What should I upload into Asset.Guru ? (What to include in my Bulk Asset Upload)
The power of Asset.Guru is about making the platform the single source of asset related truth - both operationally and also financially.
So what do you upload into Asset.Guru? The minimum information we will need is:
1. Asset Name (think of this as the primary descriptor of the asset, this is a mandatory field)
2. Asset Type: This will need to match your chosen asset types in the Admin/setup section (you need to do this before uploading assets)
3. Country: Simply enter in the two letter country code for the location of the asset.
a. For the United States use US
b. For New Zealand NZ
c. For the United Kingdom use UK etc
4. Purchase price: for any depreciating assets this is a big one!
5. Purchase date: set into an international format 01 OCT 2021
For existing assets that have a depreciated value:
6. Current Value (Net Book Value): For example 100.00 for $100 ...leave this blank for any brand new assets. NB If you have the accumulated depreciation the Net Book Value is Purchase price - any accumulated depreciation = current value/net book value
7. Current Value Date (Net Book Value Date): This is the value you've calculated elsewhere, for example 31 DEC 2021 ...leave this blank for any brand new assets
8. Depreciation start date: For brand new assets This is the purchase date, for any existing depreciating assets this is the Current value date/Net Book Value date plus 1 day. in the example above its 01 JAN 2022 (ie the day after the Current value date)
Accounting Treatment via EITHER a Term for Straight line depreciation OR % Rate as a percentage for Reducing Balance depreciation.
9. Depreciation Term: This is the straight line/Prime Cost value in years (or partial years) example 5 This means a 5 year straight line depreciation method. 3.5 is three and a half years, etc.
10. Depreciation Rate: This is the Reducing Balance/Declining Balance % example 20 This means a 20% reducing balance treatment
The table below might help with some of the standard scenarios too!
We've created a handy table to help you decide what to include during the upload process!
|Financial Status||Real life / Physical Asset Status||Asset.Guru Outcome||Depreciation Setting||Purchase Price in Asset.Guru|
|Asset is fully Disposed||We have lost, sold, destroyed or do NOT have the asset||Do NOT include this in the upload into Asset.Guru as it is no longer relevant. The disposal or sale should be treated only in your general ledger||Not applicable||Not applicable - do not include in asset.guru|
|Asset is fully Disposed||
We still have and use the asset (even though it is written off)
|Include and upload the asset with a $0 Purchase price. This asset should be included in the upload for operational purposes||None||Recommended to be $0|
|Asset is depreciating||We still have the asset||Include the asset name, purchase price, date and Net Book (Current Written Down) value and Net Book (CWDV) date||As advised by your accounting and tax professional||Purchase price obtained from the invoice of purchase or your agreed asset valuation|
|Track only Asset||We still have the asset||Include the asset name but use $0 for the purchase price and use an actual or best effort guess as to the purchase date for tracking reasons||None||Recommended to be $0|