MYOB EXO Fixed Assets User Guide
Contents
1. 3 ASSOUS 6 initial data 25 Straight Line depreciation 18 U uploading data terere erroris 25 Y year end 10 technical 26 272. Field Description New Value The value of the item based on revaluation Revaluation The date the revaluation is carried out Date Initials The initials of the staff member handling the revaluation This can be useful if any clarifications are required at a later stage GL Period The General Ledger period that revaluation transactions should be posted to Comment Any relevant information such as the source providing the revaluation figures 4 Click the Calculate button The fields in the Posting Summary panel are automatically completed 5 Click the Post button The results are added to the General Ledger as journal entries Note Following a revaluation it is normal to re assess the remaining useful life of an asset This may require a change to be made by the user to the Depreciation Rate e g if there are only two more years of useful life then the Straight Line Depreciation Rate should be changed to 50 Subsequent Depreciation will then be calculated on the New Asset Value times the New Rate for the number of days from the last revaluation date up until the new depreciation date 11 MYOB EXO Business Fixed Assets Selling or Disposing of an Asset When a fixed asset is at the end of its useful economic life you may decide to dispose of it either by selling it trading it in on a new model or throwing it away To sell or dispose of an asset 1 Double click on the asset on the main Search screen to show the Details
3. This holds the commission date if the asset has not yet gone through a year end roll otherwise it holds the date of the last year end rollover e All field values are held in the ASSET REG table e Theterm Net Book Value NBV is defined as the Asset s Cost Acquisition Value less Accumulated Depreciation e The example is only dealing with Book Accounting Depreciation e Inthis example we depreciate every quarter and year end is 30th June The following table shows how the relevant fields are modified after each depreciation run and year end roll To understand how the system calculates these values refer to the Depreciation Algorithms see page 18 topic which includes an example showing how the Depreciate to 31 03 2011 line highlighted is calculated DEPVALUE DEP_DATE YR1_BOOKVAL YR2_BOOKVAL CURRENT_YR Depreciation _DEP_START charged to _BOOK GL After the asset 1000 00 01 01 2010 addition Depreciate to 950 68 31 03 2010 01 01 2010 49 32 31 03 2010 Depreciate to 900 82 30 06 2010 01 01 2010 49 86 30 06 2010 Year End Rollover 900 82 30 06 2010 900 82 30 06 2010 30 06 2010 Depreciate to 850 41 30 09 2010 900 82 30 06 2010 50 41 30 09 2010 Depreciate to 800 00 30 12 2010 900 82 30 06 2010 50 41 30 12 2010 Depreciate to 750 68 31 03 2011 900 82 30 06 2010 49 32 31 03 2011 Depreciate to 700 82 30 06 2011 900 82 30 06 2010 49 86 30 06 2011 17 MYOB EXO Business Fixed Assets Year End Rollover 700 82 30 06 201
4. Transactions Calculating Year End Rollover esses eene enne Revaluing an Asset cccccceseesesseceeeeecesesseaeceeeeseesseseeaeeeeeeseeseas Selling or Disposing of an Asset Reports Fixed Assets Reports Technical Information Depreciation Worked Example Depreciation Algorithms cesses Asset Sale Worked Examples Initial Data Upload of Depreciated Assets Year End Rollover Technical Process Index 14 14 16 16 18 20 25 26 27 MYOB EXO Fixed Assets MYOB EXO Fixed Assets is an add on module to the MYOB EXO Business system It is an asset management system that is linked to EXO Business and can access the required information from the EXO Business database Fixed Assets provides for depreciation with automatic postings to the EXO Business General Ledger It also posts journal entries to the General Ledger whenever assets are revalued or sold You can also print asset and depreciation reports Features The major features of the Fixed Assets module include Maintains details on each asset This includes name description period depreciation depreciation rates asset locations asset custodian purchase invoice number supplier details date for next maintenance and maintenance supplier Creates General Ledger journals for asset transactions depreciation revaluation sale disposal These journals are po
