Paying more tax than you should be? We have an Asset & Liability Register for that

From cars to tools to loans and everything in between, your business may be able to claim a lot more depreciation and interest than it already is. The built-in asset and liability register in Thriday automates it for you.

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4.9 average Google Reviews
Depreciated
Tax calculated
BAS adjusted
Refund received
Cash Flow Updated
Balance Sheet Updated
P&L Updated
Five stars
4.9 average Google Reviews
HOW IT WORKS

How Thriday makes asset & liability tracking easy

ASSETS

Enter details of assets your business owns

LIABILITIES

Enter details of liabilties your business holds

MAGIC

Thriday handles the calculations for you

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WHY SHOULD I CARE

Keep more of your hard earned money through proper tracking of your assets & liabilities!

Keeping track of assets and liabilities used to be a chore, if you don’t do it it can cost you thousands of $$$ in lost depreciation, meaning more money to the taxman and less in your pocket.

Bad asset & liability tracking can lead to:

An inaccurate financial picture

Without a clear record, you might miss important details about your finances. This can lead to a distorted understanding of your net worth and overall financial health.

Poor business decision making

Decisions like investments, loans, or managing cash flow become trickier when you lack a solid grasp of your assets and liabilities. This can lead to missed opportunities or even financial strain.

Missed tax deductions

You might miss out on claiming depreciation (gradual decrease in value) on assets, which can reduce your tax burden.

Cash flow headaches

Without knowing your exact liabilities, it's difficult to manage your cash flow effectively. This can lead to late payments, strained relationships with suppliers, and potential penalties.

Difficulties securing funding

If you need a loan for growth or other purposes, having a messy financial picture can make it harder to convince lenders of your business's stability.

ATO compliance issues

The Australian Taxation Office (ATO) may require you to demonstrate your financial position during audits. Not having proper records can lead to delays, fines, or even penalties.

Not keeping an asset and liability register is like driving blindfolded. You might reach your destination eventually, but the ride will be stressful, full of risks, and potentially lead to accidents (financial mishaps).
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The best part? It's all integrated with the rest of your accounting

Manage your finances end-to-end in one place from banking to asset register and everything in between save 6 hours a week on financial admin.

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Here’s what our customers have to say

Chris Harag
Great app. Changed how i operate my little business.
Great app. Changed how i operate my little business.
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Reviewed
July 10, 2024
Gabrielle Rousseau
Loving the app and service so far. The only thing that I'd love in addition is app notifications for things like invoices seen and payments received. Otherwise everything is brilliant so far.
Loving the app and service so far. The only thing that I'd love in addition is app notifications for things like invoices seen and payments received. Otherwise everything is brilliant so far.
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Reviewed
July 7, 2024
Dr Sam Donegan
Amazing, Thriday does everything I want and more. I can't WAIT until it's ready for companies too. I thought I was happy with Xero until I tried this lol
Amazing, Thriday does everything I want and more. I can't WAIT until it's ready for companies too. I thought I was happy with Xero until I tried this lol
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Reviewed
July 4, 2024
Renate Halleen
I was looking for a better and cheaper platform to do all my taxes, Invoices, and other business related items, and I absolutely love Thriday and I can implement the profit first system and actually thrive in my business
I was looking for a better and cheaper platform to do all my taxes, Invoices, and other business related items, and I absolutely love Thriday and I can implement the profit first system and actually thrive in my business
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Reviewed
July 4, 2024
Trying to write a nickname
Love using Thriday, they make it easy to generate invoices and track expenses.
Love using Thriday, they make it easy to generate invoices and track expenses.
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Reviewed
July 4, 2024
Brady Leach
Makes doing business so easy. Fantastic app and better than similar apps on the market. Saves us so much time and money. Highly recommend!
Makes doing business so easy. Fantastic app and better than similar apps on the market. Saves us so much time and money. Highly recommend!
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Reviewed
July 1, 2024
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Frequently asked questions

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How do I record loan repayments?

To record a loan repayment, you must first create the loan as a liability in Thriday's Asset and Liability register. If the loan repayment was made from a Thriday account, you just need to select the loan from the Chart of Accounts dropdown. If the loan repayment was made from an account outside of Thriday, you can add the repayment as a balance in Manage Balances.

What is an asset?

Assets represent the valuable resources owned by your business. They can be further classified as:

  • Short-term or 'Current' Assets: These assets can be converted into cash within 12 months. Examples include cash in your bank accounts, inventory, and short-term deposits.
  • Long-term or 'Fixed' Assets: These assets have a useful life of more than 12 months and are not typically sold for cash within this period. This includes items like tools, equipment, real estate, land, and vehicles.

Thriday's Asset and Liability Register primarily focuses on tracking your long-term or 'fixed' assets which have been entered into Thriday. Many of these assets depreciate over time and you may be able to claim tax deductions for this depreciation. Thriday's Asset and Liability Register assists in calculating the deductible depreciation for each asset and seamlessly integrates this information into your financial records and tax estimates. Additionally, it can calculate any profits, losses, and capital gains resulting from the sale of assets.

For more information on tax deductions for depreciating assets, see Tax deductions for depreciating assets and capital expenses | Australian Taxation Office (ato.gov.au)

How can I add depreciation for an asset I've created?

If you've selected 'Yes' for Auto Depreciation, Thriday will automatically calculate and apply depreciation to the relevant assets using the simplified depreciation rules based off the ATO’s guidelines. For assets excluded from the simplified depreciation rules, you can refer to the ATO guidance here: ATO Depreciation Guidelines.

However, if you wish to add depreciation for assets excluded from simplified depreciation or if you prefer not to use simplified depreciation rules in Thriday, you can manage this through the Manage Balances feature.

In Tax, click on Manage Balances. Under the Expense toggle, locate depreciation. Each asset will have its individual depreciation account, which you can select from the drop-down menu to customise your depreciation calculations.

The accuracy of the automatic depreciation calculations, based off the ATO’s guidelines, is dependent on you correctly identifying the type and value of assets being depreciated.

How do I set up auto depreciation for my assets and liabilities?

Thriday automatically applies simplified depreciation rules to your assets and liabilities.

The simplified depreciation rules can only be used by eligible small businesses. For more information on eligibility criteria, see Simpler depreciation for small business | Australian Taxation Office (ato.gov.au).

If your business is not eligible to use simplified depreciation rules, you will need to amend this in your Tax Profile which you can access from the Tax module in your Thriday account.

Where can I see depreciation of my assets?

When a depreciable asset is created in Thriday, a new account code for the accumulated depreciation of that asset is automatically created. This account code will appear in the Chart of Accounts report.

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Why waste time on financial admin when Thriday can automate it for you?

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