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I am fairly new to AX (2mths) and am using AX 2012 R3 (based in Australia). I am needing to know how to accelerate the depreciation on a fixed asset so that at the end of the period the asset has a Net Book Value of $0.00. I don't want to scrap the asset and remove it from the Fixed Asset Register as it is still in use, however I also don't want to have a depreciation expense of $2 posting to my P&L each month for the next few years (it was put on under the diminishing value method). Any assistance would be really appreciated. Thanks.
Hi Leesa25,
Can you please share more details, What exactly you want to achieve from business perspective? And what do you mean by $ 2 posting for next few years?
Hi Junaid
From a business perspective, I want to write down the asset so that the original cost less accumulated depreciation = $0.00. At this time, the company posts depreciation expense on a monthly basis, so the amount of depreciation posting to the P&L on a monthly basis is approx $2.00.
The asset has an opening cost of $5147. The accumulated depreciation as at the end of September 2020 is $5,103. This leaves me with a net book value (or written down value) of $44. For the month of October 2020 I want the $44 completely expensed to the P&L so that the asset is completely written down to $0.00.
I have many more assets that have a net book value of less than $50 that I need to write down to Nil and all are depreciating on a diminishing value basis which can take a couple of year before they are fully expensed. Does this make sense.
What you can do is creating a fixed asset journal, manually select the transaction type depreciation and enter the net book value of $44.
The offset account should automatically default to your ordinary depreciation account.
Posting this journal will put the net book value down to $0 and won't show up again in depreciation journals.
Please test in a demo/test environment first before trying this in a live environment especially if you have not done this before.
Best regards,
Ludwig
I see.
It shouldn't be complex to handle this scenario. As Ludwig suggested, You can create manual fixed asset journal and put the NBV you want to expensed out completely.
As you mentioned, you have many assets with net book value less than 50$ that you want to write down to zero so just create an excel template with the NBV of each respective asset, load and post. As post impact those assets will not be considered in your next depreciation proposal.
Hi Ludwig,
Thanks for your reply. I did what you advised in a test environment and it worked perfectly. Thank you so much for your insight.
Kind regards,
Leesa
Hi Junaid,
Thanks for your response. I did what Ludwig suggested and it worked perfectly. I will take your suggestion on board and create an excel template so I can import one journal to AX. I appreciate your assistance.
Good morning Leesa,
Great to hear that things seem to work.
If there is nothing else left open / not answered can you take a second and verify the answers to let also other community members know what helped?!
Many thanks and have a good day ahead.
Cheers,
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