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I have an asset that is depreciating but I need to stop depreciation on it. Is there an easy way to do this? Thanks in advance....
hi
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hi
I have an asset that is depreciating but I need to stop depreciation on it. Is there an easy way to do this? Thanks in advance....
hi
*This post is locked for comments
Hello Sir
How about starting and stopping the asset depreciation during a year. For the remaining months it would take full year dep and distribute thru them
Eg
Cost: 4800
Placed in service; 01-01-2020
Ytd : 0
Ltd: 1200
eg. Jan to march 2020 asset placed on no depreciation.
asset placed on dep back in april.
New april dep : 133.33 instead of 100.
effect of assets placed on no dep is lost
thanks
shaikh
That depends by what you mean when you say "stop depreciation on it". Is your plan to put the asset back in service some other day. You sure can change the depreciation method to no depreciation, but perhaps, your accounting department may want you to retire the asset because it was damaged. You can always Retire the asset which will certainly complete any accounting entries necessary to reflect the retirement, i.e., depreciate up to the date of the retirement.
You need to find out what treatment they want to give the asset from an accounting perspective.
Go to the asset book record (Cards) and change the depreciation method to "No depreciation"
That should stop future depreciation.
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Almas Mahfooz
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