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TOPIC: Re:Remaining Life Years - Fixed Assets
#3881
Charlie (User)
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Remaining Life Years - Fixed Assets 11 Years, 4 Months ago  
Hello Hasan,

I was looking at the Financial Information for an Asset that I added to my Corporate Asset Book.
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There is a field called Remaining Life in Years.
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Can you see the attached document and hopefully explain what it means and HOW were the values base on my example determined. It's confusing me. Thanks
.
Charlie
File Attachment:
File Name: Asset_Remaining_Life_Years.doc
File Size: 155648
 
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#3882
saadali110 (User)
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Re:Remaining Life Years - Fixed Assets 11 Years, 4 Months ago  
Hello,
What I understood from your given Attachment file is that, you have added that asset in January, and your current period is Jun as you said, the period that passed from date of your asset requisition is 5 months and you have chosen the asset life for 3 yrs from which 5 months had been passed and the depreciation had been applied according to the Straight Line Method(STL).
So, the remaining Life of the asset would remain 2yrs and 7 month.

Best Regards,
Syed Saad Ali.
 
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#3887
Charlie (User)
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Re:Remaining Life Years - Fixed Assets 11 Years, 4 Months ago  
I think there's more to it...
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Date in Service = 15-Jan-2012
Therefore, PERIOD in Service = Jan-2012
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Prorate Convention = Period in Service ADD 3 Periods = Apr-2012
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This HAS been verified and is correct.
Prorate Date = 30-Apr-2012... see screen shot...
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which indicates that the 1st period that DEP is calculated is for APR-2012.
When I run DEP program for June-2012, the program will generate a DEP ADJ for periods APR and MAY...
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It also creates DEP EXP for June-2012..
ALL is exactly as expected... working GREAT.
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However, why would the Remaining Life+Month = 2yrs 7months
Things DON'T add up...
STRANGE...
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ONLY 3 periods have been processed to-date (JUNE-2012)
Those periods are : APR + MAY + JUN...
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Things don't add up.

Sincerely,
Charlie :)
 
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