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How to set Cumulative Depreciation on fixed asset to zero?
I need assistance on how to set the Cumulative Depreciation on a Fixed asset.
The company was acquired and have current depreciating fixed assets. I am trying to set the existing fixed asset to have a cumulative depreciation of zero.
Scenario 1:
Laptop, Straightline method, Mid-Month Depreciation, depreciation period is 36 months, depreciation of 30 months has occurred.
Original cost is $7702.88
Cumulative depreciation is $6847.04
Net Book Value is $855.84.
Scenario 2: Can NetSuite set the asset, Cumulative Depreciation to Zero when asset is fully depreciated?
Laptop, Straightline method, Mid-Month Depreciation, depreciation period is 36 months, asset has fully depreciated of 36 months has occurred.
Original cost is $7702.88
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