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AO Classic General Ledger Depreciation schedule

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Contributing User Amandayap
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AO Classic General Ledger Depreciation schedule

Hi,

 

We have a pool system created in MYOB AO GL and If we have sold all the assets in the pool, why we have still got the value at the consolidated sold asset? thought it will be all zero since all assets been sold? Thanks.

 

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MYOB Moderator Linda_K
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Re: AO Classic General Ledger Depreciation schedule

 Hi @Amandayap,

 

Thanks for your post.

 

In regards to your query about the value of the pool when all assets have been sold, please note that this is how Small Business Pools operate.


Assets essentially lose their identity when added to a pool.  A portion of the ongoing pool balance is depreciated each year.  It is against the pool balance that the depreciation is calculated, not against the underlying assets.


Hope this helps with your query.

Cheers,

Linda
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MYOB Australia Pty Ltd
Contributing User Amandayap
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Re: AO Classic General Ledger Depreciation schedule

Thanks Linda.

 

if the business were sold and is there any function we can get rid of the consolidated sold assets in the AO AST Schedule? i,e. make it all zero in the depreciation schedule?

 

Amanda

MYOB Moderator Linda_K
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Re: AO Classic General Ledger Depreciation schedule

Hi @Amandayap,

 

For this scenario roll the ledger to the next year, where the balance of the pool will be a negative amount.  From here adjust the Accumulated Depreciation of the Consolidated Sold Assets so that the Opening Balance of the pool is zero. The difference between the two balances will be the profit which is subsequently entered as a journal in the ledger.

For the specific steps please refer to KB 27913: How do I sell an asset in an STS pool?

Cheers,

Linda
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Ultimate Partner DuncanS
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Re: AO Classic General Ledger Depreciation schedule

Linda,

 

From a business control perspective, I have grave concerns with using a pool.

 

I believe that it would have been much better to have the 30% and 15% rates applied to all assets in a Depreciation Schedule ie the assets are not pooled.

 

Any views.

 

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
MYOB Moderator Linda_K
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Re: AO Classic General Ledger Depreciation schedule

Hi @DuncanS,

 

Where you would prefer not to establish a pool, the software will allow you to set up the individual assets and apply the depreciation rates individually to cater for your clients requirements. This becomes more of an accounting question rather than about the software itself, so you’ll be one best placed to establish what is the best fit for your clients.

 

Cheers,

Linda
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MYOB Australia Pty Ltd
Contributing User Amandayap
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Re: AO Classic General Ledger Depreciation schedule

well my major concern here would be if we are wounding up the business, and should there be any value still in the consolidated sold asset? thought there should not be any value in the consolidate since all were sold.

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