Partner Zone
Partner Zone

MYOB Assets Small Business Pool

This thread is now closed to new comments.
Some of the links provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Experienced Cover User sandra_p
15 Posts
Experienced Cover User
Australia
sandra_p
Experienced Cover User

15Posts

3Kudos

0Solutions

Solved: Go to Solution

MYOB Assets Small Business Pool

How do we enter the opening balance of a small business pool when we are setting up a new client. We do not have details of the individual assets in the pool. We just need to enter the opening balance so that the pool depreciation can be calculated. Looking at the Small Business Pool summary it is not possible to enter any any amounts for the opening balance. Do we have to create a dummy asset representing the opening value?

2 REPLIES 2
Highlighted
MYOB Staff Post James_R
7 Posts
MYOB Staff Post
James_R
MYOB Staff Post

7Posts

1Kudos

1Solutions

Accepted Solution Solved Solution

Re: MYOB Assets Small Business Pool

Hi Sandra, 

 

Unfortunately we cannot enter Opening Written Down Value(OWDV) for an entire small business pool. 

 

We can either create one Small Business Pool asset and have current OWDV as the Cost Amount.

or

We can create individual assets within Small Business pool group and have the acquisition date when the asset was acquired and are then able to put a OWDV. 

 

I hope this answers your question. 


Kind Regards,

James
Practice Support Analyst
Practice Solutions
MYOB Australia Pty Ltd
Ultimate Partner DuncanS
1,699 Posts
Ultimate Partner
Australia
DuncanS
Ultimate Partner

1699Posts

1368Kudos

150Solutions

Re: MYOB Assets Small Business Pool

@sandra_p @James_R

 

I have never been a favourite of the Small Business Pool.

 

Simplier Depreciation Rates are a good idea.

Pooling of Assets and not having a list of the individual assets is not.

 

The $20,000 immediate writeoff has been around for some years.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
Didn't find your answer here?
Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post