Josh
Active Member
Hi List,
Our client receives assets from other group companies. They are passing JV debiting Asset Cost, Crediting Accumulated depreciaiton & crediting Group company account for the NBV. Asset ID is put while creating entry & posted to GL, FA afterwards. But when we run depreciation for the current period, it reverses the accumulated depreciation to the extent of current depreciation & credits depreciation expense account.
What is the way to get the correct depreciation for the current year.
E.g Asset cost 12000 & Acc Dep is -8000. When we run depreciaiton (R12855) it debits acc depreciaiton by 7250 & credits depreciation expense account by 7250.
(Other method we tried was beginning balance. It works fine in that case, but client may not desire the same)
Josh
8.10 Functional Consultant
Our client receives assets from other group companies. They are passing JV debiting Asset Cost, Crediting Accumulated depreciaiton & crediting Group company account for the NBV. Asset ID is put while creating entry & posted to GL, FA afterwards. But when we run depreciation for the current period, it reverses the accumulated depreciation to the extent of current depreciation & credits depreciation expense account.
What is the way to get the correct depreciation for the current year.
E.g Asset cost 12000 & Acc Dep is -8000. When we run depreciaiton (R12855) it debits acc depreciaiton by 7250 & credits depreciation expense account by 7250.
(Other method we tried was beginning balance. It works fine in that case, but client may not desire the same)
Josh
8.10 Functional Consultant