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Adding LTD Depreciation to an Asset

  • 1.  Adding LTD Depreciation to an Asset

    TOP CONTRIBUTOR
    Posted 9 days ago
    ​​A company imported asset data with a Depreciated To date of 4/30/2016. Unfortunately, it turns out that the data was as of 4/30/2015. So they were missing a year of accumulated depreciation.

    They have made GL entries to account for differences but need to update their assets.

    I've tested updating the LTD depreciation but it does not trigger any depreciation recalculations.

    Of course, they have depreciated these assets.

    Has anybody been down this road? Certainly, the LTD amounts can be updated. I'm wondering if I'm missing something, though, conceptually. There will be some assets that depreciated or don't have enough NBV remaining to update with the full difference. But, for an asset with plenty of dollars remaining, if you update the LTD depreciation, is there something more that needs to be done?

    Thank you

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    Charles Allen
    Senior Managing Consultant
    BKD Technologies
    Houston, TX
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  • 2.  RE: Adding LTD Depreciation to an Asset

    TOP CONTRIBUTOR
    Posted 9 days ago
    Hi @Charles Allen

    I'm not sure you'd need to recalculate it at all.

    In short your Accum Depreciation for the Asset should equal what is in the LTD Depreciation Field.  As long as it does then you do not need to recalculate - just let GP finish the depreciation - it won't go over what is Cost less LTD depreciation anyway.

    It sounds like you have had them make the JE to tie up the Accum Depreciation so, again, as long as that totals the LTD depreciation you should not need the recalculation.

    This is assuming that
    1) the Place in Service Date is Correct
    2) the remaining life and years are not needing to be changed



    ------------------------------
    Jo deRuiter, MCP, DCP
    "That GP Red Head"
    AISLING DYNAMICS CONSULTING, LLC
    WEBSITE: https://aislingdynamics.com/
    BLOG: https://community.dynamics.com/gp/b/gplife
    770-906-4504 (Cell)

    ------------------------------



  • 3.  RE: Adding LTD Depreciation to an Asset

    TOP CONTRIBUTOR
    Posted 9 days ago
    ​Thank you, Jo.

    ------------------------------
    Charles Allen
    Senior Managing Consultant
    BKD Technologies
    Houston, TX
    ------------------------------



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