MYOB Exo Fixed Assets

MYOB Exo Fixed Assets is an add-on module to the MYOB Exo Business system. It is an asset management system that is linked to Exo Business and can access the required information from the Exo Business database.

Fixed Assets provides for depreciation with automatic postings to the Exo Business General Ledger. It also posts journal entries to the General Ledger whenever assets are revalued or sold. You can also print asset and depreciation reports.

Features

The major features of the Fixed Assets module include:

• Maintains details on each asset. This includes name, description, period depreciation, depreciation rates, asset locations, asset custodian, purchase invoice number, supplier details, date for next maintenance and maintenance supplier.

• Creates General Ledger journals for asset transactions (depreciation, revaluation, sale/disposal). These journals are posted directly to the Exo Business General Ledger.

• Prompt for assets that have been purchased (recorded on the Exo Business General Ledger), but not yet added to Fixed Assets.

• Allows relocation of assets.

• Tracks book and tax values for seven years.

• Provides two separate and independent depreciation records: one for taxation, the other for accounting.

• Allows the user to prompt maintenance requirements for assets by selecting the next service date.

• Allows one asset to be assigned to another asset. The main asset is considered the parent.

• Allows the grouping of assets by types and the setting of default depreciation rates, depreciation codes and asset codes in the General Ledger.

• Provides reports related to Asset Groups, Depreciation, Revaluation and Maintenance.

Requirements

The General Ledger setup in Exo Business should contain the following:

• Account Groups for:

• • Fixed Assets

  • Depreciation Expense

• General Ledger accounts for each Asset Group for:

• • Asset Cost

  • Accumulated Depreciation

  • Capital Reserve

  • Depreciation Expense

  • Loss on Sale

  • Write Down