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.
| Field | Description | Example |
| Effective Revaluation Date | The 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-Service | Adjust to the useful life of the asset to extend or retract the current useful life. | 81 |
| Remaining Useful Life | Adjust 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 Percentage | Update 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.