Fixed assets are not being depreciated

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Hi all

I am depreciating a fixed asset. I go to Financials>routine>Fixed Assets>Depreciate one asset. I select the assets ID, then Target Date that should be setup in the calendar, then select the book and hit the depreciate button. Message appears that asset is fully depreciated. when I go to Inquiry>Fixed Assets>financial detail and check the depreciation details for the asset, no depreciation is being shown. similarly in routines, GL posting no depreciation entries are being shown.

Regards

Rashid Anwar

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Was this asset recently placed in service? Was it entered thru an upload? Maybe the Book data is not set correctly. Look at the settings in the Book for the Asset. Financial > Cards > Fixed Assets > Book. If the LTD Depreciation = Cost Basis, there is nothing left to depreciate. The Fully Depreciated flag would also be set to Y.

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Hi D_951

Thank you very much for the response. Asset was placed into service on January 01, 2017. Assets was not entered through upload. it is raised through payable management and entered through financial>cards>Fixed Assets>General information window. Below are the images of various windows giving information regarding setup. Looking forward for your response.

Below is the image of Book setup window

Below is the image of Book Class setup window

Below is the image of asset book window from cards>fixed assets>book

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The Fully Depreciated Flag is set to Y (yes) which is what is not allowing you to depreciate. It's set to Y because there is no Life assigned to the asset. There also is no Averaging Convention. Both of these need to be assigned in order to calculate depreciation and reset the flag to N (no). When you do this a message will pop up asking if you want to recalculate the asset. Yes, you do. Then another message will pop up with the choices of Life, Year and Recalculate. I think in your case any of them will provide the correct ending. But I would probably choose Life.

If you have a lot of assets which were not assigned a life or averaging convention, there is a Mass Change tool for Fixed Assets that can aid in that effort. It's effectiveness though is dependent on being able to group assets.

Hope this all helps.

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Thank you very much. Its working now. ;)

Thanks again.

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