5. Value of the asset equal to Opening Val Current Year The date when depreciation was last calculated on the asset Asset Transactions Calculating Depreciation The main object of depreciation is to spread the original cost of the asset over its expected life Depreciation is calculated based on the cost price and debited to expenditure for the applicable accounting period It is a non cash transaction To calculate asset depreciation 1 Select Calculate Depreciation from the Utilities menu 2 The Depreciation tab is displayed Set the Depreciation Date by selecting the date from the attached calendar 3 Click the Calculate button 4 The Depreciation schedule is displayed 19 414 52 1001 AUCKLAND OFFICE 2 379 52 1002 DELIVERY VAN 21 t 13 274 88 1003 SERVER AUCKLAND 551 3 535 54 1004 OFFICE PC WELLINGTON 3 111 3 097 47 1005 OFFICE CHRISTCHURCH 3 3 218 72 236 50 Only those assets that whose Last Depreciation Date is less than the Depreciation Date specified appear Specify the Accounting Period that you want depreciation expense posted into in the General Ledger You can also enter your initials as a reference for this depreciation run 5 Click the Post button to post to the depreciation entry to the General Ledger and perform the updates in the asset database Asset depreciation is calculated automatically based on the depreciation rates and values that you spe
6. purchased in the current financial year Otherwise it should hold the date of the last financial year end DEPTAXVALUE The current NBV for book accounting purposes Note Net Book Value NBV Cost less Accumulated Depreciation On the first depreciation run after the assets have been loaded EXO Business will recalculate the current NBV DEPVALUE If the loaded NBV does not make sense in terms of the all the other field values that are used in the depreciation calculation then the results could be unexpected For instance if the loaded NBV DEPVALUE is understated EXO Business will generate a negative depreciation value in order to correct the current NBV DEPVALUE Year End Rollover Technical Process The Fixed Assets Year End Rollover see page 10 should be performed at the end of the financial year This process is associated with the Depreciation run You would have depreciated your assets up to the year end date and posted this to the General Ledger The Year End Rollover is then run using the same year end date The system will not allow you to proceed if the Last Depreciation Date on each asset is not the same as the Year End Date This process does not post anything to the GL but performs the following updates to the database e YR6 BOOKVAL is moved to YR7_BOOKVAL e YR5 BOOKVAL is moved to 6 BOOKVAL e YRA BOOKVAL is moved to YR5 BOOKVAL e YR3 BOOKVAL is moved to BOOKVAL e YR2 BOOKVAL is moved to YR3
7. 1 700 82 900 82 30 06 2011 30 06 2011 Depreciate to 650 41 30 09 2011 700 82 900 82 30 06 2011 50 41 30 09 2011 Depreciation charged to GL values are charged to the General Ledger as follows DR Depreciation Expense P amp L CR Accumulated Depreciation BS Depreciation Algorithms Fixed Assets calculates depreciation using two different methods Straight Line Diminishing Value The properties on the Details tab see page 7 under Depreciation Rate specify which method is used for each asset Straight Line Method The following steps show the logic the system works through to calculate depreciation and reset relevant field values on ASSET_REG This assumes the Straight Line method is being used for book accounting depreciation Similar fields are available for tax depreciation A Determine the date to depreciate from This is the earliest of either the start of the current financial year CURRENT_YR_DEP_START_BOOK or commission date COM_DATE B Calculate the number of days between the date to depreciate from A and the date to depreciate to The date to depreciate to is the date specified on the Depreciation tab C Determine the opening Net Book Value NBV This can be the NBV at the start of the current financial year YR1_BOOKVAL However if this is not set i e the asset has not yet gone thought a year end roll over use the asset s cost START VALUE D Calculate the Year to Date depreciation charge Dep
8. 14 E Calculate the new NBV new DEPVALUE 900 82 Opening NBV 150 14 The Year to Date Depreciation charge 750 68 F Calculate the current period depreciation charge 750 68 New NBV 800 00 current NBV DEPVALUE G 49 32 Updates e depreciation charge 49 32 is charged to the General Ledger Depreciation expense account e system overwrites the DEPVALUE field with the new Net Book Value 750 68 e system overwrites the Last Depreciated Date DEP DATE with the date specified on the Depreciation tab 31 03 2009 Diminishing Value Method Diminishing Value is usually used for tax depreciation so some of the fields that are being used updated are different from the Straight Line Method However if Diminishing Value was used for book accounting depreciation the fields would be the same Apart from that the only difference between Straight Line and Diminishing Value is with step D The year to date depreciation charge is based on the Asset Cost START VALUE if a year end has not been performed Otherwise if a year end roll has been performed it will be based on the Net Book Value at the start of the current financial year 1 TAXVAL Using the Diminishing Value method step D therefore becomes D Calculate the Year to Date depreciation charge Depn Days B 365 x Depn Rate DEPRATETAX x Asset Cost START VALUE or NBV at start of year YR1_TAXVAL 19 MYOB EXO Business Fixed Asse
9. 7 54 Value current NBV Last Dep Date 01 02 2010 31 03 2010 31 03 2010 31 03 2011 31 03 2011 31 05 2011 NBV as at this date GL ACCOUNTING Depreciation 266 71 1 650 00 275 75 Expense Depreciation Recovered Accumulated 266 71 1 650 00 275 75 Depreciation Asset Cost 5 000 00 Capital Gains Debtors or Bank Depreciation 5000 5000 5000 Calculation x 33 x 33 x 33 33 Straight x59 x 365 days 365 x 61 days 365 Line days 365 23 MYOB EXO Business Fixed Assets The asset is sold on 30 06 2011 for 6000 00 Sale 30 06 2011 ASSET VALUES Opening value 3 083 29 NBV at start of year Current Year Depreciation 411 37 Depreciation Value 2 671 92 current NBV Last Dep Date 30 06 2011 NBV as at this date GL ACCOUNTING Sale Journal A Sale Journal B Sale Journal C Sale Journal D Account Totals Depreciation Expense 135 62 2 328 08 Depreciation Recovered 2 328 00 2 328 00 Accumulated Depreciation 135 62 1 000 00 3 328 00 0 00 Asset Cost 1 000 00 6 000 00 0 00 Capital Gains 1 000 00 1 000 00 Debtors or Bank 6 000 00 6 000 00 Depreciation Calculation 5000 33 Straight Line x 33 x 30 days 365 Sales Journals A Additional Depreciation from 31 05 09 to 30 06 09 the sale date Offset Cost and Accumulated Depreciation with Cost less Proceeds 1 000 5000 6000 The expectation is that the Sale proceeds will be accounted for separately see Journal D Take whatever the syst
10. AUCKLAND Custodian 1 BRIDGET FAIRWEATHER Supper 0 MISC PURCHASES Serviced by NOT APPLICABLE GL Account 05150 09 COMPUTER EQUIPMENT Depreciation A C 03300 00 DEPRECIATION Accum Depreciation 06200 00 ACCUMULATED DEPRECIATION MYOB EXO Fixed Assets Demo Mode Next Service Date Purchase Date Commsson Date Purchase Value Status Actve Depreciation Rates Book 20 Tax 33 Depredated Values Opening Value Current Year Depredated Value Last Depreaabon Date gt 23 01 01 2010 01 01 2010 Straight Om Value Straght Om Value Book Tax 700 82 506 36 50 41 83 18 650 41 423 18 30 09 2011 Property Field Commission Date COM_DATE Purchase Value START_VALUE Opening Val Book AYR1 BOOKVAL START_VALUE if you haven t done Year End Rollover Contents 01 01 2010 1 000 00 700 82 Notes Date that EXO Business will start to depreciate from Acquisition value Basis of straight line depreciation Opening Net Book Value NBV for current year 16 Technical Information Current Year Book Opening Val Dep Value Not 50 41 Current year s movement from a field mainly depreciation Dep Value Book DEPVALUE 650 41 Current Net Book Value Last Dep Date DEP_DATE 30 09 2011 Date that the asset is depreciated to i e Current NBV is current to this date Notes e Also needed but not seen on this screen is CURRENT_YR_DEP_START_BOOK
11. BOOKVAL e DEPVALUE is moved to YR1 BOOKVAL e CURRENT YR DEP START BOOK is set to the year end date same as DEP DATE e YR6 TAXVAL is moved to YR7 TAXVAL e YR5 TAXVAL is moved to YR6_TAXVAL e YRA TAXVAL is moved to YR5 TAXVAL e YR3 TAXVAL is moved to YR4_TAXVAL e YR2 TAXVAL is moved to YR3 TAXVAL e DEPTAXVALUE is moved to 1 TAXVAL e CURRENT YR DEP START TAX is set to the year end date same as DEP DATE 26 Index A Asset Defaults otros e enean 3 Asset GrOUDS eoo ee een ern o onn toan n nna oai oaa avo 2 Asset Locationis e o Ire 3 assets M 6 CC 7 CISPOSING Of tome reir 12 revaluing i ere 10 4 HJ 12 D 9 18 Diminishing Value eeeeeeereeenenne 19 example 16 Straight Line 18 Diminishing Value depreciation 19 F Fixed Assets iae ooo 1 G General Ledger 1 5 R 14 S A 12 EXAMPLE eren EE 20 setup Asset Defaults inet oes 3 ASSGEU GrOUDS C 2 Asset Locations
12. ISSAN MAXIMA EHICLE 155 MAXIMA 19 500 00 UE 1325 1001 AUCKLAND OFFICEPC COMPUTER EQUIPMENT 2 390 00 2 390 00 A221324642132135UE 1002 DELIVERY VAN 1 VEHICLES VAN 13 333 33 13 333 33 UE 1987 1003 SERVER AUCKLAND COMPUTER EQUIPMENT AKL SERVER 55111 3 554 11 1004 OFFICE WELLINGTON COMPUTER EQUIPMENTAMNGPC 3 111 11 3 111 11 132132133213411 2 1005 OFFICE PC CRISTO COMPUTER EQUIPMENT OHOHPC 335 83 3 333 33 AZSAGSADAGSADASQUE 5 1006 HONDA ACCORD BONOA ACCORD SALES 8 730 00 8 720 00 Click the Search button to list all assets Alternatively you can filter the list of assets by entering part of an Asset Name of Asset Number and or selecting an Asset Group before clicking Search By default the search only returns active assets If you want to see assets that have been sold select the Include Sold Assets option before searching By default the program searches on Asset name and Description Selecting the Extensive Search option means the program will search on Serial No as well Double clicking on an asset in the list displays the asset s details see page 7 Asset Masters General Ledger Assets The General Ledger Assets window prompts you to add newly acquired assets that are on the General Ledger but not yet in Fixed Assets General Ledger Assets a G ex Cancel ot These items are recorded in your general ledger using the codes assigned to fi
13. MYOB EXO FIXED ASSETS User Guide 2015 3 Important Notices This material is copyright It is intended only for MYOB Enterprise Solutions Business Partners and their customers No part of it may be reproduced in any way without the prior permission of MYOB MYOB has carefully prepared this material but excludes to the extent allowed by legislation any direct or indirect liability arising from errors or omissions or from its use Any case studies including the application of particular accounting standards or legislation are representative examples only and will not directly apply to the user s own circumstances They are not a substitute for professional advice Users must check that third party materials for example from the IRD and the ATO are current at the time they are used Trademark Rights MYOB is an internationally registered trademark of MYOB Technology Pty Ltd The use of this trademark and MYOB s other trademarks is prohibited without prior consent Other products mentioned may be service marks trademarks or registered trademarks of their respective owners Table of Contents MYOB EXO Fixed Assets FOAtUIGS Requiremients eh ees Setting up Fixed Assets ASset GOUD S a ee OUR c ew ave TUER Asset LOCatiOns STEPS SER e ER UNe Rn Asset Defaults Asset Masters Locating ari Adding an cnr e e ER er a Asset
14. Note Adding an asset to Fixed Assets does not produce General Ledger accounting entries The update to the General Ledger Asset Cost accounts is done independently It is important to reconcile the GL Asset Cost accounts and accumulated depreciation to relevant totals from Fixed Assets Asset Masters Asset Details The following details must be completed for all assets These details can be edited after the asset is created Field Description Asset Number A unique identifier for the asset This number is generated by the system and cannot be changed Asset Code A code to help you identify the asset If you already have an existing system you can transfer the number to this system Name The name assigned to the asset Description Description of the asset as listed in the General Ledger and the invoice Has parent Select this option if the asset is a part of a larger asset Is parent Select this option if the asset is the main asset and has other subsidiary assets Purch this year Select this option if the asset was purchased this year Parent Asset If the Has parent option is selected specify the asset s parent asset Asset Group Select the Asset Group that the asset belongs to This determines default values for General Ledger accounts and depreciation rates methods Serial No The serial number of the asset if applicable Invoice No The Creditor Invoice number Branch No The branch that the asset is located in L
15. ation etc Note The EXO Business Config application requires a separate license to run Asset Groups are not available in the EXO Business Configuration Assistant which does not require a license To set up an Asset Group 1 Open the EXO Business Config application and select the Admin tab 2 Select Asset Groups under EXO Fixed Assets 3 Click the New button 4 The Details tab is displayed Complete all fields on this tab Field Description Group Name The name for this group of assets This name is user defined Book Depreciation Rate The book accounting rate that is applicable This is your default rate when setting up new assets Tax Depreciation Rate The tax rate that is applicable This is your default rate when setting up new assets Straight line Select this option if the Straight Line depreciation method is to be used Diminishing value Select this option if the Diminishing Value method is to be used Default Accounts GL Account The balance sheet account where asset cost is held Depreciation Account The Profit amp Loss account that you want the depreciation posted to Depreciation Recovered The Profit amp Loss account that you want the depreciation Account recovered posted to Accumulated The balance sheet account where accumulated depreciation is Depreciation held Capital Reserve Account The balance sheet account that holds revaluation credits Loss on Sale Account The Profit amp Loss acco
16. cify while adding the asset to the register MYOB EXO Business Fixed Assets Year End Rollover The Fixed Assets year end rollover should be performed at the end of the financial year This process is associated with the depreciation run You would have depreciated your assets up to the year end date and posted this to the General Ledger The year end rollover is then run using the same year end date This process does not post anything to the GL but performs updates to the database To perform a year end rollover 1 2 3 4 5 Select Year End Rollover from the Utilities menu The Year End screen is displayed Select the Rollover Date This should be the end of the current financial year and should be the same as the Last Depreciation Date The system will warn you if this is not the case Click the Calculate button Click the Post button Revaluing an Asset An asset may need to be revalued to meet current market values To revalue an asset 1 2 10 Highlight the asset on the Search tab then select the Revalue Asset option from the Utilities menu The Revalue asset tab is displayed 184 MYOB EXO Fined Assets Demo Mode 5 Revalue asset DELIVERY VAN 1 Asset No 1002 Current Value 13333 33 New Value Revaluabon Date GL Pernod 1 August 2011 Comments Posting Summary Write Down Capital Reserve Depreaaton Recovered tz co Asset Transactions 3 Enter values for each field
