asset

2 Topics

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?
Solved
Fabulous_WM 5 years ago Place AccountRight: Sales and Purchases
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Asset Addition
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?
MRM 5 years ago Place MYOB AU Tax
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