1. I have posted the depreciation until December 2021. How to record my new asset?: Difference between revisions

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Maintain the Asset Item as below:
Maintain the Asset Item as below:
::[[File:Asset-FAQ1a.jpg |600px]]
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# Key in the Cost as '''Net Book Value''' (as at 31/12/2021).  
# Key in the Cost as '''Net Book Value''' (as at 31/12/2021).  
# Acquire Date, eg. 01/01/2022
# Acquire Date, eg. 01/01/2022

Revision as of 07:54, 31 October 2022

Answer:
A) Method 1 :
Maintain the Asset Item as below:

Asset-FAQ1a.jpg


  1. Key in the Cost as Net Book Value (as at 31/12/2021).
  2. Acquire Date, eg. 01/01/2022
  3. Useful life = Balance of useful life to be depreciate
  4. Start Process Depreciation from 01/01/2022


OR

B) Method 2:
Maintain the Asset Item as below:

  1. Key in the Cost as Original Cost
  2. Acquire Date set as Original Purchase Date
  3. Useful life = Full useful life
  4. Process Depreciation until 31/12/2021.
  5. Tick Cancelled to the Journal posted from Step 4