Asset Addition

Question

In Accountants Office within the assets module, what is the best way to increase the cost of an asset for an additional cost incured in a subsequent financial year?

i.e. on 20 June 2018 $50,000 was paid for a vehicle that was immediately added to the asset schedule and depreciated from that date. On 15 July 2018 $5,000 was paid for an addition to the vehicle.

Does that addition need to be added into the schedule seperately or can this be added to the original asset somehow?

mark_st · Answer

Hi MRM,
&nbsp;
The best way to increase the cost of an asset is to add it separately.
&nbsp;
You will also need to add a new group line. For example, Line item 15 will be added as a group line and line item 17 will be added as an asset line, where line 20 is the original asset.
&nbsp;
The assets items 17 and 20 will be linked to the group line number 15.
&nbsp;
When the asset schedule is printed, it will show all lines linked to the group line as one asset.

mrm · Answer

Hi&nbsp;Mark_St&nbsp;&nbsp;Thanks for the reply.&nbsp;Not sure what you mean by "new group line" is that a new control group? The control groups we use are things like Plant and Equipment, Motor Vehicles etc.&nbsp;Is this Assets within client accounting in AO?&nbsp;Kind Regards,Michael

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