Page tree


 

 

The Assets Listing page lists all of the assets for a client. By default, the information is sorted in ascending order based on the asset code. The information can be re-sorted and filtered according to individual requirements.

You can customise the information that is displayed within the Assets Listing page by adding and removing columns using the right-click menu Field Chooser option.

The various sections on the Assets Listing page are:

Main menu options

Option

Description

Maintenance

Register settings

This option enables you to edit the configured asset register settings.

See Editing asset register settings.

Maintain control group

This option enables you to create and edit the configured control groups.

See Editing a control group.

Association - Location

This option enables you to create, edit and delete the location of assets.

See Creating a new asset location, Editing an asset location and Deleting an asset location.

Reports

Low value pool schedule

(Australia)

Generate a Low value pool schedule report.

See Low value pool schedule.

Small business pool schedule

(Australia)

Generate a Small business pool schedule report.

See Small business pool schedule.

Tax schedule

Generate a Tax schedule report.

See Tax schedule.

Journal summary - Taxation

Generate a Journal summary - Taxation report.

See Journal summary - Taxation.

Accounting schedule

Generate a Accounting schedule report.

See Accounting schedule.

Journal summary - Accounting

Generate a Journal summary - Accounting report.

See Journal summary - Accounting .

Other options

Option

Description

Show cents

Select the Show cents checkbox to display cents for all asset values in the Assets Listing table.

Deselect the Show cents checkbox to hide the cents for all asset values in the Assets Listing table.

By default, cents are not displayed in the Assets Listing table.

 

Tasks bar options

Option

Description

Assets

Create new asset

Click this option to open the Create New Asset Wizard which guides you through Creating an asset.

Edit asset

Edit the selected asset’s details.

See Editing an asset.

Delete asset

Delete the selected asset.

See Deleting an asset.

Move to another control group

Click this option to transfer an asset from one control group to another.

See Moving an asset to another control group.

Disposals

Sell

Click this option to sell a selected asset.

See Selling an asset.

Unsell

Click this option to reverse the sale of an asset.

See Reversing the sale of an asset.

Pools (Australia only)

Low value pool

Click this option to obtain a summary of a selected low value pool and to map the low value pool to the relevant general ledger account code(s).

See Low value pool summary.

Small business pool

Click this option to obtain a summary of a selected small business pool and to map the small business pool to the relevant general ledger account code(s).

See Small business pool summary.

Transfer to low value pool

Click this option to transfer a single general asset to a low value pool.

See Transferring an asset to a pool.

Transfer to small business pool

Click this option to transfer a single general asset to a small business pool.

See Transferring an asset to a pool.

Journals

Submit journals

Click this option to add Assets journal details to Workpapers as an unposted journal.

See Submitting journals to Workpapers.

 

Right-click menu options

To access the right-click menu: Right- click anywhere on the Assets Listing page. The right-click menu displays the available options.

Option

Description

Function

Sell

Select this option to sell an asset.

See Selling an asset.

Unsell

Select this option to reverse the sale of an asset.

See Reversing the sale of an asset.

Move to another control group

Select this option to transfer an asset from one control group to another.

See Moving an asset to another control group.

Transfer to low value pool

(Australia)

Click this option to transfer a single general asset to a low value pool.

See Transferring an asset to a pool.

Transfer to small business pool

(Australia)

Click this option to transfer a single general asset to a small business pool.

See Transferring an asset to a pool.

Edit

Select this option to edit the asset’s details.

See Editing an asset.

Delete

Select this option to delete an asset.

See Deleting an asset.

Field Chooser

Select this option to display a menu of Field Chooser options.

See Field Chooser options.

Field Chooser options

To access the Field Chooser options:

  • Right-click anywhere on the Assets Listing page.

  • Select Field Chooser.

The Field Chooser options are displayed as listed in the table.

Option

Description

Accumulated depreciation

Accumulated depreciation is a calculated value, where:

If Asset Start Date >= Year Start Date

then,

Accumulated Depreciation = 0

If Asset Start Date < Year Start Date

then,

Accumulated Depreciation = Base Cost - Opening Written Down Value

Accumulated private use

Accumulated private use is the calculated sum of all prior years’ private use amount.

Acquisition date

The date the asset was acquired.

Adjusted base cost

The adjusted base cost defined for the selected asset. This field will only display a value if the asset Start date is prior to the asset register Year start date and the selected depreciation method is Prime cost.

Adjusted depreciation

The adjusted depreciation is calculated as the depreciation expense minus the private use amount.

Assessable

The calculated profit for a sold asset. This field is blank for active assets.

Asset code *

The asset code defined for the asset register for the selected year.

Asset name *

The asset name defined for the asset register for the selected year.

Asset type

The asset type can be:

  • general asset (GA)

  • (Australia) immediate deductible asset (IDA)

  • (Australia) small business pool (SBP)

  • (Australia) low value pool (LVP).

