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If you have allocated an asset to an inappropriate control group, you can correct the error by transferring the asset to a different control group. Or you may notice when editing the asset that the Control Group is greyed out, indicating that this field cannot be changed. You can however transfer the asset to another control group in the year the asset was created.

When transferring an asset to a different control group, no modification to data is made for any taxation dependent variables.

When transferring an asset to another control group, MYOB Assets Live:

  • debits the new control group account with the cost of the asset

  • credits the original control group account with the original cost of the asset

  • debits the original accumulated depreciation account with the accumulated depreciation and the year-to-date depreciation

  • credits the new accumulated depreciation account with the accumulated depreciation and the year-to-date depreciation

  • debits the new depreciation expense account with the year-to-date depreciation

  • credits the old depreciation expense account with the year-to-date depreciation

  • debits the original private use expense account with the year-to-date private use amount

  • credits the new private use expense account with the year-to-date private use amount.

The selected asset can only be transferred in the year it was created. You can only transfer an asset if more than one control group exists.

You must transfer an asset to a different control group from the original one.

An asset cannot be transferred to another control group if it has been sold in a future year.

To transfer an asset to another control group
  1. Open the Assets Listing page. See Opening an asset year.
  2. Select the asset that is to be transferred to another control group. The row containing the asset must highlighted.
  3. Click Move to another control group on the TASKS bar.
    Move to another control group circled on Task panel
    The Transfer Asset window opens displaying the asset code and asset name of the selected asset.
    The current control group that the asset has been assigned to is automatically listed in the Control group field.
  4. Select the New control group from the drop-down.
  5. Click OK. The asset is transferred to the selected control group. The Assets Listing page is updated with the new control group for the selected asset. The Transfer asset window closes.