Fixed Assets Overview

The Fixed Assets module provides the functionality that enables you to create fixed assets, track them through their useful life, depreciate them, and dispose of them.

The primary features of the Fixed Assets module are described briefly below and extensively in other topics.

Quick Conversion from Acquired Items to Fixed Assets

In MYOB Advanced, if your company has acquired new assets, you can quickly convert these items into fixed assets. The acquisitions can be converted as separate assets or as components of an existing asset. Alternatively, you can add a fixed asset by entering the required information manually. For more details, see Fixed Asset Entry.

Fixed Asset Classes

You can configure fixed asset classes, which let you group similar fixed assets for processing and reporting. Once you assign a new asset to a specific class, the default values from the class are automatically filled in, streamlining the creation of the fixed asset. Many essential settings—such as the asset's useful life, the depreciation method, and the depreciation books that can be used to depreciate the asset—must be defined for a fixed asset class. For more information, see Fixed Asset Classes.

Fixed Asset Types

While creating a new fixed asset or fixed asset class in the system, you have to specify the type of the asset. In MYOB Advanced, a list of predefined fixed asset types is available. This list contains such items as Building, Computers, Copyrights, and Equipment. If additional asset types are required, you can create new asset types that meet your business needs, and define each type as describing tangible or intangible assets. For details, see Fixed Asset Types.

Fixed Asset Hierarchy

You can create a fixed asset hierarchy by selecting parent classes for fixed asset classes and associating fixed assets with parent assets. The hierarchy is implemented only for informational purposes. For example, nothing happens with the asset component if its parent asset has been disposed of. For more information, see Fixed Asset Hierarchy.

Depreciation Methods

MYOB Advanced provides multiple built-in depreciation methods that are allowed by law in the United States. Additionally, you can configure your own depreciation methods. For the same asset, different depreciation methods can be used for financial reporting and tax reporting. For details, see Depreciation Configuration.

Built-in Averaging Conventions

MYOB Advanced provides a number of built-in averaging conventions to be used for calculating depreciation for the financial periods within which an asset was acquired or disposed. You can select the averaging convention that suits the specific depreciation method. For more information, see Averaging Conventions.

Flexible Options for Depreciation Calculation

You can automate depreciation calculations for all types of assets by creating schedules for depreciation. You can run these schedules for a particular asset or for multiple assets. If needed, you can suspend the depreciation of specific assets for an unspecified number of periods. For more details, see Depreciation of Fixed Assets.

Support for Fixed Asset Depreciation in the United States

MYOB Advanced fully supports United States-based tax reporting requirements, and you can perform depreciation as it is required by the tax authorities of your country. For information on how to set up tax benefits to be calculated during fixed asset depreciation, see U.S.-Based Fixed Asset Depreciation.

Mass Fixed Asset Transfer

By using MYOB Advanced, you can transfer the assets between branches one by one or in bulk. For details, see Managing Transfers of Fixed Assets.

Mass Fixed Asset Disposal

By using MYOB Advanced, you can perform mass and one-by-one disposal of fixed assets. To learn more about the disposal methods and the ways fixed assets can be disposed of with MYOB Advanced, see Managing Fixed Asset Disposals.

Other Features and Options

By using the Fixed Assets module, you can also do the following:

  • Create custom depreciation methods
  • Schedule depreciation
  • Easily track fixed assets by branch, department, and custodian
  • View the depreciation history of an asset in multiple ways and change the views at any time
  • Use a wide variety of fixed-asset reports that provide accounting and management information
  • Assign multiple depreciation books (for example, one for tax reporting and one for financial management) to the fixed assets
  • Split and transfer assets
  • Delete empty transaction documents