How to Amortize Patents, Trademarks and Intangible assets with Asset.Guru
Need to Amortize Patents and intangible assets?
Good news, you can do that with Asset.Guru !
Adding your patents, trademarks, software projects and intangible assets is very simple.
You can:
- Add charges (fees, legal costs, software development improvements) using the revaluation feature,
- Calculate the gain or loss on a sale of the patent automatically and of course
- Write it off / expense the item with the dispose feature!
Ready to upload? This is what you'll need:
- Patent lodgement or creation date: Place this in the Purchase Date field
- Patent initial Cost: place this in the purchase price field
Optional if you've been amortizing elsewhere prior to using Asset.Guru:
a. Current written down value (Net Book Value)
b. Current written down value date (Net Book Value date)
3. An Asset Type to put the patent/trademark/intangible asset against
The easiest decision will then be what to do next:
- All set and ready to start amortising the item? If so then activate the asset!
- Not ready to go yet, and want to add additional charges against the patent, trademark or intangible asset? Keep it as a draft asset and you can adjust the purchase price or current value (net book value) accordingly then activate it when you're ready to start amortizing the asset
Bonus: You can continue to add charges (fees/legal costs/software improvements) using the revaluation anytime after the asset is activated