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Changing the Beginning Depreciation Fields

Changing Critical Depreciation Fields

Important! Before changing a critical depreciation field, we recommend that you print the Main tab of the asset you are changing to insure you have the original asset information or perform a backup of the organization prior to making the change, in case you do not get the desired outcome.

The system uses the information entered in several fields to calculate depreciation. The following fields are the depreciation-critical fields:

  • Property Type
  • Placed-in-Service Date
  • Acquisition Value
  • Depreciation Method
  • Estimated Life
  • Salvage Value

When you change a value in a depreciation-critical field after you have calculated depreciation for the asset, you must tell the system when to apply the change. The system could apply the new information at several different points in the life of the asset. A message box will prompt you to select the date after you make the change to the depreciation-critical field.

To change a critical depreciation field
  1. Go to Asset Detail for the asset whose depreciation-critical information you want to change.
  2. Change the information in one of the depreciation-critical fields. When you tab out of the field, a message warns you that you are making a change to a depreciation-critical field and asks if you want to continue.
  3. Click the Yes button to continue. The Critical Depreciation Change window appears.
  1. Click one of the four option buttons on the Critical Depreciation Change window, and then click OK. The system updates the information in the Beginning Depreciation, Current Depreciation, and Period Close fields.
  2. Click the Save Asset button.

Note: If you select anything except Placed-in-Service Date in step 4, and the depreciation method is currently SL, SF, or SH and the changes make the asset under-depreciated as related to the new values, the asset may not fully depreciate over the life of the asset. In this case, we recommend changing the Depreciation Method to RV. The Depreciation Adjustment report can assist you in identifying under-depreciated assets.