• From: South Africa
  • Registered: 12/23/2013
  • Posts: 12

Topic: Fixed asset take on

I have an existing accounting system now on 2.4.4. I have an existing fixed asset register. Some assets which are now at 0 book value and some has some time to go in amortization.

What would be the best strategy to take-on the existing assets into asset value and accumulated depreciation accounts and the asset register.

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,089

Re: Fixed asset take on

Find out the original value of the asset and create it in the previous year and depreciate it fully in that year so that the carry over is nil but the asset's original value is available. Alternatively book the asset at the lowest value of 1 cent ($ 0.01) and then depreciate it fully.

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