Why can't I just change the purchase price, depreciation rates, methods, etc if I make a mistake upon first entry of a new asset?
As soon as an asset is entered manually, or via any of our integration partners or CSV file upload methods, depreciation and leasing calculations are immediately made upon saving and projected immediately into the future.
Past estimates are also calculated back to purchase date if you add assets with a fixed opening balance.
AssetAccountant is a carefully designed engine that even allows for your past journals to be adjusted on the next entry, should your new asset/s impact them (e.g. a purchase date of your new asset/s PRIOR to the last journal being posted).
Therefore to maintain the integrity of your data, AssetAccountant may seem a little rigid in how it allows you to amend even the simplest of adding/importing mistakes.
E.g.
- purchase price
- purchase date
- depreciation method
- depreciation rate
These could each have significant effects on the accuracy of your past and future journals.
It is best to delete the asset/s and start over.
To delete an asset in AssetAccountant, or to fix any mistakes, you can either delete the asset in the interface, or by rolling back your last file import, fixing the data, then re-importing.
To delete an individual asset via the interface, go into the asset's main information screen and select the "Delete" button. Here you will be presented with a warning as follows to make sure this is what you want to do:
AssetAccountant runs continuously adjusting journals, so you can be sure your data changes will be picked up on your next journal posting.
If you identify assets entered some time ago, where journals have already been posted and perhaps a few imports ago, then you have a few options to consider:
Assets that already have depreciation and/or leasing calculations journaled are not recommended to be deleted, especially in bulk. It can lead to unexpected adjusting journals and it is not possible to restore deleted assets. It is STRONGLY recommended that assets only be deleted if they didn't really exist in the first place or were entered by mistake.
Depreciation and journal calculations look simple on the surface, but we hope you understand, it is deceivingly complex under the hood!