To Import Fixed Assets

Importing an asset means adding an asset with accumulated depreciation to MYOB Advanced. To add an asset with accumulated depreciation manually, you need to switch the fixed assets subledger to the initialization mode. Then, by using the Fixed Assets (FA303000) form, you add a new asset record, and specify asset’s parameters including the accumulated depreciation amount and the last depreciation period.

Note: You use the Fixed Assets Preferences (FA101000) form to switch the subledger to and from initialization mode.

To Import Fixed Assets

  1. Open the Fixed Assets Preferences (FA101000) form.
  2. In the Posting Settings section, clear the Update GL check box to turn on initialization mode for the fixed assets subledger.
  3. On the form toolbar, click Save.
  4. Open the Fixed Assets (FA303000) form.
  5. For each asset you want to add, do the following:
    1. Optional: In the Description box of the Summary area, type the description of the asset.
    2. In the Asset Class box of the General tab, select the class of the asset.

      This causes the system to fill in the settings associated with the asset class.

    3. Select the property type.
    4. On the form toolbar, click Remove Hold to make the asset active.
    5. In the Receipt Date box, enter the date of the purchase.
    6. Make sure the Depreciable check box is selected.
    7. In the Placed-in-Service Date box, enter the date when the asset has been placed in use. The system will calculate the depreciation of the asset starting from this date.
    8. In the Orig. Acquisition Cost box, enter the original cost of acquiring the asset.

      The original acquisition cost is used as the basis for depreciation of the asset.

      CAUTION: After you save the asset for the first time, you won't be able to change the depreciation basis, even if you change the original acquisition cost.
    9. Optional: In the Salvage Amount box, enter the expected book value at the end of the useful life of the asset.
    10. Optional: Enter the replacement cost of the asset.
    11. In the Branch box of the Tracking Info section, select the branch to which the asset belongs.
    12. Select the department of the asset.
    13. On the Balance tab, in the Last Depr. Period column, enter the period of the last depreciation.
    14. In the Accum. Depr. column, type the accumulated depreciation amount.
    15. On the form toolbar, click Save.

      In the Asset ID box, you can see the asset identifier generated by the system.

    16. On the Transactions tab, release the acquisition transactions. For more information, see To Release a Fixed Asset Transaction.
      Note: The transactions have the Unposted status even after release.
    17. On the More menu (under Processing), click Calculate Depreciation.

      On the Depreciation tab, you can see that no depreciation is shown before the amount that you entered in the Accum. Depr. column. The system depreciates the remaining cost until the end of the useful life of the asset.

  6. Open the Fixed Assets Preferences (FA101000) form.
  7. In the Posting Settings section, select the Update GL check box to turn off initialization mode for the fixed assets subledger.
  8. On the form toolbar, click Save.