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Fabulous_WM's avatar
Fabulous_WM
Experienced Cover User
5 years ago
Solved

Instant asset write-off / Assets not showing on balance sheet

Hi

 

We have purcahsed an asset and we would like to claim instant asset write-off. I spoke to the accountant and I was told to record it as asset then they will do the depreciation on tax return. I just check the balance sheet to see if the new asset has been recorded correctly but I can't find it on BS.

 

Is this the correct journal entries?

 

Can somebody please shed light, please?

 

 

asset
Balance Sheet
Instant asset write-off
  • Komal_S's avatar
    Komal_S
    6 years ago

    Hi TomD 

     

    In order to delete the payrun that is a part of larger payrun, you would have to delete the electronic payment transaction first (By going to Transaction Journal --> Disbursements).

     

    Note: This process only deletes the electronic payment transaction and not the individual payruns. 

     

    After deleting the electronic payment transaction, all the payruns would go back to "Prepare Electronic payments" screen and you can select the one you want to delete. Once the payrun is deleted and re-entered, you can create bank file for all the employees again. 

     

    More information on this process can be found on Making electronic payments help article. 

     

    Let me know if you have more questions on this. 

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  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    8 days ago

    Hi Shannondancer,

     

    This kind of error usually means a script needs to be run to fix the issue with opening the employee card file. The best next step is to get in touch with our support team so they can run that script for you. You can jump onto Live Chat through our virtual assistant, MOCA, and they'll help you get sorted.

     

    Cheers,

    Doreen

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asset write-off / Assets not showing on balance sheet","id":"message:662251","revisionNum":1,"repliesCount":2,"author":{"__ref":"User:user:190846"},"depth":0,"hasGivenKudo":false,"board":{"__ref":"Forum:board:Sales_and_Purchases"},"conversation":{"__ref":"Conversation:conversation:662251"},"readOnly":true,"editFrozen":false,"moderationData":{"__ref":"ModerationData:moderation_data:662251"},"body":"

Hi

 

We have purcahsed an asset and we would like to claim instant asset write-off. I spoke to the accountant and I was told to record it as asset then they will do the depreciation on tax return. I just check the balance sheet to see if the new asset has been recorded correctly but I can't find it on BS.

 

Is this the correct journal entries?

 

Can somebody please shed light, please?

 

 

","body@stringLength":"885","rawBody":"

Hi

 

We have purcahsed an asset and we would like to claim instant asset write-off. I spoke to the accountant and I was told to record it as asset then they will do the depreciation on tax return. I just check the balance sheet to see if the new asset has been recorded correctly but I can't find it on BS.

 

Is this the correct journal entries?

 

Can somebody please shed light, please?

 

 

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background-size: contain;\n background-position: center;\n}\n.myob-social-links .twitter a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 6%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0Zm5.33,10c0,.12,0,.23,0,.35A7.75,7.75,0,0,1,5.4,16.92a5.48,5.48,0,0,0,4-1.13A2.73,2.73,0,0,1,6.89,13.9a2.73,2.73,0,0,0,1.23,0,2.73,2.73,0,0,1-2.19-2.67v0a2.73,2.73,0,0,0,1.23.34,2.73,2.73,0,0,1-.84-3.64,7.74,7.74,0,0,0,5.62,2.85,2.76,2.76,0,0,1-.07-.62,2.73,2.73,0,0,1,4.72-1.86,5.49,5.49,0,0,0,1.73-.66c-.2.64-.23.87-.79,1.21a1.46,1.46,0,0,0,1.34,0A5.8,5.8,0,0,1,17.33,10Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .googleplus a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 4%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0ZM9,17.5a5.5,5.5,0,1,1,4.1-9.17L11.61,9.67a3.5,3.5,0,1,0,.56,3.84H9v-2h4.47a1,1,0,0,1,1,1.11A5.49,5.49,0,0,1,9,17.5Zm10.5-4v2h-2v-2h-2v-2h2v-2h2v2h2v2Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .facebook a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 1%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0Zm3.51,12H13.2v7.2h-3V12H8.4V9.58h1.8V8.29A2.61,2.61,0,0,1,13,5.4h2.6V7.77H13.81a.58.58,0,0,0-.61.66V9.58h2.56Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .linkedin a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 5%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,24A12,12,0,1,0,0,12,12,12,0,0,0,12,24Zm1.82-10.71a1.2,1.2,0,0,0-1.2,1.2v4.2h-3s0-7.2,0-7.8h3v.89A3.72,3.72,0,0,1,15,10.91c1.78,0,3,1.29,3,3.78v4H15v-4.2A1.2,1.2,0,0,0,13.82,13.29ZM6.91,9.69h0A1.47,1.47,0,0,1,5.4,8.2,1.44,1.44,0,0,1,6.93,6.75a1.47,1.47,0,1,1,0,2.94Zm1.51,9h-3v-7.8h3Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .instagram a:before {\n background: url(\"data:image/svg+xml;base64,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\")\n 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Staff","color":"333333","icon":null,"rankStyle":"TEXT"},"User:user:138129":{"__typename":"User","id":"user:138129","uid":138129,"login":"Neil_M","biography":null,"registrationData":{"__typename":"RegistrationData","status":null,"registrationTime":"2015-09-09T09:17:45.743+10:00"},"deleted":false,"email":"","avatar":{"__typename":"UserAvatar","url":"https://community.myob.com/t5/s/myob/images/dS0xMzgxMjktMTU2OTlpMEVGN0M1ODQ1RDkwOUEwRg"},"rank":{"__ref":"Rank:rank:194"},"entityType":"USER","eventPath":"community:myob/user:138129"},"ModerationData:moderation_data:663359":{"__typename":"ModerationData","id":"moderation_data:663359","status":"APPROVED","rejectReason":null,"isReportedAbuse":false,"rejectUser":null,"rejectTime":null,"rejectActorType":null},"AcceptedSolutionMessage:message:663359":{"__typename":"AcceptedSolutionMessage","uid":663359,"id":"message:663359","revisionNum":1,"author":{"__ref":"User:user:138129"},"readOnly":true,"repliesCount":1,"depth":1,"hasGivenKudo":false,"subscribed":false,"board":{"__ref":"Forum:board:Sales_and_Purchases"},"parent":{"__ref":"ForumTopicMessage:message:662251"},"conversation":{"__ref":"Conversation:conversation:662251"},"subject":"Re: Instant asset write-off / Assets not showing on balance sheet","moderationData":{"__ref":"ModerationData:moderation_data:663359"},"body":"

Hi Fabulous_WM 

\n

 

\n

I’d recommend getting your accountant to look at the journal entry to ensure that it is correct. They will be able to confirm whether or not the transaction is correct.

\n

 

\n

In terms of the account not showing up on the balance sheet, I’d recommend checking the account type as there are a number of different types under each of the main categories such as Asset and Liabilities

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Hi Neil

 

Thanks always for your help!

 

 

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