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Fixed Assets revision
05-31-2012, 11:45 AM
Post: #1
Fixed Assets revision
Hi all:

I try to set up the asset manager to work but found these issues:

1) Select Asset buttons Next and Go do not work when you have more than 20 assets. They start New Asset script instead of showing the desired set of assets.

2) If the asset is purchased to start sometime in the future, depreciation should not start until start date <= depreciation date. Example: buy and pay now a rental for a location, rental period starting 6 months ahead. Depreciation should start 6 months from now, even if the payment is already done (asset is booked. has the full value until the 7th month, when it starts depreciating).

3) Not sure what happens is a user forgets to run the depreciation process one month. Next month does it twice? How to modify the date?

Thanks!

Regards,
Pak Ricard
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06-01-2012, 06:29 PM
Post: #2
RE: Fixed Assets revision
Depreciation starts from when you add the asset... you just add the asset when you purchase it?

If you forget to run the depreciation one month, the system remembers the last date you ran it to, and runs it for the succeeding period.

Phil Daintree
webERP Admin
Logic Works Ltd
http://www.logicworks.co.nz
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06-01-2012, 08:10 PM
Post: #3
RE: Fixed Assets revision
(06-01-2012 06:29 PM)phil Wrote:  Depreciation starts from when you add the asset... you just add the asset when you purchase it?

Hi Phil:

Yes, example today I rented a location and pay X. Rent starts in 6 month's time.

I already have the right for that location, thus it's an asset for the company starting today (if tomorrow we sell the company, it has more value, as has the right to use a location in the future). BUT if I assign it to the asset manager today, will start depreciating next month, and should not. Should start on the 6th month...

It's a pretty usual way of renting properties in this part of the world (for prime location). You rent now (paying now in full 3, 5 or 10 years of rent), and the rental period starts as soon as the previous guy leaves the premises, the day before you go in.

Yes, it's a symptom of financial bubble, but it's happening Confused
so, should be able to be recorded in webERP.

Could it be done to start depreciating after purchasing date?

Regards,
Pak Ricard
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06-01-2012, 08:56 PM
Post: #4
RE: Fixed Assets revision
Well not as it stands ... there is a strong argument not to depreciate property - assuming it is well maintained - in any event.
If you buy an asset, other than property, then the norm is for it to be consumed over it's useful life - perhaps with a residual value and depreciation is allocated normally over the period of it's useful life or until it is sold - either on a straight line or diminishing value basis.
There is currently no way to suspend depreciation and it is not normal to do so either. You buy an asset and it starts depreciating!
Currently the functionality allows for partial additions and additions to existing assets and disposal of assets. There is nothing surer than depreciation, death and taxes :-)

This sounds like a feature request for quite a specific situation.

Phil Daintree
webERP Admin
Logic Works Ltd
http://www.logicworks.co.nz
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