Skip to Content
0
Former Member
May 15, 2010 at 08:59 PM

ABUMN asset transfer

382 Views

Hey Guys,

When doing an inter company asset transfer we are facing an issue as the current year depreciation for tax books remains on both the old and new asset. Before doing an asset transfer I could change the key to 0000 but in my copy controls I am copying the depreciation key to the new asset as well, so that will mean that the new asset will also get the key 0000 but I want the new key to use the original tax key that was assigned to the asset being transferred. How do you over come this issue?

This problem is only for the tax books

E.g. Asset 76333 is being transferred. key NA0

Acquisition value 10000

Accum Depreciation 5000

Current year depreciation 200 ( half year convention)

When I do an ABUMN- it copies all the information from the original asset

New asset 76334

Acquisition value 10000

Accum depreciation 5000

Current year dep 200

The current year depreciation is being calculated for both the assets. If I change the key of the asset being retired to 0000 , then the new asset will also have key 0000. I want the new asset to have current year depreciation of 200 but the old asset should have 0000.

Please advice