What is the proposed workaround to the current limitation for the calculation of Diminishing Value?
The proposed workaround solution, involves editing the effective life of the asset in its year of acquisition. This is only a short term measure and upon release and installation of the MYOB AssetManager Pro update in September 2006, you will need to delete any subsequent asset transactions (not the initial acquisition) and then edit the effective life of the asset. Please make sure you have made a backup copy of your current MYOB AssetManager Pro file before implementing this workaround. The workaround is as follows: For any new eligible asset acquired on or after 10 May 2006 edit the effective life entered in MYOB AssetManager Pro. Let’s call it the MYOB AssetManager Pro Effective Life. Keep a list of the Asset Numbers of the assets you have changed – just in case you need to verify any changes you made or missed. As per our previous example, a $4000 asset with an effective life of 4 years would depreciate on the diminishing value basis as follows: (Commissioner’s Effective Life รท 4)
