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Fixed Assets - Increasing the Original Life - Lease extension resulting in Leasehold Improvements being amortized over longer period.

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Posted on by Community Member Microsoft Employee

Dear All,

We just extended our building lease and I need to update the amortization of the Leasehold improvements in GP. We extended the lease by 6 years.

I thought it would be an easy fix by increasing the Original Life Years/ Day by 6 years (there were only 245 Remaining Life Days).

For example, Asset 6000 had a net book value of $4,275.01 and was placed into service 3/1/12 and had an original life of 4 years - 306 days. The remaining life was 245 days. I changed the Orig Life/Days to 10 years - 306 days. (And clicked on "Recalculate") It showed a remaining life of 6 years - 245 days (exactly what I wanted). Then I tested it out in the depreciation projection and it fully depreciated it in 3 years:

remainder of 2016 $88.85/ month

2017 - $237.36/month

2018 - $59.66/month

Thanks,

Susan

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L Vail 65,271 on at

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RE: Fixed Assets - Increasing the Original Life - Lease extension resulting in Leasehold Improvements being amortized over longer period.

Hi,

I believe 'Life' is the appropriate selection for what you want.

Kind regards,

Leslie