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Australia only

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Asset classes in MYOB Practice are nothing but control groups in AE/AO. They have exactly the same format that you're used to.

An asset class is a link between the asset register and the general ledger. Asset classes enable you to organise assets with common characteristics together. For example, cost limit, default depreciation rates and methods, and so on. Asset classes are also used when generating journal entries.

Learn all about adding an asset class

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Types of asset classes:

(Australia) Motor vehicles
Tangible fixed assets such as vans, trucks and cars used for the operation of a business.
Plant and equipment
Plant applies to assets in a workplace such as a factory or warehouse. Equipment applies to assets within a plant used to generate revenue.
Office furniture and equipment
Office furniture applies to assets used within an office environment by employees being productive, or business clients providing the business with income. Equipment applies to assets within an office environment such as photocopiers and computers used in the course of business operations.

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You must configure your asset classes before you can add assets.

Adding an asset class

Before adding an asset, make sure you've added an asset class.

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Click the Add asset drop-down in the top-right corner and select asset class.
Enter a name for the asset class.
At the Link to account drop-down select:
1. Don't enter an account code If you're entering personal assets for an individual tax return.
2. <Account code> if you're entering business assets. If the Taxation integration section displays, map the accounts to the chart of accounts.
Click + Show default depreciation to see other depreciation fields

Select the appropriate Depreciation method:

For the calculation type...	Select from the following
Taxation	Diminishing value Immediate write-off (Australia) Prime cost (Australia) Temporary full expensing (New Zealand) Straight line
Accounting	Diminishing value Exempt from depreciation Immediate write-off Prime cost Straight line

Select Calculate depreciation using preferences from the following options:

Field	Description of depreciation calculation
Effective life (Taxation)	Based on the years and months entered. If applicable, tick the ATO commissioner's effective life checkbox.
Useful life (Accounting)	Based on the useful life in years entered. Useful life is enabled if you've selected the straight line method.
Depreciation rate	Based on the rate that you enter in Rate year 1 and Rate year 2+.

In the Taxation - Integrated accounts section, select or enter account codes to post journals for each of the following:
- Realisation
- Profit on sale
- Loss on sale
- Private use (must be a profit and loss account)
- Depreciation expense
- Accumulated depreciation
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  You can leave account fields blank. However, a blank integrated account field may mean the journal doesn't post to the general ledger
Click Add class.

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