A new low value pool asset can be added to the current year. The asset can be:
added as a purchase in the current year, or
loaded as a previously depreciated asset if it was purchased in a prior year.
A low value pool asset can only be created for assets that are less than $20,000.
When creating a low value pool asset, we recommend the following:
- Map the relevant general ledger account codes for the low value pool using the Low value pool summary window. See Low value pool summary.
- Create the low value pool asset using the Create New Asset Wizard.
Creating a new Taxation only asset in a low value pool asset with the Create New Asset Wizard is a 3-step process:
When creating a new asset you must already have a control group configured. A message will be displayed if you attempt to create a new asset without having a control group configured. Click Yes to open the Maintain Control Group window and Creating a control group.