1. I have posted the depreciation until December 2021. How to record my new asset?
Answer:
A) Method 1 :
Maintain the Asset Item as below:
- Key in the Cost as Net Book Value (as at 31/12/2021).
- Acquire Date, eg. 01/01/2022
- Useful life = Balance of useful life to be depreciate
OR
B) Method 2:
Maintain the Asset Item as below:
- Key in the Cost as Original Cost
- Acquire Date set as Original Purchase Date
- Useful life = Full useful life
- Process Depreciation until 31/12/2021.
- Tick Cancelled to the Journal posted from Process Depreciation