Restoring Depreciation
PANTHEON
Depreciation can be restored directly from the Fixed Assets register for selected fixed assets (FAs), without needing to restore the entire Depreciation Calculation. This is used when depreciation has been calculated in error for specific FAs, or when financial periods need to be adjusted or reopened for corrections that apply only to certain FAs.
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Warning
If depreciation has already been posted to the General Ledger, it cannot be restored using this function. To proceed, the corresponding journal entry must be first deleted. After the journal entry has been removed, the Restore Depreciation can be used and restoration completed.
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Case summary
Two new tent-sewing machines have been mistakenly capitalized, even though they were not yet installed or ready for use. Depreciation for both sewing machines was calculated for the previous month (July). Upon review, the person responsible realizes the sewing machines should not begin depreciating until August, when they become operational. To correct this, the person responsible restores depreciation for the two sewing machines from the Value tab.
This is done as follows:
- Accessing the Value Tab
- Restoring Depreciation
- Reviewing the Fixed Assets
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The person responsible opens the Fixed Assets register by navigating to Financials | Fixed Assets | Fixed Assets.
The Fixed Assets register opens.
The person responsible clicks the Value tab within the record of any inventory number.
In the next step, the person responsible restores depreciation.
The person responsible right-clicks anywhere in the Value tab and selects Restore Depreciation.
A new window titled Posting of Fixed Asset Depreciation opens on the Restore Depreciation tab.
The filed Restore Depreciation from Period is already populated with date of the most recent Depreciation Calculation, so the person responsible clicks the Find button.
The program lists all the assets that meet the specified period criteria and are eligible for restoration.
The person responsible selects both sewing machines (inventory numbers 00045 and 00046) from the list by checking the box in the Sel. (select) column next to them and then clicks the Restore button.
An information window appears, confirming the restoration. The person responsible clicks OK to continue.
in the next step, the person responsible reviews the inventory number 00046.
The person responsible opens the Fixed Assets register and uses the Toolbar features to navigate to the inventory number 00046, which had its depreciation restored.
The person responsible clicks the Value tab, where the depreciation entry has been removed, leaving only the original Acquisition entry visible.
The person responsible has successfully removed the depreciation calculation for the selected FAs.