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, Asset Accountant also manages common 'edge' cases such as:
- Pool Write-offs
- Pool Transfer Reversals
- Balancing Adjustments for Pools with a negative balance
Does AssetAccountant™ produce journals?
Asset Accountant 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.
A full list of pre and post FAQs can be found here: