You can select default account numbers for your depreciable asset groups in the Account List window. You can access this window by clicking Setup in the menu bar. Before you set up your accounts, each account number is XXXX.

You can setup multiple accounts for an Account Type. This is useful when you wish to project depreciation and other figures in a group manner. You can also change the names of the default accounts and assign your own account number to match your main accounting system's numbering and name convention.

Finally if you are pooling assets, there are also accounts for each of the pools appropriate to your taxpayer type:

• low-value pool
• general SBE pool
• long-life SBE Pool
• software development pool.

For example, there is a Software Development Pool at Cost, Software Development Pool Accumulated Depreciation, Software Development Pool Depreciation Expense and so on. 

CAUTION : Account name matching Assign the group accounts you setup to the various groups in the Asset Group Entry window and Pool Information window. When you run the depreciation journal report, it will display the group depreciation figures. 

NOTE : Defaulting of accounts When you create an asset group, the Assets at Cost, Accumulated Depreciation and Depreciation Expense accounts default to the accounts marked as 'default' in the Accounts List. 

You can change where these accounts default to, depending on which account you tick as a 'default' in the AccountsList. 

SETTING UP ACCOUNTS TOPICS

• 'To create an account' below
• To edit an account, below
• To delete an account, below

To create an account

You can set up multiple accounts for each account type. To set up another account for the same account type, make sure your cursor is placed on that account type before clicking New.

1 Go to Setup and select Account List. The Account List window appears. This window may already be open if you have just run the New Data File Assistant. 

2 Click New in the Account List window. The Edit Account window appears. 

 
3 Click the Account Type drop-down list and choose an account type. The Account Class field appears automatically, based on the account type you selected.

4 Enter the account number and name, ensuring you use the same format that is used in your accounting software.
In the naming of accounts, you should incorporate the name of the asset group in the account name for the asset account types Assets at Cost, Accumulated Depreciation, and Depreciation Expense. 

For example, when setting up an account for your motor vehicle asset group, you would name these three accounts 

Motor Vehicle Assets at Cost

Motor Vehicle Accumulated Depreciation 

and Motor Vehicle Depreciation Expense. 

For Office equipment, it would be 

Office Equipment Assets at Cost

Office Equipment Accumulated Depreciation

Office Equipment Depreciation Expense, 

and so on.

This is because when you view your reports, you can easily ascertain how much depreciation has been calculated for each group because the report splits the depreciation according to the different account names. This also ensures that the journals are exported to the matching accounts in your MYOB accounting program or other accounting software.

All the other account types listed in the Account Type field such as Private Use are miscellaneous accounts and do not need an asset group name added to define them.

5 Click OK and the new account will appear on the list, sorted by Account No. 


 

NOTE : Default account One of each Account Type only can be selected as a default account. If you click in the Default column to change which accounts will be defaulted or not, after you have already entered assets to those accounts, the changes will only apply to new assets entered to those accounts thereafter. 

To edit an account

1 Go to the Setup menu and select Account List. The Account List window appears.

2 Select the account you want to edit.

3 Click Edit. The Edit Account window appears. 

 
4 Type over the existing information to change the Account Number and/or Account Name. 

NOTE : Trial Balance figures If you wish to use AssetManager's trial balance, you may need to enter the retained book and tax balance figures (which already exist in your main accounting system) into AssetManager. The Retained Book Balance and Retained Tax Balance values, if entered, are used as opening balance figures in AssetManager's Trial Balance report for each account. The current year's figures add to the values in each account. 


5 Click OK to return to the Account List window and view the changes to the account. 

To delete an account

You will only be able to delete an account if there are no asset groups using the account and it is not a default account; for example, Assets at Cost or Private Use.

1 Go to the Setup menu and click Account List. The Account List window appears.

2 Select the account you want to delete.

3 Click Delete.

4 Click Yes to confirm the deletion. 

CAUTION : Account won't delete You cannot delete an account that has been allocated to asset groups or is a default account. You will be informed that the account cannot be deleted.