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Fill up the register

When you have no existing data to move over to Assets Live, an asset register is created when you add your very first asset year.

Now that you've set up your control groups and defined your register settings, it's time to start adding assets to your register.

If you make a mistake - don't panic. Simply highlight the asset and click Edit asset on the TASKS bar to amend the details or, alternatively click Delete asset to delete the asset.

You can edit any existing asset's details in the year it was created, other than the Asset Type. In subsequent years, for general assets, you'll only be able to edit the Private Use % and Private Use balance sheet account, the depreciation calculation rate or effective life (see Editing an asset for more information).

To create a new asset
  1. From within your client's asset register, click Create new asset on the TASKS bar.

  2. Enter an Asset code and an Asset name.

  3. Click the Asset type drop-down menu and choose from:

    • General asset

    • Low value pool asset (AU)

    • Small business pool (AU)

      For Immediate deduction assets, choose the Asset type of General asset. When entering the Taxation and/or Accounting details of the asset, choose the depreciation method 'Immediate write-off'. The asset will be depreciated at 100%.

  4. Click the Control group drop-down menu and choose a control group to allocate the asset to.

  5. Click Next and complete the Taxation and/or Accounting details for the asset. For information on how to complete each field, check out our help topic on Creating an asset.

  6. Once you've completed the Taxation and/or Accounting details, click Next and complete the General details (optional).

  7. Click Finish to add the asset and close the Create New Asset wizard.

    (AU) If you need to add this asset to a pool, from the Asset listing page, highlight the asset and click Transfer to Small Business pool or Transfer to Low Value pool on the TASKS bar.

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