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I acquired a building at 1,000,000 on 1st July 2020 with a depreciation method applied on asset at RBM 5%. 1st year depreciation of this is calculated at Value model set of RBM 5%.
Now the financial year ended.
on 1st July 2021 our policy changed for the remaining years of this asset. Depreciation method will applied to the remaining year of this asset, effective from 1st July 2021 will RBM 20%.
Let us know where can we set this functionality?
We tried to add RBM 20% in Value Model of Fixed asset. But acquired asset was at RBM 5%. So this is not working.
We changed the RBM 5% with RBM 20% in Fixed asset group. and also at Fixed asset posting profile. this is also not working. Depreciation amount is not being auto calculated at our required RBM 20%.
Hello Hafsa,
I'm not sure there's a good answer for you on this one.
It seems as if, no matter which route you go (i.e. splitting, reclassify), there will be adjustments made via the application.
You will likely need to start fresh with a new asset and have it set up with an acquisition date of 7/1/21 at the RBM of 20%.
Thanks for your response.
It really helped me.
As i told in my question, In 2020 i have recorded depreciation of 2020 on RBM 5%. and in 2021 i dont want any adjustment of 2020 depreciation. I want to depreciate the remaining balance of asset on RBM 20 % effective from 1st July 2021.
The entry generated by Fixed asset split journal is not as per our requirement.
Transaction type Account Value model Debit Credit
Acquisition adjustment BULD-000000001 RBM5% 981,300.00
Acquisition BULD-000000001 RBM20% 981,300.00
Depreciation adjustment BULD-000000001 RBM5% 18,399.38
Depreciation BULD-000000001 RBM20% 18,399.38
Hi,
Try the following:
In the fixed asset value models, create a new one with your new depreciation method.
Select your old model and select functions - split fixed asset
Split the fixed asset to the same fixed asset number but select the new value model.
Post the journal that is created.
Best regards,
Ludwig
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