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In this video, we're going to look at all the fundamental changes you can make to your
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data within Asset Accountant from a register level all the way down to an asset and even
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a transaction level.
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Starting with our registers, we're currently in our All Registers view.
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Sometimes registers are no longer needed.
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Sometimes we create registers in error.
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In cases like these, we can simply click on this menu item here and choose to archive
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these registers and they'll be removed from your account.
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Within a register, moving down to the next level, occasionally we import data that for
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some reason is incorrect.
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So for example, we might import data with an incorrect opening balance date or with
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the written down values at those dates incorrect.
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In these cases, we can find those imports, we save all these for you, and we can rule
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them back.
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And this will have the effect of removing those assets from your register, just those
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assets that are associated with that individual import.
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The same applies to our bulk actions.
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So for example, we might have uploaded some bulk classification changes or bulk disposals,
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bulk revaluations, and so forth.
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Again, we save all of these transactions in bulk for you.
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And if you find that for some reason they're incorrect, you can again roll back that import.
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In this case, what we're doing is we're rolling back the transactions, not the assets themselves.
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Moving down to an asset level, if we just open up an asset at random, we'll find one
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that's not been disposed.
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So there are a few different ways of conceiving of adjustments that we might want to make
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to assets.
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So for example, sometimes we might have a transaction that was made incorrectly, in
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which case we can reverse that transaction.
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Sometimes we look at adjustments directly to depreciation and cost, in which case we
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look at adjustment functionality.
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We can also do things like revalue assets, and we can also reassess assets where we're
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changing the tax and accounting treatment of those assets.
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So looking at the reverse option first, let's imagine that we were to sell a particular
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asset, and we might sell this on the 11th of the 11th, 2023.
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And let's imagine that the sale proceeds were incorrect.
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We process that transaction.
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What do we do?
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We can go back up to our reversals tool, and we can simply reverse that sale.
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And if we look at the effect of that, we can see that we now have a reversed sale down
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at the bottom of the screen, and the reversal of that sale.
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So both of those events are still recorded in our audit trail.
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If we have a further look at the different types of adjustments that we can make, again,
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we can make adjustments to cost and depreciation.
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So for example, we might want to decrease the cost of this asset at the beginning or
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the end of a particular financial year.
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So we might do that on the 31st of December, 2023.
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We can save that and record our adjustment.
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Again, if that's incorrect, we can reverse it.
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So we'll make that change as well.
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Now if we have a look at reassessments, reassessments are really cases where we're looking at changing
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the way that we're depreciating an asset, either by changing the method that we use,
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the effective life of the asset, or the rate.
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So let's imagine that we want to make a change on the 1st of March, 2023.
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We'll keep it straight line, but we might say this asset no longer has an effective
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life of 10 years, it might have an effective life of 9.
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So we can see that the life and the rate have changed.
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We can record that, or we can even nominate the end of the effective life of the asset.
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So for example, if we think that this asset has a precise end date of the 11th of the
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11th, 2023, that will make changes to our effective life, the remaining life, and the
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corresponding rate.
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So let's record that reassessment on the 11th of the 11th.
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Now it's important to recognize also that these actions that we're seeing in our accounts
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actions dropdown apply only to the accounts regime.
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If we wanted to do a reassessment for both accounts and tax, for example, we'd need to
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do a similar reassessment in the tax actions.
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Moving back to our bulk actions, just a reminder that if we have a large number of these
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transactions that we need to make, so for example, if we need to reassess all of the assets
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or all of the motor vehicles within a register, we can do this in bulk.
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So any of these bulk actions come with complete instructions.
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You can also find templates that you can download to make this process easier, and you can do
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hundreds or even thousands of reassessments in a single pass.
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Finally, moving on to journals, just to get a sense of the effect that these changes have
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on journals, you may recall that we made a new transaction, a reassessment of the 11th,
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2023, and we'll notice that our last journal was run up to the 30th of November, 2023.
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So there's new information that's been added to the system prior to the date of our last
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journal.
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So in these circumstances, the journaling engine is smart enough to recognize these
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differences, and if we just create another journal on exactly the same date, we can create
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a journal for the difference.
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So because we've changed the depreciation treatment in this case, we can see that there
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are changes to depreciation forecasts, both in terms of depreciation expense and accumulated
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depreciation that come up in a new journal that we can then post to our general ledger.
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So again, there are a variety of ways that you can make changes to your registers, from
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the register level, down to the asset level, and all the way down to the transaction level,
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and the system is smart enough to recognize these changes, audit them all, and give you
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the opportunity to drill down into journals for difference.
