How to set up your accounting rules
- Navigate to the Admin page by clicking the cogwheel icon
- Click Set up your accounting rules to expand and view this section.
- Read the information provided below and make changes as required.
- 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 (options vary on your organisation's country setting)
- Specify the Journal Posting Start Date for when Asset.Guru will first post journals to Xero or QuickBooks Online
- Specify your Journal Grouping Strategy
- Specify your Financial (Fiscal) Year end date for Diminishing Value depreciation calculation (only required for AU and NZ countries)
- Enable the integration to trigger automatic draft assets to be created based on a bill created in your accounting system that is assigned to a fixed asset account
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.
- To set up a notification using a percentage value, click on "0%";
- 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.
The default is set in accordance with the relevant accounting standards for the organisations country. If your country, such as New Zealand, allows for an option of monthly or daily averaging, then this option will be selectable by an Administrator.
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.
Asset.Guru will only automate depreciation posting for future periods i.e. no journals will be posted for dates in the past.
Financial (Fiscal) Year Ends On
This is used specifically for the Diminishing Value depreciation method calculation to establish the Closing Value of assets at financial year end.
Once assets are created, this can not be changed.
Journal Grouping Strategy
This feature has three options:
- Group by asset type (summarised): this will post journals based on asset type with the lines being the depreciation and accumulated depreciation for each asset type.
- Group by asset type: this will post journals based on asset type with the lines being the depreciation and accumulated depreciation for the individual assets.
- Do not group: this will post individual journals for each asset including lines for depreciation and accumulated depreciation for the individual assets.
The Advanced section of this setting includes a red button to manually Out of Cycle Journal Post. You can use this button to journal depreciation up to the last closed month. This is used primarily for when any asset(s) is entered into the system after the automated monthly journal post, and it is preferred to have a depreciation journal created for the month just closed.
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 assets will only be created for bills processed after the integration has been enabled. If a historic bill is edited after enabling the integration, this will also trigger for a Draft asset to be created.