Fully depreciated Asset Issues and challenges

  • 15 November 2023
  • 2 replies
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apretorius62
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Hi

I want to discuss/ask questions regarding fully depreciated assets:

Scenario: I am in the middle of a financial year and an asset on SL or RV method reaches fully depreciated status. At year end Audit the auditors tell me that this assets needs to live for another 2 years.

I now have to get it active again and adjust the accumulated depr and let it carry on for another 2 years.

At the moment I cannot do that in Acumatica. Why is that? what is the logic behind preventing us from making a fully depreciated asset Active again. 

 

A Pretorius

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Laura02
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Hello @apretorius62 ,

Have you tried Reversing the Asset?  I found a previous post on the subject of reversing a Fixed Asset, answered by AmaanFazeer11 :

Laura

Laura ~ Klear Systems, Inc. Irvine, CA. ~ Please remember to "Mark Best Answer" to help those who are facing the same problem.~
apretorius62
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Hi Laura

Reversing depreciation is ok if its one or two assets. What if its 100's of assets. And what if  an Audit review targets assets in the prior financial year. Acumatica wants you to indicate a fiscal earlier than the last depr period when trying to make adjsutments on it.

Accounting principles here in South Africa says one should allow for the review of assets. Extending life. Adding value, etc on a yearly basis.

When it come to these requirements Acumatica FA is very unforgiving. 

 

A Pretorius

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