No Acquisition Value

I am relatively new to FAS, and I have been tasked with cleaning up our asset list. I have found a handful of assets that are missing the acquisition value. Some of these assets go back to as early as 2010. When updating the value, I am prompted with a "critical depreciation change" menu. I am unsure of which option is the best/follow GAAP? I also do not know if FAS will automatically calculate an adjustment on the next GL posting? 

  • Hello Alex, 

    When it come to changing critical values, the question is: What effect do you want to have on the asset.

    For Example:

    If you answered Yes-Current Thru Date to the questions when making the change. The Beginning information will be populated and being a manual override of the depreciation will force the asset to be under or over depreciate (in the case, very under depreciated. The asset will only continue to take depreciation if there is still a remining life - See How to fully depreciate an under depreciated asset? (16868) for your next steps. I am guessing the Manual method would work best for very old assets

    If you answered Yes-Placed-in-Service date to the questions. then all depreciation is cleared from the asset so then it will behave as if it is a brand new asset. The program would not see the asset as adjusted. It will only see the asset as never having been calculated which could be a problem on asset which should have fully depreciated years ago suddenly having an accum with no other amount every appearing on the asset.

    ~Delray

  • This was very helpful! Thank you!

  • Hi Alex, happy to see that the community helped you figure out a solution!Tada

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