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In this video, I'm going to show you how to make an adjustment to the value of an asset in Asset Accountant.
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This feature allows you to adjust the cost of an asset or the depreciation of an asset as at an effective date,
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which will be reflected in the written down value of that asset.
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Navigate to the Fixed Asset Register screen and select the asset to be adjusted.
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I'll select my Galvanized Bench.
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Standard asset adjustments are made at the regime level.
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They're either made for tax or for accounts.
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I'll select Tax.
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To make an adjustment, click the Tax Actions button in the right-hand side second tier and select Adjustment.
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Choose to make the adjustment at the end of the financial year or the start of the financial year.
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We'll select the end.
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This adjustment will be effective from the 30th of June, 2024.
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You can change the cost either positively or by using a negative sign depending on the change that you wish to make.
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We'll add $1,000 to the cost of this asset.
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The addition of $1,000 is reflected in the updated written down value.
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I'll also make a change to depreciation of an additional $400.
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This will carry a negative sign and we can see this also reflected in the newly updated written down value.
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Add a note for reference.
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See reference EY1234.
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Click Save and the adjustment is recorded in the asset.
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If we return to the Asset screen, we can view the adjustment to cost and depreciation combined as well as the reference note.
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Adjustments must be made independently for tax or accounts, so one adjustment will not affect the value of the other
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and that is how to make an adjustment to the cost or depreciation of an asset in Asset Accountant.
