If you decide to move to reporting as a Small Business Entity for tax purposes and have assets in regular Prime Cost or Diminishing Value depreciation methods, then you can move assets to a General Pool.
Note that from 1 July 2020, General Pool balances are completely depreciated.
Example:
Client has existing asset under "Plant and Equipment" and they want to close out the depreciation for the current year.
Solution:
Move/transfer the asset from "Plant and Equipment" to "General Pool"
Step 1: Create a new “Asset Group” with “Type – General Pool”
Note: "Opening Balance date" should match the date that you've set up via Settings > Depreciation
Step 2: Navigate to existing “Group Asset” Plant and Equipment, then, open each asset and edit -
Step 3: Scroll down to “Move to Pool” select from the dropdown and choose “General Pool”.
Make sure that “Pooled Date” is same as the opening date - “depreciation date” from “Settings > Depreciation”
i.e. for 2020 form, “Depreciation date/opening date” should be set as 01 July 2019.
If you need to depreciate an asset by 'Diminishing value" or "Prime cost" methods and then move it to a pool, you must create a pool, then create non-pool group i.e. to select Plant & Equipment type, add asset to this group. While adding the asset you will be able to select a pool to be moved to. Learn more