17. earance can be completely customised Note See the Clarity Help for full details on the use of the Clarity Report Designer 14 Reports To run a report 1 Select the report from the Reports menu 2 Some reports allow you to filter the results by entering various selection parameters For these reports a window opens so you can enter the parameters Purchase date from 07 09 2011 v Purchase date to 07 09 2011 Gv v rom eet a 3 Click the Print button to generate the report and send it to the default printer Click the Preview button to display the report onscreen before printing it 15 Technical Information Depreciation Worked Example The following example illustrates how the relevant field values are used in the depreciation calculation and how they are updated as the asset is depreciated An asset is added to Asset Register with a Purchase Value of 1000 and Commission Date of 01 01 2010 The following fields are set and do not change through the life of the asset Acquisition value START VALUE 1000 Commission date COM DATE 01 01 2010 Most of the key fields used in the depreciation calculation can be seen on the Asset Details screen The following screenshot is of our sample asset taken at the end of all depreciation processing CD RE WRITER CO RE WRITER parent V Purch this year m 101 COMPUTER EQUIPMENT X 0 AUCKLAND 100
18. em considers to be Accumulated Depreciation Cost NBV 5 000 2 671 then subtract the amount that has already been debited to Accumulated Depreciation 1000 3 328 08 5 000 00 2 671 92 1 000 This amount is debited to Accumulated Depreciation in order to clear out its balance for this asset An amount equivalent to the total depreciation written off over time 2 328 08 is credited to depreciation recovered The remaining amount 1000 is equivalent to the sale proceeds 6000 less the original cost 5000 is credited to Capital Gains D Journal to handle proceeds not automatic from Fixed Assets 24 Technical Information Initial Data Upload of Depreciated Assets This topic contains advice on the initial data upload of assets that are already partially depreciated This would normally be a one off process to transfer legacy data to MYOB EXO Business Loaded data should be sufficiently tested to ensure you get the correct results Note The topic Adding an Asset see page 5 contains field information on non financial data e g Name Description Asset Group If you are unsure how to populate this data you should add an asset manually and then look at the field values in the database In this way you can find out how the data is held on the database Data can then be loaded using a similar format The key fields for loading a depreciated asset are detailed in the table below The right hand column gives a
19. ist Asset Defaults In the day to day operation of Fixed Assets every time it s started up it will present a screen showing a list of newly acquired assets that are on the General Ledger but not yet in Fixed Assets To support this feature it is necessary to tell Fixed Assets which General Ledger accounts it should be looking at This is done by setting up Asset Defaults using the EXO Business Config application Note The EXO Business Config application requires a separate license to run Asset Defaults are not available in the EXO Business Configuration Assistant which does not require a license To set up Asset Defaults 1 Open the EXO Business Config application and select the Admin tab 2 Select Asset Defaults under EXO Fixed Assets 3 Select accounts for the following fields o Fixed Asset specify the account that is defined the EXO Business system as the Fixed Assets General Ledger Account Group o Primary Depreciation specify the account for depreciation The selection that you make is based on your company s Profit and Loss GL code 4 Click Save Asset Masters Locating an Asset When Fixed Assets starts up it opens two windows e The main Fixed Assets window e The General Ledger Assets window Fixed Assets The main Fixed Assets window displays a Search tab used to locate an existing asset for enquiry or maintenance sold F extensive Search Book val _GST Val Serial 1000 N
