General Discussions

Re: Adjustment to an asset

JJFrizzell — Mon, 18 May 2009 13:27:15 GMT

I've been researching this and I agree with your suggestion.

Thank you.

Re: Adjustment to an asset

RonaldS — Fri, 08 May 2009 19:26:37 GMT

My practice has always been to create a new asset for credits. I'd do this especially if the original asset is from a previous year, where depreciation expense reports have already been recorded. If I were in your place, I would either "undo last transaction" for that asset or readjust to original value, and then follow your normal practice of entering credits as a separate asset. I also tie the two assets together through the company code field.

Adjustment to an asset

JJFrizzell — Fri, 01 May 2009 14:20:20 GMT

I have an asset from 2008 that we received a credit towards in 2009. Normally, the practice here was to enter the credit as a new asset. Through a training course, i knew you could make an adjustment to the asset. Keep in mind, the 2008 depreciation expense reports have been given to our auditors so we don't want these to change. I adjusted the acquired value of the asset by the amount of the credit we received. I answered yes to continue with the critical change. I then selected current thru date as the time I want this change to take effect. Now, if I rerun my depreciation report for 2008, the total has changed by the exact amount of this asset. I'm unsure what option I should have chosen or how to correct at this point. Any help or suggestions would be appreciated.

Thanks