Fully depreciate an asset with 3 years remaining years

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Posted on by AndreaIES

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This may be a basic question but I need to fully depreciate an asset that still has 03 years, 183 days remaining. The fact is that it was setup with the incorrect original life of 5 years where it should have been 3 years.

We just want to fully depreciate the asset in February. How to do?

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babubaskaran@outloo... 12 on at

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Hi,

Please reset the life of the asset by going to the following window.

Financial >> Routines >> Fixed Assets >> Depreciate One Asset

Use the Depreciate Asset window to enter the information required to calculate depreciation for one asset for one book or to reset the year or life of an asset book.

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AndreaIES 1,005 on at

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Thanks for your reply.

I did select the information and reset Life but it only modified the current depreciation amount (see below) and I still have some net book value to be depreciated in the future. I need to fully depreciate this asset and leave the Net Book value to $0. I believe I need to change the original life but not sure.

See below before reseting life

See after reset the life

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babubaskaran@outloo... 12 on at

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Hi,

Do not enter the depreciation target date before click reset life.

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Cheryl Waswick on at

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Hi Andrea,

I would recommend to try the following:

1. Make a current backup and restore it to a test company.

2. In the test company, go to the Asset Book record and change the Original Life from 5 years to '3' years. (or as needed).

3. Press SAVE. You will be prompted that you have changed a Depreciation sensitive field, so click Yes.

4. You will then be prompted to reset Life, Year or Recalculate. If you want all of the past depreciation to be backed out and recalculated, then click RESET LIFE. If you only want this year, then select YEAR, or if you only want it for "Going Forward" then click RECALCULATE. The Recalculate option will leave past depreciation as is, and take the remaining depreciation left in the remainder of the life of the asset. The choice is yours for how you want the depreciation to be dealt with.

5. Review the new depreciation figures, and if you agree, then do these steps in the live company.

I hope this helps!

Thanks,

Cheryl W.

Microsoft Community Support

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AndreaIES 1,005 on at

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Thanks Cheryl. This worked for me.

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IT Analyst 10 on at

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Can any one clear me that How Fixed Asset in GP calculates the Depreciation value. when RESET YEAR OR RESET LIFE OR RECALCULATE OPTIONS are selected. Please include the formula for each example as when I calculate the depreciation value manually, it gives me a completely different amount. I know what exactly Reset Year /RESET LIFE means in Fixed Asset in GP BUT want to know the formula.

Thx!!

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