20. n Days B 365 x Depn Rate DEPRATEACC x Asset Cost START VALUE E Calculate the new NBV new DEPVALUE Opening NBV C The Year to Date Depreciation charge D F Calculate the current period depreciation charge New NBV new DEPVALUE refer to E current NBV DEPVALUE Updates 18 The depreciation charge F is charged to the General Ledger Depreciation expense account The system overwrites the DEPVALUE field with the new Net Book Value E The system overwrites the Last Depreciated Date DEP DATE with the date specified on the Depreciation tab Technical Information Example This example uses the asset from the Depreciation Worked Example see page 16 and shows how that asset s 31 03 2009 depreciation run is calculated On the Calculate Depreciation screen we specify 31 03 2009 as the Depreciation Date A Determine the date to depreciate from This is the earliest of either the start of the current financial year CURRENT_YR_DEP_START_BOOK or commission date COM_DATE 30 06 2008 B Calculate the number of days between the date to depreciate from A and the date to depreciate to The date to depreciate to is the date specified on the Depreciation tab 274 Days between 31 03 2009 and 30 06 2008 C Determine the opening Net Book Value NBV YR1_BOOKVAL 900 82 D Calculate the Year to Date depreciation charge 274 Depn Days 365 x 20 Depn Rate DEPRATEACC x 1000 Asset Cost START_VALUE 150
21. n example of an asset purchased on 1 1 2008 for 1000 It has been depreciated to 30 09 2009 at 2096 straight line The company has a 30 June year end ASSET REG Field Comment Example START_DATE Date asset was acquired does not affect 01 01 2008 depreciation calculation COM_DATE Date that you started to depreciate the asset 01 01 2008 Normally this would be the acquisition date START_VALUE Acquisition cost 1000 DEPRATEACC The book accounting depreciation rate 20 20 represents 20 DEPTYPE Type of depreciation 0 Straight Line 1 0 Diminishing Value YR1_BOOKVAL Null if asset was purchased in the current 700 82 financial year Otherwise it should hold the Net Book Value as at the end of the last financial year CURRENT YR DEP START BOOK The COM DATE if the asset was purchased inthe 30 06 2009 current financial year Otherwise it should hold the date of the last financial year end DEPVALUE The current Net Book Value for book accounting 650 41 purposes DEP DATE The date of the current book accounting Net Book 30 09 2009 Value i e The date the asset has been depreciated to TAXDEPTYPE Type of depreciation 0 Straight Line 1 0 Diminishing Value to be used for tax YR1 TAXVAL Null if asset was purchased in the current financial year Otherwise it should hold the NBV as at the end of the last financial year 25 MYOB EXO Business Fixed Assets CURRENT_YR_DEP_START_TAX The COM_DATE if the asset was
22. ocation The Asset Location that the asset belongs in Custodian The name of the staff member responsible for the asset Supplier The name of the supplier who sold the asset to you Serviced by The name of the person who will service the asset if applicable GL Account The Balance Sheet Asset Cost account number Depreciation A C The Profit amp Loss Depreciation expense account Accum The Balance Sheet Accumulated Depreciation account Depreciation A C Next Service Date The date you want the service to take place if applicable Purchase Date The date the asset was purchased MYOB EXO Business Fixed Assets Commission Date Purchase Value Status Depreciation Rates Book Tax Straight Dim Value The date you want to start depreciating the asset The price paid for the asset excluding GST Select whether the asset is Active i e with you and being depreciated has been Sold or has been Disposed of The book accounting depreciation rate The tax depreciation rate Select this option if the Straight Line depreciation method see page 18 is to be used for this asset Select this option if the Diminishing Value depreciation method see page 19 to be used for this asset Depreciated Values all read only Opening Value Current Year Depreciated Value Last Depreciation Date The opening Net Book Value for the current year The amount that the asset has depreciated by this year The current Net Book
23. option if you want book accounting depreciation in year of sale the year of sale Depreciate tax value in Select this option if you want tax depreciation in the year of year of sale sale 3 Click Save 13 Reports Fixed Assets Reports The Fixed Assets module includes the following reports Report Description Asset Purchases Lists assets showing their purchase date and purchase value Asset Sales Lists all sold assets see page 11 showing their sale date and sale price Book Values Displays the Book Values of all assets Tax Values Displays the Tax Values of all assets All Groups Lists all assets sorted by asset group Revaluations Displays details of all revaluations see page 10 performed on assets Book Displays Book Depreciation values for all assets sorted by Asset Group Depreciation Tax Depreciation Displays Tax Depreciation values for all assets sorted by Asset Group Maintenance Displays a schedule of upcoming service appointments Transactions by Lists all asset transactions e g revaluations sales performed during the Asset specified time period Transactions are grouped by asset The report menu also contains a link to the Clarity Report Designer The Clarity Report Designer is a utility for creating and editing reports and forms in MYOB EXO Business It features a wide range of options for drawing in data from EXO Business database tables then sorting and presenting the information on a report whose app
