How to set up your accounting rules

To view your and set up your accounting rules,
  1. Navigate to the Admin page by clicking the cogwheel icon
  2. Click Set up your accounting rules to expand and view this section.
  3. Read the information provided below and make changes as required.
  4. Click Accept these settings.

The accounting rules that you can set up in Asset.Guru will:

  • Provide an asset disposal suggestion in your Dashboard To Do List
  • Specify the depreciation averaging method used to calculate depreciation;
  • Specify the date Asset.Guru will start posting journals into Xero or QuickBooks Online
  • Specify your journal grouping strategy; and
  • Enable automatic asset creation upon bill creation in Xero or QuickBooks Online

Asset Disposal Suggestion

This feature will provide your account with a to do list notification when an asset has depreciated to a specified percentage or absolute dollar amount. he steps to set this up are as follows.

  1. To set up a notification using a percentage value, click on "0%";
  2. a) Enter the percentage in whole numbers (e.g. 10 not 0.1 for 10%) OR
    b) Enter the absolute dollar amount (e.g. 1000  not 1,000).

Default Depreciation Averaging Method

This setting will determine whether a daily depreciation rate or a monthly depreciation rate is used by Asset.Guru to calculate depreciation.

NB. The default is set to "Daily" for Australian customers in accordance with the relevant accounting standards. This cannot be changed by an end user.

Journal Posting Start Date

The date that you enter using the date picker will determine when Asset.Guru will start to post your depreciation journals.

NB. Asset.Guru will only automate depreciation posting for future periods i.e. no journals will be posted for dates in the past.

Journal Grouping Strategy

This feature has two settings.

  1. Group by Asset Type which will post your depreciation journals by asset type (Recommended); and
  2. Do not group which will post depreciation on an asset by asset basis.

The Advanced section of this setting includes a red button to manually Depreciate assets and post journals. You can use this button to journal depreciation from the past month for any asset(s) entered into the system after the automated journal post, if the asset(s) were to start depreciating in the prior month.

Enable Integration Jobs

Asset.Guru is able to automatically create a draft asset upon bill creation in Xero or QuickBooks Online once this integration has been enabled by ticking the check box provided.

NB. Draft asset will only be create for bills processed after the integration has been enabled.

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