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involuntary conversion assets

Dawn McCartney
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I have a situation with the involuntary conversion assets where the acquisition cost seen in prior fixed asset software and the reallocated basis for the asset are different by a total basis of about $1M. My thoughts are that they should be entered at the reallocated basis, because that's the basis used to calculate depreciation, but then we lose visibility into the initial cost basis of the assets in Sage. Any recommendations?

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    Hello Dawn,

    Sorry no one answered this. I have been on PTO for the last 3 weeks and have been avoiding the computer all I could during that time.

    What you are describing is what I would call a revaluation where the Placed-in Service date and value are changed to a new starting point which will not keep the prior values in the system. The program can only reflect what is in the assets, not something which is not there.

    If you what a change to the basis of the assets, the old basis cannot exist in the system.

    ~Delray

*Community Hub is the new name for Sage City