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.