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Re: Depreciation

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March 23, 2017 02:40PM
Here are some steps to follow:

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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MarkMarch 23, 2017 10:38AM

Re: Depreciation

Kathy ClineMarch 23, 2017 02:40PM

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