Fixed Assets workpaper (FIA)

The Fixed Assets (FIA) workpaper reconciles cost, depreciation, and closing value by asset category, sourced primarily from the Depreciation Schedule, with dedicated rules for how new additions and disposals get added.

Data extraction, by asset category

For each asset category heading (for example, Motor Vehicles), the Depreciation Schedule is pulled for the job's date range with all relevant columns selected: Cost, Opening Value, Purchase, Disposal, Sale Price, Closing Accum Dep, Closing Value. Each column's total for that category populates the matching workpaper field.

●        Balances per GL: sum of the fixed asset account's year-to-date debit balance, less the year-to-date credit balance on its accumulated depreciation account.

Additions, no invoice available

Where no invoice exists, additions are read from the Balance Sheet account transactions instead: asset name from the transaction description, amount from any debit greater than $0, and date from the corresponding transaction.

Additions, invoice available

●        Asset name: from the invoice description.

●        Purchase date and Depreciation rate: from the invoice; depreciation rate is looked up via the ATO depreciation rates reference and is always flagged Human Intervention Required.

●        Amount: GST-exclusive from the invoice, checked against whether the entity is GST registered first.

Depreciation method

●        Diminishing Value (DV) is used by default, and always for Motor Vehicles, Plant & Equipment, Office Equipment, Computer Equipment, Furniture & Fixtures, Equipment, and Trucks.

●        Prime Cost (PC) is used instead specifically for Improvements, Capital Works, Structural Improvements, or Leasehold Improvements. Its depreciation rate is always Human Intervention Required.

Motor vehicle additions, below the ATO cost limit

Asset description, purchase date, and total cost are read from the invoice. Registration/Rego and Insurance/CTP are excluded from cost, along with GST where the entity is registered. Diminishing Value always applies, with the rate sourced from the ATO depreciation rates reference.

Motor vehicle additions, above the ATO cost limit

Same source (invoice) and same exclusions (Rego, Insurance/CTP), but cost is tracked two ways: the full invoice cost for accounting purposes, and the ATO cost limit for tax purposes, with GST on the tax side capped at the limit divided by 11 rather than the actual GST paid.

Disposals

Read from the Disposal Schedule report for the job's date range: asset name, disposal date, and sale price, filed under the matching asset category (for example, Motor Vehicle).

How to access

●        Go to Jobs and open the relevant job.

●        Click the Workpapers icon or navigate to Job Results then Workpapers.

●        Select FIA on the Workpapers Dashboard.