You can edit an asset record as needed. For example, you can edit a asset to record maintenance performed on the asset.
When changing an asset depreciation method, you may need to make a journal entry to reconcile past depreciation postings. Also, the IRS requires that you use certain depreciation methods for certain types of assets. If you have any questions on the method of depreciation you should use, contact your accounting professional or the IRS.
When you change the category assigned to an asset, all fields related to the category update also. The information in the category does not change any posted depreciation amounts. The changes take affect the next time you calculate depreciation for the asset.
- Under Manage Records, click the Records tab.
- In the drop-down list, select Add/Edit Fixed Assets and click Go .
- Select the asset you want to edit and click Edit.
- On the Asset Info, Depreciation, Notes, and Maintenance tabs, make any necessary changes.
- Click OK.