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Net book value should be zero when an asset is retired
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Tang@discussions.microsoft.com Fiona Tang
Nov 27, 2005, 8:16:13 PM11/27/05
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When an asset is retired and has not been fully depreciated, the net book
value is calculated as cost basis less LTD depreciation. Our client believes
that this is bad accounting practice. The net book value should be zero when
an asset has been retired, even if it has not bee fully depreciated. I
understand that when running FA reports it excludes assets with a status of
retired, however, when using smartlist > fixed assets book, there is no field
to filter out all assets with a status of retired. This makes it difficult
for the client to correctly analyse their assets, especially when the
standard GP reports does not provide the information that is required. Some
of our GP consultants also believes that the net book value should be zero
when the asset has been retired. I know that Axapta and Navision zeros out
the net book value when the asset is retired. GP should behave the same way.
value is calculated as cost basis less LTD depreciation. Our client believes
that this is bad accounting practice. The net book value should be zero when
an asset has been retired, even if it has not bee fully depreciated. I
understand that when running FA reports it excludes assets with a status of
retired, however, when using smartlist > fixed assets book, there is no field
to filter out all assets with a status of retired. This makes it difficult
for the client to correctly analyse their assets, especially when the
standard GP reports does not provide the information that is required. Some
of our GP consultants also believes that the net book value should be zero
when the asset has been retired. I know that Axapta and Navision zeros out
the net book value when the asset is retired. GP should behave the same way.
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Lisa Rivers
Dec 1, 2005, 3:09:02 PM12/1/05
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Fiona - you can use Smartlist to get a list of active only assets by
including a search where "Prorated Retirement Date" "is equal to" "enter
date" "0/00/0000" in the Fixed Asset Book smart list. The Fixed Asset
general smartlist allows you to use "Asset Status" "is equal to" "Active" to
display only active assets.
including a search where "Prorated Retirement Date" "is equal to" "enter
date" "0/00/0000" in the Fixed Asset Book smart list. The Fixed Asset
general smartlist allows you to use "Asset Status" "is equal to" "Active" to
display only active assets.
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