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The Useful Life (Months) subcolumn shows the number of months the fixed asset was planned for usage with the Straight Line depreciation method used for the asset. The Remaining Useful Life (Months) subcolumn shows the difference between the number of months of useful life and the number of months the asset was planned to be depreciated after the current month if there were no changeshas been depreciated.
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.
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A check box selected in the Depreciate column indicates that for this asset depreciation will be calculated using the "old" parameters, that is, the parameters in effect before the current changesdepreciated after the change of its parameters.
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.
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The Accumulated Depreciation column 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 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 subcolumn shows the new depreciable cost calculated based on the values of Revised Gross Cost, Accumulated Depreciation, and Revised Salvage Value columns.
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.
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.
In the Cost Before Changes column, enter the previous cost of the fixed asset.
Use the Cost for Depreciation Calculation column to enter the updated cost of the asset.
The Revaluation GL Account column is intended for GL accounts to be used to register the gain or loss resulted form 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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In the Transaction Content column, provide a brief explanation of these changes.