Fixed Assets: Fixed Asset Types

In your company, you may have a variety of fixed assets, including the following:

  • Tangible assets (those with physical substance) of such types as land, buildings, equipment, vehicles, furniture, and fixtures
  • Intangible assets (those that are not physical in nature of such types as copyrights, goodwill, computer software, and patents

These types of tangible and intangible assets provide logical ways to group similar assets. In MYOB Acumatica, as a configuration step, you make sure that the applicable fixed asset types have been defined on the Fixed Asset Types (FA201010) form.

You need to specify an asset type for each fixed asset that you create in the system on the Fixed Assets (FA303000) form. Asset types organize all your fixed assets by their function.

You must also specify an asset type for each fixed asset class that you create in the system on the Fixed Asset Classes (FA201000) form, because a fixed asset class allows you to group fixed assets with a similar settings (which includes the asset type).

Predefined Asset Types

The most common asset types have been predefined in the system, and you can view or edit them on the Fixed Asset Types (FA201010) form. The predefined asset types include the following: BUILDING, COMPUTERS, COPYRIGHTS, EQUIPMENT, FURTINURE, GOODWILL, LAND, MACHINERY, PATENTS, SOFTWARE, and VEHICLE. You can delete an existing asset type if you will not need it.

Note:
You cannot delete an asset type if it has already specified for any fixed asset or fixed asset class.

If the list of default asset types does not include a particular asset type that you need, you can create a new asset type manually.

New Asset Types

You use the Fixed Asset Types (FA201010) form to add a new asset type.

While creating a new asset type, you define its name with a brief description, and specify whether assets of this type are tangible or intangible (by selecting the Tangible check box).

After you have created and saved a required asset type in the system, it becomes available for selection in the Asset Type box on the Fixed Assets (FA303000) form or the Fixed Asset Classes (FA201000) form.