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I am new to GP and am trying to analyze the fixed assets on our books. Our school recently merged with another and we need to conform to the other schools policies and therefore change useful lives, step up basis, etc. What would be the best way to go about this? Take all the assets off and put them back on the books as new assets? We have about 1500 assets on there. The previous finance director also depreciated them within this FY and should not have - is there a way to easily reverse the depreciation on the books for the current fiscal year? Thanks.
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