Inevitably when inputting data into the system mistakes occur, in the case of an incorrectly entered Initial Cost it is not a simple matter to fix because simply changing the value in the Fixed Asset Maintenance screen would not adjust the balances of the asset and raise the necessary journals. In order for ongoing depreciation to be correctly calculated, the Initial Cost must be correct so a special function just for amending this piece of data has been included in the system.
The Amend Initial Cost object changes the Initial Cost attribute of the Asset and creates one Fixed Asset transaction, an adjustment as at the purchase date.
You can amend the initial cost of an asset by selecting and highlighting the item from the main screen and then selecting the Amend Initial Cost option from the Fixed Assets menu option.
The Amend Initial Cost screen is reached when the Amend initial Cost option is selected.
1. All the relevant details of the Asset to be amended are displayed.
2. Enter the new initial cost of the Asset, it can increase or decrease the value of the asset.