[Jackie Hodge]

?We input a fixed asset with the incorrect acquisition date and would like to change it.  Will this cause a problem?

The asset has already been posted and depreciated.

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Jackie Hodge
Motion Picture Association of America, Inc.
Sherman Oaks CA
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[Kyle Malone, CPA]

Nope! Change away!

However… Keep in mind that the Acquisition Date is what defaults the Placed In Service date.

The placed in service date is what controls depreciation.

If you change the acquisition date, you’ll have to consider if you’ll have to change the placed in service date as well and if yes, click through each book and change it.

Let me know how it goes or if you have any further questions.

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Kyle Malone, CPA
GP Admin – CGB Enterprises, Inc.
Lead Consultant/Blogger – http://ALaCarteGP.com
Chapter Leader – Louisiana (New Orleans)
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[Jo deRuiter]

Hi ?!

provided a solid answer that I would like to build on.

?You can certainly change the Acquisition Date at any time you’d like, but you will need to consider the place in Service Date!

(Once you add information on the General Card, it will not flow down to the other areas such as Book automatically – after you’ve saved the card)

IF you change the Place in Service Date you will receive a notice that you are changing a Depreciation Sensitive Field and you will be asked if that’s okay.

IF you say yes, you will then be asked HOW you’d like to recalculate:

• Life  – This will go back and recalculate every depreciation period that has already been calculated to make it compatible with the new depreciation information you entered – even for prior years.  This option will then attempt to post all of the re-calculated periods to the GL as adjustments to depreciation/amortization.  It will then re-calculate for all future periods so that you are fully depreciated by the time Original Life/Days runs out – from Placed in service Date – this will result in a more “even split” among all periods for the life.
• Year – This will BEGIN the recalculation for only the open FA year you are in and then do “catch-up” calculations that will affect every FA period for the current year and then re-calculate all depr going forward so that by the time you run out of Original Life/Days it will be fully depreciated (based on Place in Service).  This will result in perhaps several years reporting one amount of depreciation and several with a different amount of depreciation for this asset – but the end results are the same.
• Recalculate – This will affect ONLY Future periods for the asset and will not attempt to “re-coup” depreciation from prior periods at all.  It will (depending on what you change on the book) increase or decrease future monthly depreciation amounts so that by the time you run out of Original Life/Days the asset is fully amortized or depreciated.

I am a FIXED ASSETS NERD, LOL

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Kindest Regards,

Jo deRuiter , MCP, DCP
“That GP Red Head”
Advanced Credentialed Professional-Dynamics GP
GPUG Academy Instructor
GPUG GP Credentialing Exam Committee
Chairman, GPUG Partner Advisory Board
Dexpro Dynamics LLC
Senior Consultant
Milwaukee, WI
770-906-4504 (Cell)
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[Jackie Hodge]

? & ?? 

Thanks!  I do not need to change the PIS date as that was manually changed at time of input and input correctly.  I only need to change the ACQ date and it looks like I should not have any recalculation issues! 

Appreciate the quick responses!

And , if you’re a #Fixed Assets “nerd” I’ll be keeping you on my radar for future Fixed Asset questions!
??

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Jackie Hodge
Motion Picture Association of America, Inc.
Sherman Oaks CA
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