An asset control group is the link between the asset register and the general ledger. Control groups enable you to organise assets with common characteristics together, for example: cost limit, default depreciation rates and methods, private use percentage, and so on. This is also where you set up the general ledger accounts that are later used when generating the journal entries (see Journal summary - Taxation).
Asset control groups must be configured before assets can be added.
Common types of control groups are:
(Australia) Motor vehicles — Tangible fixed assets such as vans, trucks and cars that are used for the operation of a business.
Plant and equipment — Plant applies to assets held within a workplace such as a factory or warehouse. Equipment applies to the assets within the plant that are used to generate revenue.
Office furniture and equipment — Office furniture applies to assets used within the office environment whether by employees being productive or business clients providing the business with income. Equipment applies to the assets contained within the office environment such as photocopiers and computers that are used in the course of business operations.
Control group templates
To assist with setting up control groups quickly for a register you can load a previously saved template. See Control group templates.
Rules when creating control groups
The following rules apply when creating control groups:
A control group must only map to one general ledger account code. That is, you cannot have 2 or more control groups with the same Account code and account Name.
A control group name must be entered. This is a mandatory field.
The control group name must be unique.
A control group can only be mapped to a detail account in your general ledger. You cannot map a control group to a header account.
Once an Account code and Name have been selected and you have pressed [Enter], the fields should be entered in the active tabs for Taxation and Accounting. Either or both these tabs will be active according how the Asset Register is configured. The details include:
Depreciation defaults which set the default method and rates assigned to each new assets in this control group.
Integrated accounts. These are the general ledger chart of account settings that will be used when the journal entries are created in the Journal Report.
Control group templates
The details of a control group you have just entered can be saved as a template. The templates can be re-used to facilitate creating other control groups. See Control group templates.