Transfers of Fixed Assets

A fixed asset transfer occurs when a department gives an asset to another department, when an asset is moved from one branch to another, or when the asset class of an asset is changed. For example, you might move a computer from one location or department to another, or change the owner of the building.

With MYOB Advanced, you can perform two types of asset transfer:

  • Individual Asset Transfer: You can change the location of an individual asset on the Fixed Assets (FA303000) form. You can use this option to change the custodian of the asset or to move the asset within the branch. The date of the transaction is the current business date. For details, see To Transfer an Individual Asset.
  • Mass Asset Transfer: You can transfer one asset or multiple assets from one location to another by using the Transfer Assets (FA507000) form. You can use this form for inter-branch transactions. Also, by using this form, you select the date and period of the transfer. For details, see To Mass-Transfer Fixed Assets.

If the Multiple Base Currencies feature is enabled on the Enable/Disable Features (CS100000) form, assets can be transferred only between the branches with the same base currencies. If the currencies are different, an asset has to be disposed of in the source branch on the Dispose Assets (FA505000) form and acquired in the destination branch on the Fixed Assets form.

All final asset transfers affect the general ledger. After release, a historical record of the transactions is created. You can view the details of this record on the Locations tab of the Fixed Assets form, on the Transfers (FA640000) report, and on other reports.

Rules of Updating Location Information

In MYOB Advanced, any movement of assets falls into one of the following categories:

  • Non-accounting: Location records that track a fixed asset's physical location, such as a building and a department. This category includes any changes in the Branch, Building, Floor, Room, Custodian, and Department boxes on the General tab (Tracking Info section) of the Fixed Assets (FA303000) form.
  • Accounting: Information related to the GL accounts that store the cost and the accumulated depreciation balance. Once the account is changed, all the actual costs and depreciation amounts will be posted to the account and subaccount of the new location and owner of the asset. This category includes any changes in the accounts and subaccounts on the GL Accounts tab and in the Asset Class box on the General tab (Asset Summary section) of the Fixed Assets form.

When a user saves a change in one of these categories, the system creates an additional location record or revision for the asset on the Locations tab of the Fixed Assets form.

The most recent revision is also updated with changes in the following boxes on the Fixed Assets form, even if there are no other changes:

  • Depreciation Expense Account (GL Accounts tab)
  • Depreciation Expense Subaccount (GL Accounts tab)
  • Proceeds Account (GL Accounts tab)
  • Proceeds Subaccount (GL Accounts tab)
  • Gain Account (GL Accounts tab)
  • Gain Subaccount (GL Accounts tab)
  • Loss Account (GL Accounts tab)
  • Loss Subaccount (GL Accounts tab)
  • Reason (General tab, Tracking Info section)