Fixed Asset Types

The fixed assets can be of the following types:

  • Land, buildings, equipment, vehicles, furniture, fixtures (tangible assets—those that have physical substance)
  • Copyright, goodwill, computer software, patents (intangible assets—those that have no physical substance)

In MYOB Advanced, you need to specify an asset type for each fixed asset that you create in the system on the Fixed Assets (FA303000) form. Specifying an asset type allows you to 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 by using the Fixed Asset Classes (FA201000) form because a fixed asset class allows you to group fixed assets with a similar properties (which includes the asset type as well).

Predefined Asset Types

When you create a fixed asset on the Fixed Assets form or a fixed asset class on the Fixed Asset Classes form, you can select an asset type from the list of predefined asset types available in the Asset Type box.

The list of predefined asset types includes the following types: Building, Computers, Copyrights, Equipment, Furniture, Goodwill, Land, Machinery, Patents, Software, and Vehicle.

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.

Adding a New Asset Type

You use the Fixed Asset Types (FA201010) form to add a new asset type. You can add a new asset type, and edit or delete an existing asset type.

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

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 in the list of all asset types in the Asset Type box on the Fixed Assets form or the Fixed Asset Classes form.