Fixed Asset Classes
Form ID: (FA201000)
By using this form, you can create asset classes that will group fixed assets with a similar properties. You must specify an asset class while creating a fixed asset on the Fixed Assets (FA303000) form. Once you specify an asset class, the default properties, such as asset type, depreciation settings, GL accounts will be inserted in the corresponding elements that eases and facilitates the process of creating a new fixed asset in the system. (You can overwrite any of these values at any time).
On this form, you can also edit and delete existing fixed asset classes.
Form Toolbar
The form toolbar includes only standard buttons. For the list of standard buttons, see Form Toolbar and More Menu.
Summary Area
In the Summary area, you can create a new fixed asset class and edit or delete any existing fixed asset class.
| Element | Description |
|---|---|
| Asset Class ID | The unique identifier to be used for the fixed asset class. |
| Parent Class |
The optional parent class, which you can select from the list of existing asset classes. For more information, see Fixed Assets Overview. |
| Description | A description of the fixed asset class. |
| Active | A check box that you select if this class can be used for fixed asset creation. |
| Hold on Entry |
A check box that you select if you want new assets of this class to have the On Hold status by default. This check box is automatically selected and unavailable for editing if the book that updates General Ledger is used for the assets of the class (that is, added on the Depreciation tab). |
General Tab
On the General tab, you can specify or view basic settings for the fixed asset class.
| Element | Description |
|---|---|
| Asset Type |
The particular type of the fixed asset or assets associated with the selected asset class. You can change the fixed asset type by selecting the required one from the list. You can create a required fixed asset type or edit the existing one by using the Fixed Asset Types (FA201010) form, which you can access by clicking the Edit button next to the Asset Type box. |
| Tangible |
A check box that indicates (if selected) that the assets associated with the selected asset class are tangible—that is, have a physical substance. You can edit this value by using the Fixed Asset Types (FA201010) form. |
| Depreciable | A check box that indicates (if selected) that a fixed asset associated with this asset class will be depreciated. |
| Under Construction |
A check box that indicates (if selected) that a fixed asset associated with this asset class is under construction and does not require depreciation. By default, this check box is cleared for a new fixed asset class. The check box is available for selection if the Depreciable check box is selected. If there is at least one fixed asset associated with an asset class for which the Under Construction check box is selected, you cannot change the state of the check box. |
| Useful Life, Years | The period of time (in years) an asset of the class is supposed to be in use. |
| Accelerated Depreciation for SL Depr. Method |
A check box that indicates (if selected) that the revalued net book value of an asset of the class must be depreciated during the remaining useful life of the asset. Note: For depreciation methods that use the Straight-Line calculation method with the
Full Period and Full Day averaging
conventions, the state of this check box is ignored by the
system.
Instead of selecting this check box for an asset, you can specify the Remaining Value calculation method for the asset, which works in the same way. For details, see Depreciation Configuration. |
Depreciation Tab
On this tab, you can specify depreciation settings for the fixed asset class. By using this tab, you can create a list of books to be used for assets of the class. (If you specify no books on this tab when you create a class, all books defined in the system will be assigned to the class automatically.) Once this list is defined for the class, for a fixed asset of the class, you will be able to select a book only from this list.
The table toolbar includes only standard buttons. For the list of standard buttons, see Table Toolbar.
| Column | Description |
|---|---|
| Book | The depreciation book to which assets of the current class can be assigned. Books are defined on the Books (FA205000) form. |
| Posting Book |
A check box that indicates (if selected) that the General Ledger will be updated from the specified book. The posting book is selected on the Books (FA205000) form. |
| Class Method |
The depreciation method to be used to depreciate fixed assets of this class in the book specified in this row. For books that use a week-based calendar, New Zealand depreciation methods cannot be selected. If you selected a table depreciation method in this column, when you save the record, the system checks whether both of the following conditions are met:
If at least one condition is not met, the system displays an error message. |
| Percent per Year |
The depreciation rate of the asset. This column is available for editing if the Australian Prime Cost, Australian Diminishing Value depreciation method or any of the New Zealand depreciation methods is selected for the asset on the Depreciation Methods (FA202500) form. The default value of this column is copied from the Percent per Year box on the Depreciation Methods (FA202500) form, but you can override this value. Allowable values are between 0 and 100, with up to four digits after the decimal point. |
| Useful Life, Years |
The period of time (in years) during which the assets of this class, for the current book, are expected to be in use. The default value for this column is specified on the General tab of the current form. If you selected a table depreciation method in the Class Method column, when you save the record, the system checks whether both of the following conditions are met:
If at least one condition is not met, the system displays an error message. |
| Averaging Convention |
A convention that determines how fixed assets of this class (with the book specified in this row) will be depreciated for the period within which the asset was acquired or disposed. The list of available averaging conventions depends on the depreciation method you have specified. Note: If you select the Modified Half Period option or the
Modified Half Period 2 option, the
Mid-Period Type and
Mid-Period Day boxes become available
for editing.
