Adding asset in the previous period and depreciation run

Question

Hi Experts,
I want to know whether we can add an asset for the previous period and run the depreciation.
I will try explaining with an example.
Let us say,I forgot to add an asset and i want to add an asset now with date as 1st July 2008. Is it possible? If it is possible will the system calculate the depreciation from July or will it calculate from the date the asset has been added?
Please explain.
Thanks,
Sasidhar

Answer 1

Hi
It will allow you to add a new asset in the closed period with few conditions
Since you have given in your example as july 2008, check whether your FI year is open. Then check the asset period whether its opened are closed
If all the periods are not resticting you, you can go a head with adding an asset
Your depreciation will be calculated from the date of purchasing, that means only the calculationg will happen from that period and not the accounting entry
You will have only one planned depreciation from july to current period as per your example. So when your running the planned depreciation run for the current period, the entire depreciation will get posted now
You can do repeat run only for one period prior to the current planned period and not at any prior period
So with your example of july 2008, if your running AFAB monthly, repeat run may not work
Warm Regards
Bala