24. sted directly to the EXO Business General Ledger Prompt for assets that have been purchased recorded on the EXO Business General Ledger but not yet added to Fixed Assets Allows relocation of assets Tracks book and tax values for seven years Provides two separate and independent depreciation records one for taxation the other for accounting Allows the user to prompt maintenance requirements for assets by selecting the next service date Allows one asset to be assigned to another asset The main asset is considered the parent Allows the grouping of assets by types and the setting of default depreciation rates depreciation codes and asset codes in the General Ledger Provides reports related to Asset Groups Depreciation Revaluation and Maintenance Requirements The General Ledger setup in EXO Business should contain the following Account Groups for e Fixed Assets e Depreciation Expense General Ledger accounts for each Asset Group for e Asset Cost e Accumulated Depreciation e Capital Reserve e Depreciation Expense e Loss on Sale e Write Down Setting up Fixed Assets Asset Groups Before using the Fixed Assets module Asset Groups must be set up using the EXO Business Config application Asset Groups are the way you divide up the various types of assets in your business Associated with each of these groups are different default depreciation rates and different General Ledger accounts for cost accumulated depreci
25. t of year Current Year Depreciation 411 37 Depreciation Value 2 671 92 current NBV Last Dep Date 30 06 2011 NBV as at this date GL ACCOUNTING Sale Journal A SaleJournal B SaleJournal C Sale JournalD Account Totals Depreciation Expense 135 62 2 328 08 Depreciation Recovered 328 00 328 00 Accumulated Depreciation 135 62 2 000 00 328 00 0 00 Asset Cost 2 000 00 3 000 00 0 00 Debtors or Bank 3 000 00 3 000 00 Depreciation Calculation 5000 3396 Straight Line x 3396 x 30 days 365 Sales Journals A Additional Depreciation from 31 05 09 to 30 06 09 the sale date B Offset Cost and Accumulated Depreciation with Cost less Proceeds 5000 3000 The expectation is that the Sale proceeds will be accounted for separately see Journal D C Take whatever the system considers to be Accum Depn Cost NBV 5 000 2 671 then subtract the amount that has already been debited to Accumulated Depreciation 2000 This is either depreciation recovered or additional depreciation D Journal to handle proceeds not automatic from Fixed Assets Exceptions In this example the asset was sold for more than its Book Value and less than its original Cost If it was sold for less than its book value the system would account for the difference between NBV and the sale value as additional depreciation The Depreciation Recovered account would not be affected If the asset is sold for more than its original cost the entries
26. tab for that asset 2 Select Sold or Disposed of for the Status field Extra fields appear at the bottom right of the tab 12 NISSAN MAXIMA VEHICLES NISSAN MAXIMA parent isparent V Purch this year 100 VEHICLES UE1323 303133 0 AUCKLAND 100 AUCKLAND 5 MALCOLM BREEN 0 MISC PURCHASES NOT APPLICABLE 06000 00 VEHICLES Deprecation 03300 00 DEPRECIATION Accum Depredation 06200 00 ACCUMULATED DEPRECIATION 31 08 2011 17 06 2010 B B 31 08 2011 g Purchase Value Status Active Sold Depreciation Rates Book 20 Tax 9 33 Oepreciated Values Opening Value Qurrent Year Oepreciated Value Last Depreciation Date Date Sold G Period 0 September 2011 SelingPrke 0 00 Invoice No 07 09 2011 Bv V Deprecate book value in year of sale F Deprecate tax value in year of sale 19 500 00 Disposed of Straight Om Value Straight Om Value Tax Excl of GST Asset Transactions Enter values for each field Field Description Date Sold The date the asset was sold or disposed of GL Period The General Ledger period that sale disposal transactions should be posted to Selling Price The selling price of the asset excluding GST This field only applies when the asset is being sold Invoice number The invoice number of the asset Depreciate book value in Select this
