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Hi,
I am trying to revalue our fixed assets subledger after a recent acquisition. I am able to adjust the cost but I cannot figure out how to write off the depreciation amount for each individual asset. I know that the correct write off entry would be to debit acc depr and credit depr exp. However, I don't know how to do that for a specific asset.
Thank you for your help!
You would enter and post a Depreciation adjustment journal for the amount of the write-off, selecting the appropriate asset ID on the journal line. Or, you could reverse the depreciation transactions in the Asset book. Books->Transactions->Reverse transactions. The method you choose would likely depend on how many depreciation transactions have been posted and if they cross fiscal years.
Hi Ashley,
Can you provide more details about what you need to achieve or where you are stuck? Do you need help with only the depreciation adjustment or also the acquisition adjustment? Have you already tried to create an asset journal and create a line manually for the depreciation adjustment?
So i was able to revalue the fixed assets, however my depreciation now is not calculating correctly. As some of these were placed in service in 2017, the system is trying to take all the depreciation in the current period instead of by the remaining depreciation periods. Even though I have changed the service life and the depreciation periods with in the book. Any help would be greatly appreciated!
It would be perfect if you can share the screen shots of transactions, books and the calculation of the depreciation.
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