If you selected a table depreciation method in the Class Method column, when you save the record, the system checks whether both of the following conditions are met:
If at least one condition is not met, the system displays an error message. For more information, see Averaging Conventions. |
| Bonus |
A check box that you select if you want to specify the parameters of a bonus for assets of the current class. These parameters will be used by default on the Balance tab of the Fixed Assets (FA303000) form. For more information, see U.S.-Based Fixed Asset Depreciation. Note: A bonus is a peculiarity of the USA tax system whose amount
reduces the depreciable basis in the first year of asset's
useful life. In MYOB Acumatica, you can specify the parameters of a bonus by using the Bonuses (FA208000) form.
|
| Sect. 179 |
A check box that you select if you want to deduct the full cost of assets of the class in the first year of their useful life, instead of depreciating the assets over their entire useful life. Such a deduction can be made according to Section 179 of the United States Internal Revenue Code. If this check box is selected for the current class, you can specify the deduction amount for an asset of the class on the Balance tab of the Fixed Assets (FA303000) form. For more information, see U.S.-Based Fixed Asset Depreciation. |
| Recovery Period |
The number of depreciation periods. This value is generated by the system according to the value specified in the Useful Life, Years column on the current tab. |
| Mid-Period Type |
The rule for defining the date as the middle of the disposal and acquisition period. The following options are available:
The default value is defined for each book on the Books (FA205000) form. |
| Mid-Period Day |
The value that determines the middle of the financial period. Depending on the option that you have selected in the Mid-Period Type column, this value has one of the following meanings:
|
GL Accounts Tab
You use this tab to specify the default accounts and subaccounts to post accumulated depreciation, fixed asset costs, proceeds from disposal of fixed assets of the class, and depreciation expenses for assets of the class.
| Element | Description |
|---|---|
| Fixed Assets Account |
The fixed assets account (an asset account) used to post the cost of fixed assets. The account selected in this box should be configured as a control account for the fixed assets subledger. That is, for this account, FA should be selected in the Control Account Module column on the Chart of Accounts (GL202500) form. For more information on control accounts, see Control Accounts: General Information. |
| Fixed Assets Sub. | The subaccount to be used for this fixed asset class. |
| Combine Fixed Asset Sub. from |
A subaccount mask that defines the rule of composing the fixed asset subaccount from other subaccounts associated with the document (those defined for the fixed asset class, department, location and fixed asset itself). To set up the rule, select a segment box, press F3, and select a source of the segment value, which is one of the following options:
For a segment, each of the available options is designated by a specific letter repeated as many times as there are characters in the segment. For details, see Combined Subaccounts: General Information. |
| Accumulated Depreciation Account |
The account used to post accumulated depreciation (an asset account). The account selected in this box should be configured as a control account for the fixed assets subledger. That is, for this account, FA should be selected in the Control Account Module column on the Chart of Accounts (GL202500) form. For more information on control accounts, see Control Accounts: General Information. |
| Accumulated Depreciation Sub. | The subaccount for the specified accumulated depreciation account. |
| Use Fixed Asset Sub. Mask |
A check box that you select if the fixed asset subaccount mask will define the rule for selecting segment values for the accumulated depreciation subaccounts to be used. If you select this check box, the Combine Accumulated Depreciation Sub. from column will not be available. |
| Combine Accumulated Depreciation Sub. from |
A subaccount mask that defines the rule of composing the accumulated depreciation subaccount from other subaccounts associated with the document (those defined for the fixed asset class, department, location and fixed asset itself). To set up the rule, select a segment, press F3, and select a source of the segment value, which is one of the following options:
For a segment, each of the available options is designated by a specific letter repeated as many times as there are characters in the segment. |
| Depreciation Expense Account | The expense account used to post depreciation expenses. |
| Depreciation Expense Sub. | The subaccount for the specified depreciation expense account. |
| Combine Depreciation Expense Sub. from |
A subaccount mask that defines the rule of composing the depreciation expense subaccounts from other subaccounts associated with the document (those defined for the fixed asset class, department, location and fixed asset itself). To set up the rule, select a segment, press F3, and select a source of the segment value, which is one of the following options:
For a segment, each of the available options is designated by a specific letter repeated as many times as there are characters in the segment. |
| Proceeds Account | The account to be used to post proceeds from the disposal of fixed assets. |
| Proceeds Sub. | The subaccount to be used to record proceeds from assets of this class to the specified proceeds account. |
| Combine Proceeds Sub. From |
A subaccount mask that defines the rule of composing the proceed subaccounts from other subaccounts associated with the document (those defined for the fixed asset class, department, location and fixed asset itself). To set up the rule, select a segment, press F3, and select a source of the segment value, which is one of the following options:
For a segment, each of the available options is designated by a specific letter repeated as many times as there are characters in the segment. |
| Gain Account | The account to which a gain resulting from disposal will be posted. |
| Gain Sub. | The subaccount to which a gain resulting from disposal will be posted. |
| Loss Account | The account to which a loss resulting from disposal will be posted. |
| Loss Sub. | The subaccount to which a loss resulting from disposal will be posted. |
| Combine Gain/Loss Sub. From |
The subaccount mask that defines the rule of composing the gain/loss subaccount from other subaccounts associated with the document (those defined for the fixed asset class, department, location and fixed asset itself). To set up the rule, select a segment, press F3, and select a source of the segment value, which is one of the following options:
For a segment, each of the available options is designated by a specific letter repeated as many times as there are characters in the segment. |