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Fixed Asset with book value after amortization

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Posted on by Rolando Gabriel Veron

Hello everyone,

I have a customer who has been calculating amortizations for a fxed asset. The asset has completed its useful life, and the value of the book remains with $0,01.

When we try to post a depreciation, an error shows up, telling that the book value can not be less than the residual value.

How can we get the book value to zero?

Thank you.

Regards

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RE: Fixed Asset with book value after amortization

Rolando,

In the Ending Book Value field on the FA Depreciation Books page, you can specify the book value that you want your fixed asset to have in the current depreciation book after it has been fully depreciated. You can do this manually or you can fill in the Default Ending Book Value field on the related Depreciation Book page, which will then be used to automatically fill the field.

Try setting this up and then run Depreciation, which should create a .01 entry.

Hope this helps.

Thanks,

Steve

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RE: Fixed Asset with book value after amortization

Hello! I'm facing the same issue, I checked the book value but it's set as zero:

And my book value for my asset, is 0,01:

When I try to reduce that through a journal, an error appears showing that the book value cannot be less than the residual value.

If you could help me, I would really appreciate it.

Thank you in advanced!

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RE: Fixed Asset with book value after amortization

In addition, the book value for the specific asset, is the following:

Thank you!

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RE: Fixed Asset with book value after amortization

Belen,

When you open the FA Depreciation Book for the Asset, click CTRL-ALT-F1. Find the field Salvage Value. Is this 0.00 or 0.01? If 0.01 this is why the Book Value will not get to 0.00. Also, when in the FA Depreciation Book the Ending Book Value field is this 0.00 or 0.01. Here is a screen shot of an Asset I have:

Hope this helps. NOTE that you can update the Ending Book Value or Salvage value to 0.00 so you can depreciate the last penny.

Thanks,

Steve

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