Fixed Asset- change in cost basis

What is the process to increase or decrease the cost basis of a fixed asset?  
I have some that the cost basis need to increase & some that the value needs 
to decrease.  Will the depreciation "catch up"?
0
7/22/2008 8:30:01 PM
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Merle:

You change the cost basis in the Asset Book card.  When you click Save
to save the changes you will be warned that you have changed a
depreciation sensitive field and asked if you want to continue.  Say
yes - you have 3 choices as to how you want depreciation recalculated
-

Reset Life   Recalculates depreciation from the date it was placed in
service to the date the asset has already been depreciated to. If
there are adjustments to the depreciation for any period, they will be
saved and displayed in the Asset Book window.

Reset Year   Recalculates depreciation from the beginning of the year
to the date the asset has already been depreciated to. If there are
adjustments to the depreciation for any period, they will be displayed
in the Asset Book window.

Recalculate   Calculates a new rate of depreciation using the new cost
basis data, but does not make adjusting entries for depreciation
already taken. The new rate of depreciation will be used the next time
the depreciation routine is completed.

Hope this helps,

Frank Hamelly
MCP-GP, MCT, MVP
East Coast Dynamics
www.eastcoast-dynamics.com


0
fhamelly1 (1404)
7/22/2008 8:46:23 PM
Merle,

To add just a little bit to Frank's awesome response - check out KB article 
855314, it gives a little more information as to what accounts will be used 
for the changes depending on the option you select.

-- 
Victoria Yudin
Dynamics GP MVP
Flexible Solutions - home of GP Reports
http://www.flex-solutions.com/gpreports.html


"Frank Hamelly, MCP-GP, MCT, MVP" <fhamelly@eastcoast-dynamics.com> wrote in 
message 
news:5936f0cf-d636-4f59-954b-d2b30e3aaa25@2g2000hsn.googlegroups.com...
> Merle:
>
> You change the cost basis in the Asset Book card.  When you click Save
> to save the changes you will be warned that you have changed a
> depreciation sensitive field and asked if you want to continue.  Say
> yes - you have 3 choices as to how you want depreciation recalculated
> -
>
> Reset Life   Recalculates depreciation from the date it was placed in
> service to the date the asset has already been depreciated to. If
> there are adjustments to the depreciation for any period, they will be
> saved and displayed in the Asset Book window.
>
> Reset Year   Recalculates depreciation from the beginning of the year
> to the date the asset has already been depreciated to. If there are
> adjustments to the depreciation for any period, they will be displayed
> in the Asset Book window.
>
> Recalculate   Calculates a new rate of depreciation using the new cost
> basis data, but does not make adjusting entries for depreciation
> already taken. The new rate of depreciation will be used the next time
> the depreciation routine is completed.
>
> Hope this helps,
>
> Frank Hamelly
> MCP-GP, MCT, MVP
> East Coast Dynamics
> www.eastcoast-dynamics.com
>
> 

0
victoria (3340)
7/23/2008 9:20:02 AM
Nice review Frank!

Just to extend your comments, in the Reset Life/Reset Year scenarios,
adjustments to depreciation(up or down) resulting from these changes
are normally posted in the current period when you run depreciation
and run the interface to the GL. I say normally because there may be a
scenario when using Next Month as your Averaging Convention that could
result in the adjustment posting being next month.

The system does not go back and adjust already taken depreciation in
prior months, it simply (and correctly) books the net adjustment in
the current period.

I would also say that if you want your FA header cost to equal your FA
depreciation basis, you'll also need to add a line on the Asset
General Information window using the expansion arrow next to
acquisition cost.

There are perfectly valid accounting reasons why these two should
match (acquisition cost =3D cost basis) and valid accounting scenarios
where they shouldn't (usually acquisition or reorg related) so it
depends on your scenario.

Mark


On Jul 22, 4:46=A0pm, "Frank Hamelly, MCP-GP, MCT, MVP"
<fhame...@eastcoast-dynamics.com> wrote:
> Merle:
>
> You change the cost basis in the Asset Book card. =A0When you click Save
> to save the changes you will be warned that you have changed a
> depreciation sensitive field and asked if you want to continue. =A0Say
> yes - you have 3 choices as to how you want depreciation recalculated
> -
>
> Reset Life =A0 Recalculates depreciation from the date it was placed in
> service to the date the asset has already been depreciated to. If
> there are adjustments to the depreciation for any period, they will be
> saved and displayed in the Asset Book window.
>
> Reset Year =A0 Recalculates depreciation from the beginning of the year
> to the date the asset has already been depreciated to. If there are
> adjustments to the depreciation for any period, they will be displayed
> in the Asset Book window.
>
> Recalculate =A0 Calculates a new rate of depreciation using the new cost
> basis data, but does not make adjusting entries for depreciation
> already taken. The new rate of depreciation will be used the next time
> the depreciation routine is completed.
>
> Hope this helps,
>
> Frank Hamelly
> MCP-GP, MCT, MVP
> East Coast Dynamicswww.eastcoast-dynamics.com

0
mpolino (496)
7/23/2008 1:15:00 PM
Reply:

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