Editing Asset Data

After you have entered asset data, you can edit the data anytime by going to Asset Detail and making changes directly in asset fields. However, when you change any fields used in calculations, you'll have to perform additional tasks in order to update the data. Follow the guidelines provided below when editing asset data.

Editing Descriptive Fields

The descriptive fields do not affect depreciation. You can change the data in descriptive fields at any time.

Editing Book Information Fields

After you calculate depreciation or enter beginning depreciation for the asset, when you change an entry in the book information fields the system assumes that the current depreciation figures are no longer correct. The system displays a message asking you if you want to accept the change and reset the current depreciation amount. If you answer No, the change does not take effect. If you answer Yes, the system displays a second message asking if you want to update the beginning depreciation field with the current depreciation field amount. If you answer Yes, the system retains the depreciation taken to date. If you answer No, the system clears all amounts in both beginning and current depreciation.

To get current depreciation figures after you reset depreciation and make your changes, execute the Depreciate command from the Depreciation menu.

Editing Tax Book Fields

If you change information in the Tax book, you can force the system to determine new default values for the other books. For example, if you change the Tax book depreciation method from MT to AD, the AMT book depreciation method should change from MF to AD. However, if you already changed information in the other books to values you want, you may not want to overwrite your data with the new default values.

For this reason, before you leave the asset after making changes in the Tax book, you must decide whether you want the new defaults to overwrite the existing data in the other books. If so, select Apply Book Defaults at the Asset menu. The system displays a message asking you to confirm your intention to overwrite information in all open books.

Editing Transfer Dates

To edit transfer dates, you must first delete the transactions (see Deleting Asset Transactions), then re-transfer the assets.

Editing Whole Disposals

You can edit disposal information. After you change the information, select the Calculate button to obtain the new gain/loss information, and then select the Save button.

Editing Partial Disposals

To edit partial disposals, you must first delete the transaction, and then re-enter the disposal information.

Editing Inactive Assets

You cannot edit inactive assets. To edit an inactive asset, you must first reactivate it (see Reactivating Assets).