The Override form is where you can change an asset's settings if you make a mistake when you add it to Fixed Assets or perhaps most typically after it has had depreciation calculated for it and its status is Live. For example, if an asset is created in this period and depreciation is calculated for it, you can reverse the calculation or reset the asset record’s status to New.
You can change most of the attributes of an asset including the depreciation method, depreciation rate or the asset category. The changes you make will take effect the next time you run the Depreciation Calculation. A full override can be run on asset records with the status New, Live or Fully Depreciated. If the status is Disposed, only the category can be changed.
The form displays both the old and the new settings so you can compare them before you commit the changes. The Old heading shows the asset settings at the beginning of this period. You can check the asset's values before making any changes by pressing the F3 key. If you want to reverse an override after committing your changes and closing the form, you can click the Clear command on the Action menu.
Note: 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. If the Override menu is disabled, the Depreciation Calculation has already been run for this period. After you run the Period End command the Override menu will be enabled again.
Tip: You can also use the Override option in the Asset Category command on the Maintenance menu to override settings for all assets in a particular category.
You only need to alter the boxes under the New Values heading for the settings that you need to change. The other boxes can be left unchanged.
Box |
Description |
|---|---|
Category |
The new Asset Category for the asset. If you change this, the settings for the category, like the depreciation method, are displayed in the other boxes on the form. However, you can override these default settings. |
Depreciation Method |
The new depreciation method for the asset. For more information, see the Depreciation Calculation Help topic. |
Expected Life |
The new expected life for the asset. If you change this, the Remaining Life, and the annual depreciation value or rate, are recalculated. |
Depr./Annum |
The new annual depreciation value or rate for the asset. If you change this, the Expected Life and Remaining Life are recalculated. |
Residual Value |
The new residual value for the asset. |
Depreciate in Start Period |
Tick to force depreciation calculations to 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. |
Depreciate in Disposal Period |
Tick to force depreciation to be calculated in the period that the asset is disposed. |
Depreciate for Full Periods |
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. |
Backdate |
Any changes that result in a different depreciation calculation can be backdated to the start of the 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. 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. |
Comments |
A mandatory comment that is displayed on reports in Fixed Assets. |
Box |
Description |
|---|---|
If Fixed Assets is linked to the Nominal Ledger, these boxes allow you to change the asset's Nominal Ledger accounts that are updated with depreciation, disposals and revaluation journals. |
|
Original Cost |
The Nominal Ledger account for the original cost value for the asset. This account must be a Balance Sheet account. |
Depreciation TD |
The Nominal Ledger account for the depreciation to date value for the asset. This account must be a Balance Sheet account. |
Disposal Adjustment |
The Nominal Ledger account for the disposal adjustment value for the asset. This account must be a Profit and Loss account. |
Depreciation TP |
The Nominal Ledger account for the depreciation value for the asset. This account must be a Profit and Loss account. |
Update Allocation |
Tick to update all the existing allocation records for the asset. 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. |
Project & Department |
The Nominal dimensions code for the selected Nominal Ledger account. These analysis dimensions are available if the Advanced Nominal Ledger feature is used and the Nominal Ledger account is set up to use the dimensions. For more information, see the Advanced Nominal Ledger Help topic. |
You can use the Action menu to:
Action |
Description |
|---|---|
Asset Values F3 |
Displays the asset's existing capital cost, depreciation, net book value and the current period and year in Fixed Assets. |
Clear |
Reverses any changes you make to the Override form after an override has been committed. The menu item is disabled until an earlier override is committed and the form is closed. |