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4I have an unusual situation. My company has been acquired as of May 31, 2017. We have been charged with changing the following information in GP Fixed Assets (GP2013 R2).
On the Asset Card:
The existing 'in service date' needs to be changed to a new In service date (needs to be reset to June 1, 2017).
the Original Acquisition Cost needs to be reset to whatever the NetBookValue was as of May 31, 2017.
The Original Life needs to be reset to be whatever the remaining life was as of May 31, 2017.
Note - NO ASSETS are technically being revalued as part of the company's acquisition - we're really simply 'resetting' all assets as of May 31, 2017.
Example -
Asset 1234 - 1
BOOK
Original In Service Date = 6/10/2010
Original Life was: 7 years 0 Days (straight line original life)
Acquisition Cost (on 6/10/2010) was: $17,991.77
The NetBookValue on May 31, 2017 = $214.19.
Therefore, we need to change as follows:
Asset 1234-1
BOOK
Original In Service Date = 6/1/2017
Original Life = 1 month (30 days) (remaining life of this asset as of June 1, 2017)
Acquisition Cost = $214.19 (remaining value of this asset as of June 1, 2017)
Looking for feedback - has anyone done anything similar?
My current thoughts would be:
1. Delete Asset/Book relationship (Asset/Book Card) - then re-enter the Acquisition Cost, Service Date and Remaining Life - this would trigger the revaluation prompt - click revalue - verify results. Not certain if GP will try to create a messy reversal of all depreciation prior to June 1, 2017 for all my assets?
OR
2. Create a new Book (BOOK2) - enter the new data - save. Run depreciation on the new book (get it up to date) from June thru September - post in FA but not in GL - then delete the original Book or retire the original Book?
Any guidance is always appreciated.......
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