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The Accounting tab will be active in the Maintain Control Group window if the type of depreciation calculation selected Asset Register window is:

  • Accounting only, or

  • Accounting and Taxation.

The Accounting tab fields in the Maintain Control Group window are:

Depreciation default fields

 

Field

Description

Depreciation method

Select the appropriate depreciation method for the control group from the drop-down. The available options are:

  • Diminishing value (default)

  • (AE Australia) Exempt from depreciation

  • Prime cost

  • (AE Australia) Straight line.

Motor vehicle

(Australia)

If the control group includes motor vehicles, select the Motor vehicle checkbox.

By default, the checkbox is not selected.

Cost limit

(Australia)

Enter the cost limit for the motor vehicle.

The default value is 0.00.

The Cost limit field is limited to 16 digits including 2 decimal places.

The Cost limit field is only available if the Motor vehicle checkbox is selected.

This is only used as a default when creating general assets.

Any assets in a small business or low value pool will have the relevant cost limit applied by MYOB Assets Live as defined by the ATO (this may vary from year to year).

 

Calculate depreciation using fields

The following are used as defaults when creating general assets.

 

Field

Description

Useful life

(Australia)

Enter useful life in years to calculate depreciation rate for depreciation method Straight line. Useful life is enabled only when straight line method is chosen.

Effective life

(Australia)

When the Effective life option is selected, the depreciation rate is calculated based on the entered years and months.

This option is selected by default.

Years

The Years field is only available if the Effective life option is selected and displays the number of years defined as the default for the control group.

This field is limited to a value between 0 and 999.

Months

The Months field is only available if the Effective life option is selected and displays the number of months defined as the default for the control group.

This field is limited to a value between 0 and 12 inclusive.

Depreciation rate

(Australia)

When this option is selected, the depreciation rate is calculated based on a defined rate that you enter in the Rate year 1 and/or Rate year 2+ fields.

(Australia) Rate year 1

(New Zealand) Rate Year

This is a percentage field which is limited to 6 digits including 2 decimal spaces.

The default value is 0.00. This field must contain a value between 0 and 100%.

(Australia) The Rate year 1 field is only available if the Depreciation rate option is selected.

(Australia) Rate year 2+

The Rate year 2+ field is only available if the Depreciation rate option is selected.

This is a percentage field which is limited to 6 digits including 2 decimal spaces.

The default value is 0.00. The Rate year 2+ field must contain a value between 0 and 100%.

 

Integrated account fields

The following are the general ledger accounts associated with each control group and are used when creating the journals. See Searching accounts.

 

Field

Description

Realisation

Select the realisation account where the sale proceeds (credits) were originally coded to, in the general ledger (i.e., when you were coding the bank statements).

When an asset is sold in the asset register, a journal will be created debiting the realisation account.

Once all the relevant assets have been sold in the asset register, and all the journals have been posted, the realisation account should be zero in the general ledger.

Profit on sale

Select the Profit on sale account where the profit amount from an asset sale will be posted.

Loss on sale

Select the Loss on sale account where the loss amount from an asset sale will be posted.

(Australia) Private use (P&L)

(New Zealand) Private use

This is where the private use proportion of depreciation will be posted to.

This applies to both general and immediately deductible assets.

Depreciation expense

Select the depreciation expense account where any expenses related to the depreciation of assets in the control group will be posted.

Accumulated depreciation

Select the accumulated depreciation account where the calculated accumulated depreciation of the assets in the control group will be posted.