Best way to increase remaining life of an asset

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Posted on by Leng Papio

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Hi team,

In your experience, what's the best way to increase the life of an asset.

My user does not want to change the orig life as it may be confusing, but she needs to increase the remaining life (which can't be edited in the FA book cards)...

I am not into accounting, perhaps someone can recommend how this can be handled in GP...

Appreciate all your insights..

Thanks!

Leng

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Microsoft Dynamics GP

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Hokuminaria 2,950 on at

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Hello Elena,

There would only be two options for this.

Adjust the Original Life Years Day which will also adjust the Remaining Year Days.

You will then need to determine if you want to reset year or recalculate.

Reset Year Recalculates depreciation from the beginning of the year to the date the asset has already been depreciated to. If there are adjustments to the depreciation for any period, they will be displayed in the Asset Book window.

Recalculate Calculates a new rate of depreciation using the new cost basis data, but does not make adjusting entries for depreciation already taken. The new rate of depreciation will be used the next time the depreciation routine is completed.

The other option is to delete the book and recreate it with the correct life.

Doing this, you will need to correct any depreciation that was pushed to the GL as the Depreciation Amount will change.

Then redo the depreciation using the new book setup and post the new depreciation to the General Ledger.

I recommend you test this in a test company to see the end results and run projections on your Asset.

KB 871973 How to set up a test company that has a copy of live company data by using SQL Server 7.0, SQL Server 2000, or SQL Server 2005

https://support.microsoft.com/en-us/help/871973/set-up-a-test-company-that-has-a-copy-of-live-company-data-for-microsoft-dynamics-gp-by-using-microsoft-sql-server

I hope this helps!

Thank you!

Brandon Jarrett | Microsoft Support Engineer.

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