Changing the rate of depreciation for Chattels.

Have the rates of depreciation changed for your chattels? This guide will walk you through changing each chattel.

The Situation

Lets assume you have some depreciation items, one is for the building and that rate hasn’t changed but many others have. The change comes into effect at the start of the 2006 financial year.

Start with a chattel that needs to be changed.

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Now view the depreciation for that item. The book value is shown for each year. In this case the chattel will be sold for $441.63 and bought again at the same price.

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Return to the Item Details and click on the “Sell” Button and enter in

  • The date of the sale (the last day of the previous financial year)
  • The Price it was sold for (the book value)

Click on Calculate Depreciation and Save. If you view the Item Schedule you will see the additional years have been removed from the schedule.

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Now return to the Depreciated Items list – the item will be marked as sold with the sale price and date filled in.

Click on New Item and add in the chattel at it’s new rate of depreciation.

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If you have any problems with maintaining your chattels please contact us.