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Re: Selling a depreciable improvement.

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September 26, 2016 08:17AM
I would start by going to the Record Payment/Purchase.Select a Vendor, use the oldest date available for the accounting year still open. Purchase the Asset that was originally added as an Improvement. Use the Equipment button this time. You can purchase for zero dollars. To make your like simple check the box Not used in a Farming Operation. Click OK. Click Record and Done.

Then you can follow the instruction below to zero the purchase amount and accum. depreciation for the Asset Improvement. Then edit the new piece of equipment using the same purchase cost and accum depreciation removed from the improvement. This will zero the improvement amounts and display on the current new equipment allowing you to sell for the proper amount.

Asset Depreciation Adjustments
1. Go to Accounting, Depreciation and select Asset Depreciation.
2. Make the correct Depreciable Items selection.
3. Click the Green pencil button to left of desired Asset name needing the correction.
4. When the Edit Depreciable Asset window displays enter the correct date for adjustment. Enter the correct Purchase cost, Accum. Depreciation, if applicable from the Adjustment column. This will update the After Adjustment column totals. To the right will be an additional column displaying the Asset account name for this item being adjusted. Remember this account name for the accounting journal entry is desired. Click OK.
5. Repeat process until all adjustments have been entered. You will notice that at the bottom of the Asset Depreciation it adds an item for total amount of all adjustments into an Unassigned. This is okay to leave but if wanting the GL to match these corrections a Journal entry will be required to resolve this difference.
6. Then Click OK to close the Asset Depreciation.

Correcting the GL for Asset Adjustment
1. View the Accrual Trial Balance. Click Accounting-GL-Accrual Reports-Trial Balance. Scroll to the Asset/Inventory/Equipment or any other Fixed Asset where adjustments had been made. Click the Yellow folder for this account. Listed will be all the Assets and correct costs, additionally you will see a new item called Unassigned where all the changes made in Asset Depreciation have been changed. Jot down this amount or print the report and close the TB.
2. Then go to Accounting-GL-Input Journal Entries.
3. Enter the dollar amount for the first Asset account total change. Highlight the correct matching Asset Account name reviewed by the TB in step 1. Click Debit or Credit depending upon what amounts we found in the Unassigned. If a negative amount is found in Unassigned then use the Debit button or vice versa.
4. Enter the same dollar amount again. This time highlight the correct Equity account receiving the offset to step 3. Example: If books are setup as a Proprietorship you would select the Equity


Kathy Cline,
Trimble Ag Software Support
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Selling a depreciable improvement.

WaynoSeptember 16, 2016 10:26AM

Re: Selling a depreciable improvement.

Kathy ClineSeptember 19, 2016 12:33PM

Re: Selling a depreciable improvement.

WaynoSeptember 20, 2016 12:26PM

Re: Selling a depreciable improvement.

Kathy ClineSeptember 23, 2016 07:53AM

Re: Selling a depreciable improvement.

WaynoSeptember 24, 2016 10:03AM

Re: Selling a depreciable improvement.

Kathy ClineSeptember 26, 2016 08:17AM

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