See http://www.ird.govt.nz/business-income-tax/depreciation/bit-depreciation-methods.html: assets costing under $500 can be written off in the year of purchase, so treat these items as expenses if each of them is less than $NZ500. (If the items can only be used as one, then you would have to add up…
Hi Daniel, The recording of the new forklift should be recorded according to how it was purchased. If it was paid for directly out of the business bank account you could simple use banking and spend money. If it is acquired under finance or lease then you would need to seek instruction from your…
…"Receive Money" to account #8-1500 and change tax code to GST. So $700 is now in that account You now record a journal entry to remove the asset from the Fixed Asset account. Debit 8-1500 $1000 Cost of Trailer Credit 1-2210 $1000 Trailer Sold Debit 1-2220 $400 Trailer Sold Creidt 8-1500 $400 Accumulated…
A simple asset management system that is easy to use and creates journals directly into MYOB. Overcome the problems associated with spreadsheets by using a purpose built package!
Hi folks, I am with MYOB Asset Manager Pro. I was trying to written by some fixed assets, but the journal entries automatically generated by MYOB showed that assets were only written off by their accumulated depreciation instead of their costs. Is there anyway I can have them written off by costs of…
Hi, Im new to MYOB and am battling through the setup. In the fixed assets section / equipment improvements under type other assets I have a dollar value in the balance. I can find no record of this dollar value or item anywhere. When I open the edit accounts section for that line by clicking on the arrow…
…an inventory item of significant value to a fixed asset on a permanent basis, ie it becomes part of the vehicle and is not consumed in its operation. Use an inventory adjustment, negative qty, and correct unit cost, and then use the appropriate fixed asset account to allocate the cost, eg motor vehicles…
Hi Malee, You should really address this to your accountant - see the way they want it handled. Regards Clive Williams
…Car Loan Account til zero. Scenario 2. Gunna have to Journal the Asset & Liability at the same time and the deposit amount will go against the Liability and -"Spend Money"- for payments against the loan until zero. The accountant will fix the depreciation. Hope that helps
Thank you for the advice. I ended up just using inventory adjustments to account for inventory I use for internal purposes (some to a fixed asset account as I may resale the demo stock, and some to an expense account if they were consumables). Initially, I was issuing myself an invoice, and then tried…
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…invoice AFTER paying them) - this has now put the payables reconciliation out of balance as the payments made were transferred into (& out of) the asset account Deposits Paid. My problem is that I cannot delete either the order/ invoice/ payment./ deposit transactions in or out. I have taken off the…
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