Assets and SWIFT Asset Management. What assets need to be coded on a PO and tracked in the Asset Management (AM) module in SWIFT?Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. You are on the cash method of accounting when: You report income and your sales tax liability when you receive payments from your customer. Uniform Commercial Code. All ancillary expenses for placing an asset into services are to be recorded using the Minnesota State object code 4005. Selling a business in Minnesota is not just a way to cash out an investment; it represents the culmination of years, or even decades, of hard work. Asset Sales A to Z: Drafting the Purchase Agreement. To itemize your deductions, complete Schedule M1SA, and include it with your Minnesota return.