ATO commissioner’s effective life

(Australia)

The ATO commissioner’s effective life column displays whether the ATO commissioner’s effective life checkbox has been selected or not. A Yes or No is displayed.

Average private use %

(Australia)

This is the average private use of an asset held in a small business pool. For example, if the asset was added to a pool with 5% private use in year 1 and 15% private use in year 2, the average private use is 10%.

This value is used when determining the taxable termination value of an asset that is sold from a small business pool.

This is only displayed after the asset is sold.

Base cost

(Australia)

This is the cost after applying any Motor Vehicle cost limit.

Change in private use

(Australia)

The change in private use is an adjustment to the small business pool total to take into account changes in the private use % between the years. This is calculated by MYOB Assets Live using a formula as prescribed by the ATO. See the Private use adjustment section in Editing the taxation details for a small business pool asset.

Closing w.d.v

The Closing Written Down Value is the value of the asset at year end after depreciation, and other adjustments such as change in private use, sale proceeds, loss or profit on sale etc., have been accounted for.

Contribution type

(Australia)

The contribution type is only relevant for pools. It represents the different categories of transactions that have contributed changes in the pool. These are set automatically by MYOB Assets Live and are used in reporting.

If you work with pools a lot, you should consider sub-grouping the Assets Listing page by the contribution type. See Sorting, filtering and grouping your assets.

The following contribution types are available:

  • Opening balance — assets that existed in the pool last year. These are depreciated at the Year 2+ rate.

  • Partly depreciated — assets that have been previously depreciated, e.g., general assets moved into a pool or assets that you have loaded from another accountant’s schedule. These are depreciated at the Year 2+ rate.

  • Purchases pooled — assets added to the register this year. These are depreciated at the Year 1 rate and are adjusted for private use percentage.

  • Disposals – pooled assets that have been sold this year.

Control group *

The control group that the specific asset has been assigned to.

Cost *

The purchase cost of the asset.

Cost limit

The cost limit of the selected asset.

Deductible

The calculated loss for a sold asset. This field is blank for active assets.

Depreciation end date

The Depreciation end date is the end date used when calculating depreciation for this asset for the year, e.g., for general assets this is normally the sale date.

Depreciation expense *

Depreciation for this asset for the year, based on the depreciation rate and method (before taking into account any private use).

Depreciation rate *

Depreciation rate that has been applied to this asset when calculating the depreciation for this year.

If Depreciation type = Immediate deductible asset, then the Depreciation rate = 100%.

Depreciation rate year 1

The Depreciation rate year 1 defined for the selected asset.

If the Depreciation rate option is not selected, then this field is blank.

Depreciation rate year 2+

The Depreciation rate year 2 and successive years defined for the selected asset.

If the Depreciation rate option is not selected, then this field is blank.

Depreciation start date

The Depreciation start date is the start date used when calculating depreciation for this asset for the year, e.g., for general assets this is normally the purchase date.

Diminishing value depreciation

The depreciation for assets that are depreciated on the Diminishing Value method (once any private use is taken into account).

Disposal date

This is the date on which an asset is sold or disposed.

Effective life months

(Australia)

The effective life in months defined for the selected asset.

If the Effective life checkbox has not been selected, then this field is blank.

Effective life years

(Australia)

The effective life in years defined for the selected asset.

If the Effective life checkbox has not been selected then this field is blank.

Is motor vehicle

(Australia)

A Yes is displayed in this column if the asset is a motor vehicle.

A No is displayed in this column if the asset is not a motor vehicle.

Location

This column displays the location of the asset.

Method *

The depreciation method used when calculating depreciation for this asset:

  • (Australia) PC - Prime cost

  • (New Zealand) SL - Straight line

  • DV - Diminishing value

  • W - Immediate deductible asset (write off).

Motor vehicle write off

(Australia)

This is the additional depreciation that is applied to motor vehicles in a small business pool.

For example, up to 31 December 2013, the first $5,000 of a motor vehicle is written off in the year of purchase. Any balance over $5,000 is then also depreciated at the first year rate (15%). If the motor vehicle cost is under $5,000 then the depreciation will be the cost (or the cost value after reducing it for any private use).

If the motor vehicle was acquired on or after 1 January 2014, then the immediate write off of $5,000 no longer applies due to the Mineral Resource Rent Tax Repeal and Other Measures Bill 2014 (MRRT).

The allowable write off threshold may change from year to year as prescribed by the ATO. MYOB Assets Live will automatically apply the correct write off amount in each year.

Number of days

(Australia)

The number of days that have been applied when calculating the depreciation for the asset. For example, for general assets this will take into account the purchase and sale date(s).

Number of months

(New Zealand)

The number of months that have been applied when calculating the depreciation for the asset. For example, for general assets this will take into account the purchase and sale date(s).

