amortisation?

Yes. You can setup your fixed asset register to have a separate Asset Group for intangible assets (then again by a parent grouping – optional) therefore separating amortised assets from the rest of your register.

Does AA keep up to date with tax legislation for depreciation E.g. Instant Asset Write Off?

AA actively monitors changes in legislation and updates each jurisdiction’s depreciation settings accordingly. For example, ATO and IRD tax depreciation rulings are accommodated (e.g. IAWO). Different settings can be applied for tax and balance sheet/book value.

Functionality

Do you support Works in Progress (WIP)?

Yes, AA can import assets with a Tax and Accounts depreciation setting of NONE and separately group these assets/projects. Separately, each asset can be allocated a different purchase / first use date so depreciation is only posted after first use.

We report our assets to different business units. Does AA support this?

Yes. AA fully supports unlimited tracking categories (Classifications) which supports posting journal entries to different business units. Typically AA clients use this functionality for separating journal posting by cost centres, locations, projects, profit centres, etc.

It is easy to transfer assets and have the depreciation journal data move with them.

How many custom field identifiers can we add to each asset?

AA supports as many custom fields as your register requires.

Which jurisdictions do you support?

AA supports all jurisdictions worldwide and the appropriate setting can be selected when setting up new accounts/registers. In particular, AA has specific support for ATO (Australia), IRD (New Zealand) and IRS (USA). Each have some unique supported complexities you will discover upon trial/subscription.

Is IFRS/GAAP supported?

Yes. When first setting up a fixed asset register in AA, amongst other options (e.g. financial year start/finish), you can choose which standard will be the basis for depreciation and lease reporting.

Can users create custom reports?

AA has a comprehensive standard suite of reports. They are not customisable as such, however all data in any view can be downloaded to CSV for further analysis.

Can you upload and attach documents to assets? E.g. Invoices or warranty documents.

Yes! You can attach any image type or PDF document to any asset. As many as you need.

You can also choose to add a URL that points to any accessible web address.

How often can journals be posted?

AA supports best-practice monthly posting of depreciation journals to the General Ledger. But journals can be run and posted at any time. Cumulative changes in any asset’s data will be posted. E.g. if you make a historical change to an asset (i.e. an adjustment), the revised calculations will be reflected in the next journal you post.

When assets are disposed of or written-off, does AA produce a journal entry for the disposal including adjustments to accumulated depreciation etc.?

Yes.

Subscription

Do you have a demonstration or trial account we can use to see if AA is right for us?

Yes. Simply sign up at https://app.asset.accountant and you will be granted a free-to-use account with a cap of 10 assets. Full functionality – no feature restrictions.

Alternatively, contact us and we will be pleased to offer larger businesses a fully-featured trial account with no limitations on features or cap limits.

If we request a 14 day trial period, what if we need more time?

No problems – Let your client representative know you need an extension and arrangements will be made to make sure your trial account and its data is not erased.

If we were to cancel our account, is the data ours and can we download it?

Yes – Your data in AA is always yours and you will have plenty of opportunity to download ALL of your account data. You can refer to our terms and conditions.

Do you have a helpdesk or knowledgebase?

Yes AA has both a ticketed support system and a knowledgebase at https://support.asset.accountant.

How many Users can we have in our subscription?

AA’s pricing is based on the volume of assets/registers and the complexity of functionality your account requires. Not by how many Users. Feel free to invite as many Users or Administrators to your AA account as you wish. You can do this via the Register Settings tab.

How do you determine your subscription pricing?

Pricing is determined by 3 factors:

  • Asset volume
  • Register volume
  • Functionality requirements

Monthly pricing plans start from as little as $5AUD per month for a single register with “Basic” functionality for up to 100 assets.

For accounting firms and corporate fixed asset depreciation register requirements, that are typically larger and more complex, contact us for custom annual subscription pricing.

Implementation

I need to move my data across and set up integrations. Is this something AA can help with?

AA can provide basic support with uploading template data sets. If you require support and/or seek professional advice, please contact one of our implementation partners. If you just need assistance cleaning up your data for conversion into AA, please refer to our low cost data conversion services.

I have fixed assets in Xero (or in any ERP). Does AA automatically import this data?

No. You need to export your data from the existing system, which is usually quite simple, nominate an end period with Written Down Values (WDVs) for Tax and Accounts and include all relevant asset data. We have a full implementation guide you can download and follow at https://support.asset.accountant. It has been designed and presented in signifiant detail. Alternatively, we will be delighted to refer you to our low-cost data conversion services.

Marco Abril - TPM Builders Team Member

From the initial contact with the team at AssetAccountant to the final implementation, we have received prompt and positive responses. The effective support service and continuous improvement makes AssetAccountant a product highly recommended to a wide variety of industries as well as to accounting firms.

Marco Abril - Financial Controller, TPM Builders

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CONTACT US

1300 984 378

info@assetaccountant.com.au

2140/48 Skyring Terrace, Newstead, QLD, Australia, 4006

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