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Unassign fixed asset books or retire fixed assets from certain books only

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Posted on by tsukaharam

In the GP fixed assets module, when I make an asset addition, I assign several books to it - normal book for financial statements, and then several others for tax purposes (FED, ORG, AMT, etc).

The IRS released a tax legislation which makes it easier to expense, rather than capitalize assets, and this legislation is also retroactive. This legislation is only applicable for tax purposes, not book purposes.

Because it is retroactive, I need to find a way where I can “Unassign” tax books to some of our fixed assets. Otherwise, if there is a way in GP to “Retire” assets from certain books and not others (From what I see in GP, it doesn’t ask to specify books when retiring assets – retiring an asset retires it from all books it seems). I’m not seeing a flexible option which would enable me to do this…. Any ideas?

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tsukaharam 35 on at

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RE: Unassign fixed asset books or retire fixed assets from certain books only

Thank you Frank!
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Frank Hamelly | MVP... 4,029 Super User 2024 Season 2 on at

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RE: Unassign fixed asset books or retire fixed assets from certain books only

I haven't tested this to see if it will work, but you could try to change the LTD depreciation for the Tax book and Save - it may recalc depreciation and fully depreciate it for that book.