4.3.3 Updating a Fixed Asset

Updating a fixed asset record requires the use of the Fixed Asset Data Entry screen. Fixed Assets is selected from the Select, Fixed Assets menu. Once the screen is displayed, the record to be updated must be queried and found. Refer to the above section for instructions on QUERYing a record. With the record displayed on the screen, put the screen in UPDATE mode by pressing the UPDATE <F4> button. The cursor is then moved to the field that needs changing, and the updated data is entered.

Prior to calculating the first period's depreciation for any asset, you can update any or all of the fields in the record except the Asset and Purchase Cost fields. Once the asset has been through the depreciation process and the general ledger accounts have been accessed, you are not able to update the Controlling Account field. All the remaining fields can be updated except for those mentioned above.

If you update the depreciation method, you are adjusting the depreciation calculation for subsequent periods. Changing the depreciation method does not adjust the accumulated depreciation of prior months. If needed, you can start from the first depreciation period and redo the depreciation process for all periods leading up to the current period. For the proper expense allocation to the general ledger, you must also rerun the closing routines for all affected periods.