Top 10 Solutions

**For the FAS Asset Accounting 2004.2 version and higher**

Before changing/revaluating assets, it is recommended that you Print the MAIN tab of the asset you are changing to insure you have the original asset information or have a Backup of the Company prior to making change, in case you do not get the outcome desired.

To change a critical field (any field in the lower, spreadsheet portion of the detail asset window):

1. Type in the new desired value.
2. Click the Save button, or Tab out of the field. 
3. When changing critical fields (Property Type, Placed-in Service date, Acquired Value, Depreciation Method, Estimated Life, etc.) of an asset that has already been depreciated, FAS Asset Accounting needs to know how to continue with the calculations.
   
   
   FAS Asset Accounting will prompt with two questions:
   
   
   1. The first question: You are making a critical depreciation change. Changing asset attributes will affect existing depreciation information. Are you sure you want to continue?
      
      
      • Click Yes to continue the change process and go to the second prompt.
      • Click No to cancel the process and return to the asset's Detailed view.
        
        
   2. The second question: When would you like to apply the critical depreciation change? is to determine when the change will take affect.
      
      Select one of the following selection:
      
      
      • Service Date: Current, Period Close and Beginning depreciation will be reset to zero.
        
        The next time depreciation is ran, the calculation will be from the Placed-in Service data of the asset.
        
        
      • Beginning Date: Current depreciation will be reset to the Beginning depreciation amounts. Period Close will be reset to zero.
        
        The next time depreciation is ran the calculation will be from the Beginning date of the asset.
        
        
      • Period Close Date: Current and Beginning depreciation will be reset to the Period Close Amount.
        
        The next time depreciation is ran, the calculation will be from the Beginning date of the asset.
        
        
      • Current Thru Date: Beginning depreciation will be set to the Current depreciation amounts. Period Close where the Period Close date is prior to the current Thru date will be reset to zero.
        
        The next time depreciation is ran, the calculation will be from the Beginning date of the asset.
        
        

• If anything except Service Date is selected and the depreciation method is currently SL, SF or SH and the changes make the asset under depreciated as related to the new values, the asset will not fully depreciate over the life of the asset. In this case, changing the Depreciation Method to RV is recommended.
  
• The Depreciation Adjustment Report can assist in identifying under depreciated asset.

Note

**For the FAS Asset Accounting 2004.1 version and prior**

WARNING: There are a few things that needs to be addressed before this process should take place:

• Since there is not a way to "undo" Changes to Critical values, insure there is a way to retrieve the asset data as it was prior to making the changes by having the details of the assets written down or printed out, or do a Company Backup.
• Have depreciation in the asset(s) ran through the date when the change will be effective.

 To change a critical field:

1. Type in the new desired value.
2. Click the Save button, or tab out of the field. 
3. When changing critical fields (PIS Date, Acquired Value, Method, Life, Property Type, ITC/SEC 179) of an asset that has already been depreciated, FAS needs to know how to continue with the calculations. FAS will prompt you with two questions.
   1. By Answering "Yes" to both questions to keep all the current depreciation previously calculated in the Begin Information fields and continue depreciating with the new values.
      • If the depreciation method is currently SL, SF or SH and the changes make the asset under depreciated as related to the new values, the asset will not fully depreciate over the life of the asset. In this case, changing the Depreciation Method to RV is recommended.
      • The Depreciation Adjustment Report can assist in identifying under depreciated asset.
   2. Answer "Yes" to the first question and "No" to the second question to erase the current depreciation and recalculate the asset from the Placed in service date.  This will change the depreciation already calculated on this item for any previous periods already run.

Note       Warning: Adjusting an asset is not easily undone. Before you change asset information, it is recommended you complete a company backup and print the asset details.

Also, if you are adding ACQUIRED VALUE or decreasing the EST LIFE of an asset that has been depreciated for some time, and you are answering YES and Current Thru date to the prompts, you will under-depreciate that asset and it will be left with a Netbook value when it eventually runs out of life. That is why it is recommended that you either change the Method to "RV" (Remaining Value/Remaining Life) or you set your ADJUSTMENTS to IMMEDIATE or POST-RECOVERY. Please see the FAS Asset Accounting User's Guide and look up ADJUSTMENTS for more information.

NOTE: If you answer YES and YES to an asset that has already calculated using the prior values, you run the risk of under-depreciating the asset.  You will want to consider adjustment options.

 If you answer YES and then NO, you will not have to worry about adjustment options, but you will change the deprecation that has already been booked and likely need to adjust your GL.