Adjusting assets with previous in-service dates

Use this procedure to account for an adjustment to depreciation for a released asset with an in-service date in the previous year. Journal entries are created for depreciation catchup amounts for the previous year in addition to the catchup amounts for the current year.

  1. Select Manage Assets.
  2. On the Released tab, open the asset to adjust.
  3. On the Books tab, open the asset book.
  4. Specify the changes in the Depreciation section and select the Adjustment Post History check box.
  5. Click Save.
    The entries are created and posted to the global ledger when the adjustment is released.