How to add a new, partially depreciated asset

Owned by Knowledge Assistant
Last updated: Mar 24, 2021


Description of Issue

How to enter a new, partially depreciated asset

Context

Fixed/Capital Assets

Cause

Resolution

For reporting purposes, it's recommended to:

  1. Enter the asset in the New Assets program as if it was new and no depreciation had been taken.
  2. Post the asset.
  3. Use the How to run depreciation program to get the asset caught up on the old depreciation.
  4. If the old depreciation is already reflected in the General Ledger (GL), create a manual GEN journal to offset the depreciation journal created in step 3.
Additional Information