January 14, 2012

Is it possible to enter a Fixed Asset with $0 Acquisition Cost and Accumulated Depreciation?

A client needed to enter an Audit Adjustment as an 'Asset' in the FA module with zero cost but including depreciation so the FA subledger would tie to the GL.  Here's how we did it:

* Click image to enlarge

Enter $0.00 in the Acquisition Cost field in the Asset General window.

* Click image to enlarge

Then, in the Asset Book window change the Depreciated to Date field to the appropriate date, change the Cost Basis equal to the amount of LTD Depreciation you need, then change the LTD Depreciation field to the amount of accumulated depreciation to match the Cost Basis.  Make sure that after you've done all this that the Remaining Years, Days is all zeroes or the asset will continue to be depreciated until the end of its life.

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