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Fixed Assets: Change placed in service date

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Posted on by 165

Hello all,

A client is currently live in production but they underwent an acquisition due to which they are revaluing their fixed assets. The service life can easily be changed but the placed in service date cannot be changed. They wish to do so. What's the best approach to revalue the existing fixed assets and those that will be brought in later. Any input will be highly appreciated. 

Thanks in advance.

  • Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,268 Super User 2025 Season 1 on at
    RE: Fixed Assets: Change placed in service date

    I'd have to know a lot more about your requirements to advise.  In my client's case, all assets as of a certain date were revalued due to an acquisition.  All assets as of that date were imported to a new book with new acquisition costs and depreciated from that date forward using the new acquisition values.  The same assets in the old book with the original values were left in place but set to not depreciate further.  GL adjustments were made to reconcile accumulated depreciation.

  • sk1981 Profile Picture
    sk1981 165 on at
    RE: Fixed Assets: Change placed in service date

    But what about existing assets that have been revalued? Do you close them and then acquire them with the new book?

  • Suggested answer
    Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,268 Super User 2025 Season 1 on at
    RE: Fixed Assets: Change placed in service date

    I just did this exact thing for a client.  We setup a new Book for the revalued assets and disabled all functions for the old Book.  Import the assets to the new book with desired placed in service dates and revalued acquisition costs.

  • Suggested answer
    Mayank Goyal Profile Picture
    Mayank Goyal 40 on at
    RE: Fixed Assets: Change placed in service date

    Hello,

    Have you posted the depreciation? If the depreciation is posted, then you won't be able to change the placed in service date.

    In order to extend the acquisition cost, it is suggested to use the Transaction type -Acquisition adjustment while posting the Fixed asset journal.

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