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[Mary Barton]

?Right now our useful life on Class ID (Furniture) is set up for 10 years.  I want to change this to 7 years for furniture we just purchased.  Can someone please direct me to how to change the useful life for theses assets?  Thanks!

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Mary Barton
Controller
American Share Insurance
Dublin OH
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[Samantha Higdon]

Hi ,

The article below from Microsoft walks through options on how to change the useful life of an existing asset or group of assets.

https://support.microsoft.com/en-us/help/861544/how-to-reset-the-life-of-an-asset-or-of-a-group-of-assets-in-fixed-ass?

However, if you change the useful life, there will be questions about recalculating depreciation (because the length of time depreciation is to be spread across has changed), and the approach you pick will impact how that depreciation recalculation happens.

Below is a link to another thread on GPUG.  It’s not specifically dealing with changing the useful life, but it is a discussion of what happens when a depreciation sensitive field (like useful life) is updated.  does a nice job of explaining the recalculation options and what they actually do in her response.

https://www.gpug.com/communities/community-home/digestviewer/viewthread?MessageKey=a751614c-5685-4667-965d-89a6d8895267&CommunityKey=4754a624-39c5-4458-8105-02b65a7e929e&tab=digestviewer?

Take a look at those and let us know if there are additional questions or concerns the community can assist with!

Thanks,

Samantha

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Samantha Higdon ,CPA,CGMA
Consultant
Lagom, LLC
Carmel IN
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[Mary Barton]

Thanks I will look at these…. but I do have one further question.

I only want to change the life on these assets that I am adding now, not previous assets.  This will not change the life on all assets in that Class ID, is that right??

Also… can I just change the life on that Class ID without needing to change each asset?

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Mary Barton
Controller
American Share Insurance
Dublin OH
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[Samantha Higdon]

Hi ,

The links that I provided are for changing the life of existing assets (i.e. have already been set up in GP).  Those  steps walk through how to change a single asset or a group of assets that you specifically select.  It does not automatically change the life for all assets assigned to a class ID (unless you select all the existing assets).

For the assets you’re talking about, are they already set up in GP or are you contemplating how best to enter them initially? 

Thanks,

Samantha ?

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Samantha Higdon ,CPA,CGMA
Consultant
Lagom, LLC
Carmel IN
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[Jo deRuiter]

Hi

As mentions, if the assets are already setup in GP you need to either go into each one and change the useful life and then de???cide how you want them to recalculate, or setup a grouping of assets and use the Mass Change operation to change the useful life – you’ll be presented with the same choices on recalculating there..but in a different way.

for all FUTURE assets, be sure to go in and edit the ‘Book Class Setup’ for that class ID and change the life there and all new assets in that class will have the new life on them.

Thanks for the shout-out Samantha!!

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[Mary Barton]

Many thanks to both of you Jo and Samantha… I have found where to change the useful life.  These are for assets that I have not yet entered so I changed the useful life on that Class ID.

Again.. thanks for the information and prompt responses!?

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Mary Barton
Controller
American Share Insurance
Dublin OH
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