Use the Override command to update all the assets linked to the Asset Category with changes to depreciation options, Nominal Ledger accounts, and reporting categories. You can only use this command if there are no depreciation transactions in Fixed Assets for the current period, for example, after a period end procedure.
Tip: You can override the category settings for individual assets that are live or fully depreciated by using the Override command in Fixed Assets Processing.
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Box |
Description |
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Depreciation |
The depreciation method for the Asset Category. The methods available in Fixed Assets are Straight Line Amount, Straight Line Percent, Reducing Balance, Immediate Write Down or Manual Depreciation. |
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Depreciate In Start Period |
When this option is ticked, depreciation calculations begin in the period in which the depreciation start date falls. When the option is not ticked depreciation is not calculated until the period after the depreciation start date. |
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Depreciate In Disposal Period |
When this option is ticked, depreciation is calculated in the period that an asset is disposed. |
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Depreciate For Full Periods Only |
When this option is ticked, depreciation is always calculated for the whole period, even if an asset is purchased or disposed of part way through a period. |
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Expected Life |
The expected life for the asset. Depreciation is deducted over this period of time. |
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Depreciate / Annum / Period |
This box is only applies where the depreciation method selected is ‘Straight Line Percent’. It is used to calculate the straight line depreciation percentage for the year. A default percentage is calculated on the basis of the Expected Life. If you change it, the Expected Life is recalculated. |
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Nominal Ledger Accounts |
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Original Cost |
The Nominal Ledger account for the original cost values for assets in this category. This account must be a Balance Sheet account. |
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Depreciation To Date |
The Nominal Ledger account for the depreciation to date values for assets in this category. This account must be a Balance Sheet account. |
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Disposal Adjustment |
The Nominal Ledger account for the disposal adjustment values for assets in this category. This account must be a Profit and Loss account. |
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Depreciation |
The Nominal Ledger account for the depreciation values for assets in this category. This account must be a Profit and Loss account. |
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Backdate |
Any changes that result in a different depreciation calculation can be backdated to the start of an asset's life. Tick this box to force the system to work out the difference between the depreciation already calculated using the old settings and what would have been calculated using the new settings. An adjustment is then posted in this period for the difference for each selected assets in the category. If this box is not selected an adjustment will not be posted. Note: No values are backdated if the override does not affect the depreciation calculation, for example if you change the Nominal Ledger accounts but the depreciation method, expected life etc does not change. |
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Allocation NL Code |
Tick to update all the existing allocation records for the selected assets in the category. If this box is not ticked, the existing allocations are not changed. Allocation records are created in Fixed Assets if the asset is linked to locations or cost centres. |