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Use the Useful Life (Months) subcolumn to change the number of months the fixed asset is being planned for usage if the Straight Line depreciation method is selected for the asset. The Remaining Useful Life (mothsMonths) subcolumn shows the remaining number of months the asset was planned to be depreciatedshould be depreciated after the current month.
Use the Revised Useful Life (Months) subcolumn to change the number of months the fixed asset is being planned for usage if the Straight Line depreciation method is selected for the asset.
In the UOM column, select the unit of measure for usage if the Units of Production method will be applied.
The Estimated Production Volume column is used only for assets for which the Units of Production selected as the depreciation method; it shows the production volume in the specified UOMS until which the asset will be considered fully depreciated.
A check box selected in the Depreciate column indicates that for this asset the system will calculate depreciation in accordance with the selected method. If you clear the check box, the fixed asset will be considered as temporarily at conservation and will not be depreciated.
The Expense GL Account column shows the default GL expense account selected for transactions with the fixed asset. If needed, you can assign another GL account from the Expenses section of COA.
In the Department column, you can change the department associated with usage of this fixed asset.
In the Expense Item (for Depreciation) column, you can select an expense item to be associated with this fixed asset.
Use the Business Activity column to select the business activity with which this fixed asset will be associated.
The Gross Cost column shows the initial cost of the fixed asset.
Use the Revised Gross Cost column to enter the updated cost of the asset.
The Salvage Value subcolumn shows the salvage value defined earlier for this asset. The salvage value can be used as a base for sale price at the end of its useful life.
Use the Revised Salvage Value subcolumn to enter the new salvage value.
The Accumulated Depreciation column shows the amount of depreciation accrued over periods of useful life since the start of depreciation.
The Depreciable Cost subcolumn is automatically populated with the amount that is equal to difference between the previous Gross Cost and Salvage Value.
Use the Revised Depreciable Cost subcolumn to enter the new Depreciable Cost; should be equal to difference between the Revised Gross Cost and Revised Salvage Value.
The Revaluation GL Account column is intended for a GL account to be used to register the gain or loss resulted from revaluing the asset cost.
In the Income/Expense Item for Revaluation column, specify the income/ expense item to associate this gain or loss.
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