gptip42day - Modify Acquisition Cost of a Fixed Asset

Frank Hamelly | MVP...

46,532 Super User 2025 Season 1

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Let's say someone added an asset and transposed some of the numbers in the Acquisition Cost field. Is there a simple way to correct it? Of course!

* click image to enlarge

Open your Fixed Asset General card. See the blue expansion arrow next to the Acquisition Cost field? Click on it to open the 'Asset Purchase' window.

*click image to enlarge

Note that you can place your cursor in the Acquisition Cost field and change it. In this case, the original Acquisition Cost was entered as $2,618.58 but it should have been $2,816.58. All we have to do is change the value in this field and click 'OK'. The Acquisition Cost field in the General card is updated to reflect the change. Save the asset.

If depreciation was run before the cost correction was made, you'll need to go into the Asset Book window and correct the 'Cost Basis' field and recalculate depreciation.

You can change the Acquisition Cost whether the asset was entered manually or added via the FA Purchase interface.

This was originally posted here.