Revaluation to happen for the original useful life
Summary:
Content (please ensure you mask any confidential information):
Hi
Client has the below scenario
Asset Cost- 100,000
DPIS - 31 Mar 2021
Useful Life - 5 years.
Monthly Dep - 100,000/5/12 = 1667
They revalue the asset on 1 Apr 2025.
Revalued cost - 40,000
Useful life from Revalued date - 5 years
Ideally monthly depreciation should be 40,000/5/12= 667.
However system calculated the depreciation for the remaining useful life from the revalued date. (1 year remaining in above example)
While client wants the depreciation to be for the whole new useful life of 5 years from the revalued date. (Ex: 40,000/5/12)
Any workaround or any solution for this?
Thanks
Version (include the version you are using, if applicable):
0