Usually when we are adding new asset the acquisition date and the place in service date are on the same date. As I have notice most of the FA register having mismatching between acquisition date and Place in Service date are the asset uploaded during the implementation of GP. We are using straight line method of depreciation.
On the below sample the life of asset is 5 years = Acquisition Date April 2008 should be fully depreciated on April 2013.
Since place in Service date is Jan 2009 the fully depreciated date will be on Jan 2014. (What do you think happen during the upload of asset during the implementation time?
I tried in testing company to use the acquisition date in place of service date and depreciated the assets but no depreciation occurred because the life is ZERO days but the NBV amount is still there which is supposed to be ZERO amounts. Another option I tried is I used the place in service date to acquisition date after saving it the acquisition amount is changing and I just edit it on the asset purchase window as per the original cost of asset and the result is conforming with the remaining life of asset as well as the NBV amount. is it the right way to process? Please advice