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How to correct additional depreciation

in Assets 1 comment

Summary:

The user added new assets to an asset existing into the system. The user added two new assets on 12th Jan, 2024 and 15th Jan, 2024 but did not provide the amortization date for the newly added asset. This resulted into system calculating the depreciation on the newly added asset and original asset from the date of date place in service.


Asset Number- 71056

DPIS- 30th September 2023

Original cost before addition in Jan-2024 98418493.02

Salvage Value - 1.00

Addition on 12th Jan 2024 : 117113.39

Addition on 15th Jan 2024 : 193266.52

Additional Depreciation Calculated due to Addition : 335633.95


The Intention of the user that the system should calculate the depreciation on Additional cost for the remaining useful life of the asset but as he forgot to mention the date of amortisation the system calculated the deprecation from the date of DPIS i.e- 30th September, 2023.

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