Creating New Asset

SOLVED

Hello,

I am attempting to create a new asset within FAS but when I chose "Add Asset," the estimated life always defaults to 7 years 00 months and I am unable to change it. How can I change the default estimated life or change the estimated life after creation?

  • 0
    verified answer

    Hello Paige W.,

    The estimated life can either be based on a preset list of lives available (more so for Tax depreciation methods) and others it is just a default that can be overwritten. The way to overwrite the life if using a depreciation method like SL, SF or SH for example is to input the estimated life with 4 numbers. If you want to use a life of 5 years then you put in the life of 0500 into the estimated life field.

    If you still experience issues with this please provide a screenshot of the asset in question where the property type, service date, depreciation and estimated life fields are visible.

  • 0

    Perhaps you could replicate another asset you have with the estimated life you are looking for, or you could create a template and save over your new asset.