Step 1: mint the asset from the debit
"That $1,200 debit on the 14th was a laptop. Put it on the register, instant write-off."
create_asset with source_bank_transaction_id takes the cost and the
acquisition date from the debit itself. A year later, "why do we say this
cost that" is answered by opening the bank line. The debit must be a debit on
your feed and must not already have minted an asset. An asset can also be
minted from a document already in the evidence layer, or entered by hand
when neither exists.
Step 2: choose the method
method is required with no default:
| Method | What it means | Needs |
|---|---|---|
instant_writeoff | The whole cost is claimed in the acquisition year | Cost at or under finance.assets.instant_writeoff_threshold |
diminishing_value | A fixed percentage of the written-down value each year | effective_life_years |
prime_cost | An equal share of cost each year | effective_life_years |
An instant write-off above the threshold is refused with the threshold named, rather than silently depreciated by a method nobody chose. The effective life comes from your accountant or the ATO's effective life tables.
Ordinary consumables (fuel, cleaning supplies, small tools under your own policy) are expenses; triage the bank line instead. See reconcile money out.
Step 3: read the schedule
"What is our depreciation for the year?"
get_depreciation_schedule for a financial year (named by its end year, so
FY2027 is 1 July 2026 to 30 June 2027; omit it for the current year) returns
opening written-down value, additions, depreciation, disposals and closing
written-down value per asset, with totals. Each year is produced by walking
the asset forward from its acquisition, so this year's opening value is
last year's closing value, to the cent, with no re-basing off original cost.
Every row names the library each figure came from, and the response states
the write-off threshold and the diminishing-value factor it was computed
against.
An empty register still returns a schedule with headers and nil totals. "We hold no assets" is an answer an accountant needs to be able to read.
list_assets is the register itself rather than the year's figures. The
balance sheet carries fixed assets at written-down value from the same source.
Step 4: dispose
"We sold the trailer for $800 on 3 March."
record_asset_disposal records the proceeds and the date and computes the
balancing adjustment as proceeds less written-down value at that date. It is
computed and shown, never characterised: whether it is assessable income or a
deduction is a decision for your accountant, and the platform does not make
it for you.