| | Change critical depreciation fields |
| Description | Know your goal for the asset before changing Book Information. |
| Resolution | To keep the depreciation already calculated on the asset - Yes: If you've run depreciation through the desired date of the change, answer Yes, Current Thru date.
- No: Answer Yes, Placed-in-Service date to the questions. This will clear all calculated depreciation and calculate as if you entered the asset as a new asset.
To change a critical field Change any field in the Book Information portion of the Asset Detail view. - Select Asset, Asset List.
- Select your asset and click the Asset Detail button.
- Enter the new value.
- Type the desired value in the field. Critical Depreciation fields include Property Type, Placed-in-Service date, Acquired Value, Depreciation Method, Estimated Life.
- Click Save Asset or press Tab to exit the field.
- Confirm the change.
- Sage Fixed Assets shows two questions:
- You’re making a critical depreciation change. This affects existing depreciation.
- Are you sure you want to continue?
- Select Yes to proceed or No to cancel and return to Asset Detail.
- Choose the effective date.
- Decide when the change applies.
- Placed-in-Service Date: Resets all depreciation to zero. The next run treats the asset as new.
- Beginning Date: Resets current depreciation to Beginning amounts. Period Close resets to zero. For the child of a transfer, review Beginning Date is the only option when changing Critical Fields.
- Period Close Date: Resets current and beginning depreciation to Period Close amounts. See How to do a Period Close.
- Current Thru Date: Sets Beginning depreciation to current amounts. See fully depreciate assets for more information.
- The next time you run depreciation, the calculation will be from the Period Close Date of the asset. This option is available if there was a Period Close Date in the asset before making the change.
- Run depreciation again.
- The next calculation uses the selected date as the starting point.
Important Information Review Depreciation Method After Date Change - If you choose any date except Placed-in-Service, review the Depreciation Method.
- If the method is SL, SF, or SH, change it to RV if needed.
Why This Matters - The asset continues depreciating on the original basis.
- This can cause early or late depreciation depending on what you changed.
- The asset can fully depreciate too soon (Over Depreciated).
- It can also under-depreciate, leaving a net book value at the end of its life.
- The RV method prevents both problems.
- The asset must have at least two months of life left to use RV.
Document and Check Changes - Add details of critical changes in the Notes
- Assets with notes show an icon in the Asset List
- To find under depreciated assets, run the Depreciation Adjustment Report (Reports > Standard Reports > Depreciation Adjustment).
Tax Impact - Changes to Investment Tax Credit (ITC) affect the tax book.
- Any ITC changes apply to all books.
[BCB:165:Chat Fixed Assets US:ECB] |
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