Q about new tax ledger for Fixed Assets

Hello All,

I have a quick Q on Fixed Assets.

We follow year Jul - Jun in JDE.

We are starting a new tax fixed asset register T1 to account for resetting our tax costs as a result of tax consolidation. We have opening balance assets that need to be depreciated as at 01/07/2015 with new costs and sometimes new effective lives and new depreciation methods. Some assets will have a opening accumulated depreciation as by the tax rules.

We will have asset additions for assets acquired after 01/07/2015.

We will have asset disposals for assets disposed after 01/07/2015.

My understanding is that to maintain existing assets in the register that have not got a revalued costs, they will have to have a cost of 0.01 and accumulated depreciation of 0.01 to ensure the assets roll forward from year to year until they are disposed - they would need to be uploaded as such in JDE.