Segregation of YTD and Prior Period Depreciation on Assets (Oracle Fixed assets 11.5.10.2)
Hi,
We are adding an Asset in the period Mar-2014. All fixed assets period prior to March-14 have been closed.The date placed in service of the asset is 01-APR-2012 and cost is Rs.12,000/-. The life of the asset is 2 years and depreciation method is Straight Line. The financial year of the company is from April to March. When we ran the depreciation for March-2014, the asset is fully depreciated as expected since the life is 2 years. However, the entire amount of depreciation (Rs.12,000/-) is shown as Year to Date depreciation. Actually the YTD Depreciation should be Rs.6,000/- and remaining Rs.6,000/- should be prior period depreciation. Please suggest whether this is intended functionality and also what will be the accounting entries for the transaction?