I need to create a new depreciation area for "Stepped Up" value of asset. Stepped Up value refers to an increased value (due to revaluation of asset) as compared to book values. We are still on legacy system.
Here is some info:
On June 19th an outside consulting group placed a new value on each asset and a remaining useful life. At that point our company created the new stepped up record in Asset Manager (a software that manages asset accounting transactions) listing the new values, setting the accumulated depreciation to zero, and entering the new useful life for calculating depreciation. In the general ledger our company adjusted the fixed asset accounts to reflect the new (increased) values and recorded a journal entry to eliminate the accumulated depreciation.
Any pointers on how we can accomplish this Asset Accounting.
Thanks for your time!