If you want to change how an asset depreciates, say from straight-line to immediate depreciation. You can use the reassessment feature and reassess the asset to a different depreciation method and/or rate.
- From the View Assets page, select the asset you would like to Reassess,
- Ensure you are in the appropriate regime (e.g. book, Accounts or Tax) applicable to your Reassessment,
- Select 'Add',
- Select 'Reassement',
- Input your date of reassessment, the depreciation method, depreciation information if required, any notes, and elect if self-assessed for tax.,
- Select 'Reassess'.
Note: if you require an adjustment in both Accounts and Tax regimes, this process will need to be repeated once for each regime.