Skip to main content

Hello

I am new to IFS. In July 2019 an asset was added for $2,236,067 with a useful life of 39 years which calculated to $4,778 per month. In Dec 2020, the team changed the useful life to 3 years which calculated the go forward depreciation in December 2020 until now as 62,113 per month. The asset should actually be set to 15 years. We would like to change this for September 2021 which the depreciation will now be 12,423 per month. Is there a way to do this in IFS so the residual and correcting depreciation will take place versus us having to do a manual journal entry? Here is what I need to see happen: 

Adj needed - support attached

$6,812 - $2,620=  $4,192 under depreciation

$12,423 - $4,778 * 16 months = $ 122,315 under dep

$12,423 - $62,113 * 9 months = $ (447,210) excess dep

Net ($320,703) excess depreciation

What is the best way to proceed as I need to guide the team. 

Thank you

Jen

@HACLSE ...can you have someone answer this for us please?

Thanks,

Jerry

Hi!!

It is possible to use Change Net Value option in Fixed Asset Accounting to handle the over/under depreciation. In Change Object Value page/window you can query for your object and select the Change Net Value operation for the selected book.

Change Net Value will help to adjust the accumulated depreciation balance. You can enter a positive value (to reduce the accumulated depreciation balance) or negative value (to handle under depreciation, where accumulated depreciation will be increased). The impacted posting types are FAP 15, FAP 16 and FAP 30. Posting type FAP16 will adjust the accumulated depreciation - balance accounting. Hence you can have a similar account set up as FAP6 where your depreciation balance accounting is posted.

Using a manual voucher is another option, but it will not reflect the adjustments in the FA Ledger.

 

Regards,

Niluka

 

Terms & ConditionsCookie settings