Fixed Asset Classes

In MYOB Acumatica, fixed assets classes serve the following purposes:

  • To group assets into categories having a similar nature, function, or use in your company's business.
  • To provide default settings when you add an asset to the system and assign the asset to a particular class. Most of the defaults can be overridden.

You can configure separate classes for tangible and intangible assets of different types with a different estimated useful life, or create a separate asset class for non-depreciable fixed assets or assets under construction. For example, you may set up the following classes for tangible assets:

  • Buildings: 50 years of useful life
  • Plant and machinery: 10 years of useful life
  • Furniture and fixtures: 8 years of useful life
  • Land: 0 years of useful life

You may decide to define other classes that are appropriate to your company.

You create new asset classes by using the Fixed Asset Classes (FA201000) form, as described in To Create an Asset Class. Alternatively, you can copy an existing class to create a similar asset class, as described in To Create an Asset Class by Copying an Existing Class. Also, you can create templates for asset classes and use them to define new classes. For more details, see Copy-and-Paste Options and Record Templates.

Default Values Provided by an Asset Class

When you create an asset class, you specify the default settings for all the assets of the class.

The asset type and estimated useful life define the assets to be associated with the class, as described above.

You can associate multiple books with the class, each with its own depreciation settings. You have to add the posting book if you want to post to the general ledger the transactions generated for the assets of the class. You can use accelerated depreciation of all the books that use the Straight-Line depreciation method. Note that you will be able to associate the assets of the class with only the books that you select for the class. For more information, see Books and Book Calendars and Depreciation of Fixed Assets.

The general ledger accounts assigned to the class define most of the accounts that will be used to record the transactions for the assets of the class.