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This video will show you how to add and set up Asset Groups.
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Whether you have a brand new register or an existing one, adding an Asset Group is exactly the same.
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This is the home screen.
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We navigate over to the Asset Groups button on the right.
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We're presented with a few options.
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You can add an Asset Group from an Asset Group template by copying another Asset Group.
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Or you can start with a blank one.
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If you create an Asset Group from a template, the templates have standard pre-populated depreciation methods, effective lives and rates.
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You can select any one of these and build upon them or edit them.
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To copy from another Asset Group, you will see a list of existing Asset Groups to choose from, which you can open and edit before saving.
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For the purpose of this demonstration, we'll add one that is blank.
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Let's call this New Asset Group.
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We could assign a parent group, however that's the subject of another video.
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We can now set up the two books for depreciation, our Tax and our Accounts book.
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Let's start with Tax.
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For Tax, you might choose a more aggressive style of depreciation.
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Here are the options for an Australian Register.
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International clients, you'll be presented with different options, but for the purpose of this video, we're using an Australian Tax Setup.
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For Australia and New Zealand users, there is the option to search and find the Australian Tax Office Rate or the IRD Rate for New Zealand.
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This actually scrapes the tax guides and delivers potential options.
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If I search for a welder, I can see, according to this table, the effective life, diminishing value rate of 20%, prime cost rate of 10%.
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If I select it, then attached to this Asset Group is the notation from the tax tables.
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And just for your information, diminishing value is otherwise known as double declining balance elsewhere.
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For accounts, I'll use prime cost to keep an effective life of 10 years, but running depreciation consistently at a rate of 10%.
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Scrolling down, we can manage mapping of the general ledger accounts.
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Integrations will be addressed in a different video.
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You can set up your balance sheet and profit and loss accounts for where the journals will be posted in your external accounting system.
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These are currently not assigned.
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Clearing account, cost, accumulated depreciation and so on.
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Click on Edit and you'll be presented with the default set of accounts.
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You can add your actual general ledger numbers into these fields from your external accounting system if that makes more sense to you.
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And this will simplify things for you when you export or print your journals.
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In this case, we'll just use all of the defaults and save.
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With your GL mapping complete, Asset Accountant is now ready for journals.
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In the Asset screen, we can see our new Asset Group, of course with no depreciation showing as we haven't allocated any assets to it yet.
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And that is how you add a new Asset Group and set it up in Asset Accountant.