This is shown only in the Accounting Grid.

Opening w.d.v. *

The Opening Written Down Value for the specific asset.

This is effectively last year’s Closing w.d.v.

Prime cost depreciation

The depreciation for assets that are depreciated on the Prime Cost method (once any private use depreciation is taken into account).

Private use amount

The private user proportion of depreciation for the year.

For example, if the Depreciation expense for the year is $1,000, and the Private use % is 10%, then the Private use amount will be $100.

(Australia) This only applies to general assets and Immediately deductible assets, not assets in a small business or low value pool.

Start date *

The date the asset will start to be depreciated from.

This is the date when you first use it, or install it ready for use, for any purpose, including a private purpose.

This is usually the purchase date, but may be later. For example, if it has to be shipped or installed prior to first use.

Taxable termination value

(Australia)

The Taxable termination value applies to assets in a small business pool:

  • It is the Termination value (i.e., sale or insurance proceeds) reduced by the average private use.
    For example, if you have an asset in a small business pool and sell it for $20,000, and it has had an average private use % of 10%, the Taxable termination value will be $18,000.

  • If the asset had a cost limit applied at the time of purchase, the Taxable termination value is further adjusted to take that into account.

The small business pool total will be reduced by the Taxable termination value.

This will often mean that the closing w.d.v. of the individual asset that has been sold from the pool, will not be zero.

Having a sold asset with a closing w.d.v not equal to zero may seem strange, however this is just an anomaly of the way that small business pools work.

The closing w.d.v’s of the individual sold assets are aggregated in later years into a Consolidated Sold Asset and continue to be depreciated into the future years.

This way the pool as a total, continues to be depreciated correctly.

The Taxable termination value is also used (together with the Taxable value) when determining if the pool total is under the pool write off threshold.

Taxable value

(Australia)

The Taxable value only applies to assets in a small business pool:

  • This is the taxable value of the asset in a small business pool and is that value that the depreciation is calculated on.

  • This is also known as the Pool Contribution as it is the amount added to the small business pool when the asset is added to the register (after taking into account any motor vehicle cost limit and any private use).

  • This is reduced each year as depreciation is applied.

Example

If a motor vehicle with 60% private use and a cost of $90,000 is purchased in 2013 and is added to the SB Pool:

  • The Motor Vehicle cost limit of $57,466 is applied.

  • The 60% Private use is deducted from this.

  • Resulting in a Taxable value (Pool contribution) of


$22,986.40 (being $57,466 x 40%)

Because this is a motor vehicle purchased in 2013, an immediate write off of $5,000 applies. The depreciation is calculated as:

  • First $5,000

  • Plus 15% on the balance:


15% x ($22,986.40 – $5,000) = $2,698
  • The total depreciation for this asset is:


$5,000 + $2,698 = $7,698

There are special rules when Taxable value is calculated for previously depreciated assets (i.e., assets added to the register this year, but that had a start date in a previous year):
The Taxable value is instead based on the opening w.d.v as entered by the user.
The cost limit is not applied, as that is only applied in the year of purchase, and should already have been taken into account in the opening w.d.v..
The Private use % may or may not be applied, depending on if the Asset came from an existing pool checkbox has been selected.
A change in private use adjustment may or may not be applied, depending on if the Asset came from an existing pool checkbox has been selected and if the Change in private use window has been updated.

The Taxable value is also used (together with any Taxable termination value(s) when determining if the pool total is under the pool write off threshold.

Termination value

The termination value is the amount received for the asset when it was sold or disposed.

Total depreciation

(Australia)

Total depreciation is the depreciation expense plus any motor vehicle write off applied to an asset in a small business pool.

Units

The units defined for the selected asset.

Value for depreciation *

This is the value that depreciation is calculated on (i.e. the Depreciation expense will be the value for depreciation multiplied by the relevant rate).

In Australia, the Value for depreciation applies to general assets not small business pool assets (see Taxable value above for assets in a small business pool).

For the Diminishing Value depreciation method:

If the asset is a previously depreciated asset (i.e., the start date is prior to the year start date), then

Value for depreciation = Opening Written Down Value

If the asset was purchased in this year, then

Value for depreciation = Base cost

For the Prime Cost depreciation method (Australia) / Straight Line depreciation method (New Zealand):

If the asset is a previously depreciated asset (i.e., the start date is prior to the year start date) and if the Adjusted Base Cost is greater than zero, then

Value for depreciation = Adj. Base Cost

Otherwise

Value for depreciation = Base cost

However, if the base cost is less than zero, then the Value for depreciation will be reset to zero.

For Immediate Deductible Asset depreciation method:

If the asset is a previously depreciated asset (i.e., the start date is prior to the year start date), then

Value for depreciation = 0

If the asset was purchased in this year, then

Value for depreciation = Cost

* Default columns that are displayed on the Assets Listing page.