27. ts Asset Sale Worked Examples Scenario 1 An Asset is purchased on 1 Feb 2010 for 5000 set up with book depreciation of 33 SL The company s balance date is 31 March so it is depreciated for each year and year ends are performed The asset is finally sold for 3000 on 30 Jun 2011 The following schedule shows each event that affects the asset and the impact that the event has on the Asset Values as shown on the Details tab see page 7 and the General Ledger Accounting that is initiated by that event 20 Add Asset Depreciate Year End Depreciate Year End Depreciate 01 02 2010 to Roll to 31 03 2011 Roll to 31 05 2011 31 03 2010 to to 31 03 2010 31 03 2011 ASSET VALUES Opening value 5 000 00 5 000 00 4 733 29 4 733 29 3 083 29 3 083 29 NBV at start of year Current Year 0 00 266 71 0 00 1 650 00 0 00 275 75 Depreciation Depreciation 5 000 00 4 733 29 4 733 29 3 083 29 3 083 29 2 807 54 Value current NBV Last Dep Date 01 02 2010 31 03 2010 31 03 2010 31 03 2011 31 03 2011 31 05 2011 NBV as at this date GL ACCOUNTING Depreciation 266 71 1 650 00 275 75 Expense Depreciation Recovered Accumulated 266 71 1 650 00 275 75 Depreciation Asset Cost 5 000 00 Debtors or Bank Depreciation 5000 5000 5000 Calculation x 33 x 33 x 33 33 Straight x59 x 365 days 365 x 61 days 365 Line days 365 Technical Information The asset is sold on 30 06 2011 for 3000 00 ASSET VALUES Opening value 3 083 29 NBV at star
28. unt that loss on sale is posted to Write Down Account The Profit amp Loss account that write downs are posted to 5 Click Save The new group is added to the Asset Groups list Setting up Fixed Assets If you need to modify settings on an Asset Group that has already been created select the asset group from the displayed list and double click The details page of the group is displayed You can make changes to any of the fields here Note Any changes that you need to make to the General Ledger Account Groups should be made before setting up Asset Groups If the Account Groups are changed after Asset Groups have been set up you will need to change the General Ledger accounts specified for the Asset Groups Asset Locations When you create a new asset you need to specify a location for it Before using the Fixed Assets module Asset Locations must be set up using the EXO Business Config application Note The EXO Business Config application requires a separate license to run Asset Locations are not available in the EXO Business Configuration Assistant which does not require a license To set up an Asset Location 1 Open the EXO Business Config application and select the Admin tab Select Asset Locations under EXO Fixed Assets Click the New button 2 3 4 Enter the location s name in the Location field 5 Make sure that the Active box is checked 6 Click Save The new location is added to the Asset Locations l
29. would be as above except that Depreciation Recovered is only credited up to the total of Accumulated Depreciation the remaining credit the difference between sale proceeds and original cost is credited to the Capital Reserve account as it represents a capital gain This is dealt with in Scenario 2 below 21 MYOB EXO Business Fixed Assets After the sale the asset looks like this JHas parent Jisparent Purch this year 06150 00 COMPUTER EQUIPMENT 03300 00 DEPRECIATION Accum Oeprecation 06200 00 ACCUMULATED DEPRECIATION 22 07 09 2011 01 02 2010 01 02 2010 DateSod 30 06 2011 gv Q Period June 2011 Seling Price 3 000 00 InvoceNo 1234 V Deprecate book value in year of sale FE Deprecate tax value in year of sale Excl of GST Technical Information Scenario 2 This is exactly the same as Scenario 1 except that the asset is sold for 6 000 giving rise to capital gains Note that all columns are the same as the previous example except for the GL journal entries that account for the sale Add Asset Depreciate Year End Depreciate Year End Depreciate 01 02 2010 to Roll to 31 03 2011 Roll to 31 05 2011 31 03 2010 to 31 03 2010 31 03 2011 ASSET VALUES Opening value 5 000 00 5 000 00 4 733 29 4 733 29 3 083 29 3 083 29 NBV at start of year Current Year 0 00 266 71 0 00 1 650 00 0 00 275 75 Depreciation Depreciation 5 000 00 4 733 29 4 733 29 3 083 29 3 083 29 2 80
30. xed assets however they are n Acc No Sub Acc Invoice No Purchased 04 08 2010 1 250 00 DESKS FOR AUCKLAND OFFICE Some of the items listed as a General Ledger Asset may either be part of an existing asset or may need to be split and recorded as multiple assets in Fixed Assets You can delete items from this list by right clicking the asset and selecting Do not tell me about this asset again If you click this option the item is deleted from the list however to see the updated list you need to close Fixed Assets and restart it MYOB EXO Business Fixed Assets Adding an Asset Newly acquired fixed assets are normally recorded in the General Ledger first Typically a creditor s invoice for the purchase of a fixed asset is charged to a GL Fixed Asset cost account then the asset is added to the Fixed Assets register There are two ways of adding a new asset to Fixed Assets e Double click on an asset in the General Ledger Assets window see page 5 or select the asset and click Add e Click New on the main Fixed Assets window In either case the main Fixed Assets window shows the Details tab for the new asset 07 09 2011 07 09 2011 parent Flisparent V Purch this year v Tax Depredated Values Opening Value Current Year Deprecated Value Last Deprecaton Date Enter values for all fields then click Save to add the asset
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