| # Asset Adjustment (tffam1202m000) Use this session to adjust data of an asset or assets after the asset has been capitalized. The adjustment is recorded as a transaction. The changed values are recorded to the original asset record and the original values are recorded in ERP Enterprise to provide an audit trail of all transactions. Note Adjustments where assets are removed from or added to a vintage account will not result in depreciation transactions. If depreciation must be restated until the adjustment date or run from the adjustment date, you must perform these actions manually. Asset adjustments can be done on an asset or a book basis. You can make adjustments to one asset in all of its books in this session ( Asset Adjustment (tffam1202m000). You can also make adjustments on one or multiple assets in one, more, or all of the books: To adjust an asset book individually, see the Asset Book Adjustment (tffam1214m000) session. To adjust multiple assets at once in all books, see the Mass Adjust Assets (tffam8220m000) session. To adjust multiple assets, in one or more (but not all) books, see the Mass Adjust Assets by Book (tffam8225m000) session. Related topics Asset Adjustment Adjusting Asset Books Asset Adjustment Restrictions Adjustment Journals Asset Number The asset number and asset extension create a unique identifier for the asset in the selected company. Asset Number The description or name of the code. Extension The asset number and asset extension create a unique identifier for the asset in the selected company. Status Current status of the asset you have selected. Adjustment Date Date the adjustment takes effect. Depreciation can be restated for the adjustment from the effective date; if the transaction is processed, depreciation is recalculated from the specified period, for each non-suspended period in the frequency, up to and including the last depreciation period. Default value The current date. Reason Enter a reason code of the Adjustment reason type for the new adjustment transaction. Reason codes are maintained in the Reasons (tffam6550m000) session. The reason code of an adjustment transaction can be looked up in the Adjustment - Details (tffam8520s000) subsession of the Asset Book Transaction Inquiry (tffam8501m000) session. Reason The description or name of the code. Suppress Journal Entries If this check box is selected, journal entries are not created in the General Ledger module for this transaction. Print Error Report If this check box is selected, an error report is printed. Owner You enter the new value for the selected assets. This field is only editable in the first year of the asset depreciation. Action The action to be carried out when you make and adjustment to the asset. If you select Do not adjust, the adjustment makes no changes to the selected asset's vintage account data. If you select Remove, the adjustment removes the asset from its vintage/group account and treats it as if it were never in the vintage account. The asset's accumulated depreciation, cost, and salvage value are subtracted from the vintage/group account and depreciation is restated. If you select Add, the adjustment adds the asset to the indicated vintage/group account and treats it as part of the account. The asset's accumulated depreciation, cost, and salvage value are added to the vintage/group account and depreciation is restated. Default value Do not adjust Business Percentage You enter the new values of the business percentage for the selected assets. If the new value is less than fifty percent, the ITC Method field is automatically set to None for Federal Tax-U.S. and Other Tax-U.S books. Default value The current value on the asset. Statement Account This field is active, if you select Add or Remove from the Action field. You must fill in a valid vintage/group account. The transaction can only go through if the values of the selected account match the asset exactly. In other words, the life, method, frequency, new, and depreciate below salvage fields in the Asset Book (tffam1110s000) session on the asset must be the same as those for the selected account. In the Asset Books (tffam1510m000) session, the property type must be of the type appropriate to the selected account. ITC Method Indicates whether the asset is eligible for an Investment Tax Credit Method and whether the asset is defined as listed property and depreciates as long as it still has cost left to depreciate, regardless of life. Default value The current value of the selected asset. Automobile If this check box is selected, you are indicating that the asset is an automobile. Some types of automobiles must be identified as such for United States federal tax reporting purposes. Default value The current value of the selected asset. Listed Indicates whether the asset is listed property as defined by the United States Internal Revenue Service (IRS). United States Federal tax regulations limit the amount of depreciation allowed for listed property. If this check box is selected, the asset is defined as listed property and depreciates as long as it still has cost left to depreciate, regardless of life. Default value The current value of the selected asset. Asset Distribution By You determine whether the asset is distributed by quantity, by selecting Quantity; or percentage by selecting Percent. Default value If the asset currently displayed was distributed by quantity, the default is Quantity. If the asset currently displayed was distributed by percentage, the default is Percent. New If this check box is selected, indicates the asset is new. If this check box is cleared, the asset is used. Default value Selected Number of Lines Number of distribution lines that ERP Enterprise will adjust for the asset or assets selected. |