Multiple asset transactions

The left-hand side of the Multiple asset transaction form will display a list of selected assets and will show the following data:

• Asset code: This is the identifying code of the asset.
• Name: This is the name of the asset.
• Last Tx date: This is the last transaction date for the asset - i.e., the last time an addition, revaluation, depreciation, or disposal was processed.

• Step 1: Select Assets…: Select the assets you would like to transact. This can range from one to all your assets, there is no limit on the number.
• Step 2: Perform Transactions…: When you have selected all the required assets, click the perform transaction button and the Asset Transaction form will pop up. If more than one asset is selected, you will only be able to choose either Depreciation or Addition. Disposal and Revaluation can only be performed on one asset at a time.
• Clear list: This button will unselect all selected transactions, and will clear the Assets ready for transaction processing list.

Reference: text, read-only

This is the Asset code of the Asset for which the Asset transaction is being performed. If the Asset transaction form was activated through the Multiple Asset transactions form and multiple Assets were selected, this field will display <selection>.

Reference: text, read-only

This is the Asset name of the Asset for which the Asset transaction is being performed. If the Asset transaction form was activated through the Multiple Asset transactions form and multiple Assets were selected, this field will display <selection>.

Reference: Yes/no

This option selects that you want to perform a depreciation transaction on the selected Asset or Assets for both Book and Tax depreciation schedules. The amount of depreciation of an Asset depends on a number of factors, including the Asset’s Depreciation type.

For a Depreciation type of Prime cost, the amount of depreciation is calculated for each selected Asset and for both Book and tax schedules individually as follows:

• Depreciation Amount = Days For Depreciation / Days Per year * Depreciation rate / 100 * Prime Cost

For a Depreciation type of Diminishing value, the amount of depreciation is calculated as follows:

• Depreciation Amount = Days For Depreciation / Days Per year * Depreciation rate / 100 * Current WDV

For a Depreciation type of Full, the amount of depreciation is calculated as follows:

• Depreciation Amount =Current WVD

In all cases, the following definitions apply:

• Days For Depreciation: The number of days starting from the day after Last transaction date of the Asset up to and including the Depreciate up to and including date on the Asset transaction form.
• Days Per year: The number of days in the current financial year. This takes into account the situation where the current financial year is a Leap year.
• Depreciation rate: The Depreciation rate of the Asset.
• Prime Cost: The Asset’s Depreciation prime cost value.
• Current WDV: The Asset’s current Written down value.

For each Asset, the depreciation amount is added to the Depreciation year to date for the Asset which reduces the Asset’s Written down value. For the Book schedule only, the depreciation amount is credited to the Accumulated depreciation account for the Asset and debited to the Depreciation expense account for the Asset.

Reference: Yes/no

This option selects that you want to perform a disposal transaction on the selected Asset for both Book and Tax depreciation schedules. A disposal cannot be performed on multiple Assets at a time.

When an Asset is disposed, a Disposal value is received for it which is debited to the account to debit Disposal value and the profit / loss (the difference between the disposal amount and the current written down value) is credited to the account for Profit / Loss on Disposal. These General ledger transactions only occur for Book values.

When a disposal transaction is performed, the current Written down value is set to zero for both Book and Tax.

Once an Asset is disposed, no further transactions can be performed for that Asset unless the disposal transaction is deleted.

Reference: Yes/no

This option selects that you want to perform a revaluation transaction on the selected Asset for both Book and Tax depreciation schedules. A revaluation cannot be performed on multiple Assets at a time.

A revaluation adds (or subtracts) value to both the book and tax Depreciation prime cost and therefore also to the current Written down value of the Asset). For the Book depreciation schedule, it also performs a General ledger transaction to increase the value of the Asset’s Asset account.

When a revaluation is performed, you must enter the New book value of the Asset, the New tax value of the Asset and a Revaluation distribution account which is credited with the additional value of the Asset.

Reference: Yes/no

This option selects that you want to perform an addition transaction on the selected Asset or Assets for both Book and Tax depreciation schedules. An addition occurs when you have already purchased something that is to form a part of an existing Asset. When you perform the addition transaction for the Asset, it is assumed that the value of the addition has already been added to the Asset account for the Asset via the Receive or Payment that relates to the purchase.

The Addition transaction adds the specified Additional value to the Depreciation prime cost of the Asset.

Reference: memo

This is free text that is stored with each Asset transaction as additional information about that transaction. When you are viewing the Assets form, this information is shown in the Transaction memo field for a given transaction.