Useful life of non-depreciable assets (land)
Hello,
We have set up an asset profile for land as a non-depreciable asset. The system will not allow us to save the profile without entering either a useful life value or an end date value. However, the guidance from accountants is that land has an unlimited useful life, due to being non-depreciable.
We tried setting an end date far into the future (2075), however, now when we retire a land asset we are getting unbalanced journals. We submitted a SR to Oracle, suggesting the useful life should not be a required field for non-depreciable assets, but they advised it is working as designed and we should enter a value, despite the asset having indefinite life.