NetAsset - Place Depreciation On Hold

Placing Asset Depreciation On Hold

Use Case

STEP BY STEP PROCESS

  • Navigate to an NetAsset record where depreciation needs to be on hold and click the Revalue button.
  • On the Asset Revaluation page click the down arrow on the Revaluation Type field and select Place Depreciation On Hold.
  • In the Revaluation Note field provide a brief description of the basis and adjustments made with the revaluation for subsequent support and reference.
  • Click Revalue Asset. You will be navigated back to the asset record where you can refresh until the Processing Status no longer reads Processing Revaluation...
  • The status of the asset will update to "On Hold". Assets with a status of "On Hold" will not appear as an option to run journal entries on the NetAsset Monthly Journal Processing page.

Placing Assets Back In Service

STEP BY STEP PROCESS

  • Navigate to an NetAsset record where asset on hold needs to be place back in service and click the Place Back In-Service button.

  • Next, update the fields as necessary for the asset revaluation.
FieldDescriptionExample
Effective Revaluation DateThe start date of the period of the revaluation should take place. Note depreciation will begin in this period.9/1/2021
Depreciation Method

Change the method by which the asset will be prospectively depreciated.

Straight Line
Useful Life at In-ServiceAdjust to the useful life of the asset to extend or retract the current useful life.81
Remaining Useful LifeAdjust to the remaining useful life of the asset to extend or retract the current useful life.77
Residual Value Estimate

Update the residual value estimate to be any number less than the current net book value and greater than or equal to 0.

0.00
Residual Value PercentageUpdate the residual value percentage to be any number between zero and 100 to automatically populated the residual value estimate based off the original net book value.0%
Revaluation Note

Provide a brief description of the basis and adjustments made with the revaluation for subsequent support and reference.


Asset placed in service after 3 months
  • After double-checking inputs for the revaluation, click Revalue Asset
  • You will be navigated back to the asset record where you can refresh until the Processing Status no longer reads Processing Revaluation...
  • The schedule lines from the date the asset was placed on hold to placed back in-service will be removed from the schedule.
  • The schedule from the Effective Revaluation Date onward should reflect any updates to Depreciation Method, Useful Life, Residual Value Estimate, and the newly calculated Depreciation Amount.

  • An NetAsset Revaluation record will be saved on the Revaluations subtab of the asset to saved historical data before and after the revaluation.

  • Clicking the Edit link will reveal the asset information both before and after the revaluation.



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