Fixed Assets tab> Transactions> Asset depreciation> Completed with Zero Result

Business Use Case:

Asset set up:

Purchase date: 8/1/2011

Depreciation date: 8/31/2011

Last Depreciation period: 0

Last depreciation amount: empty

Last Depreciation Date: empty

Asset Original Cost: 1000

Cumulative Depreciation: 0

Accounts were entered correctly.

Solution:

Enter Last Depreciation date of 1/1/2001 on the asset record.

After entering this date the depreciation should be now generated for 8/31/2011.

Once generated the last depreciation date will be updated to the most recent depreciation dated.

To validate check the fixed asset system notes and look for last depreciation date. Verify if the last depreciation date has been removed.

This is a required field in order to depreciate an asset.

To confirm the behavior:

1. Create new asset that will depreciate on 8/31/2011.

Same set up as above.

2. On General tab> Leave the last depreciation date empty> Save

Once saved go back to the General tab> you will notice that the last depreciation date and target depreciation date of 1/1/2001 auto-populate on the asset record.

3. Depreciate for August will be posted for this asset.

4. Copy the set up of the asset above. Again leave the Last depreciation date empty.

As expected it will auto populate as you saved the asset record.

5. Edit the asset and removed the date on last depreciation date field.

Result: You will not be able to generate depreciation for this asset.