My accountant says that not every asset purchased by a small business needs to have a record maintained and depreciation applied. Everthing now goes into an asset pool as long as the cost is greater than $1000. Anything less is immediately written off. Assets added to the pool are depreciated at 15% regardless of the date acquired and there is no need to maintain a separate "negative" asset account to show the accumulated depreciation. If I make improvements to a property investment (say a new hot water service) how would I set up an asset pool in MySF?
Regards
Currently I have been able to set up a property asset plus an intangible asset for company formation costs which I can depreciate and a new carpet which I can depreciate. They are all under a/c 1401. How can I set up the property as an asset under 1401 and shift the other assets under that number to a separate group? The others are not really improvements to the property. I won't depreciate the property but I will depreciate the others. I'd like to group those smaller items under a heading such as "depreciable fixed assets" so that its easier to track them.