Edit an asset—Fixed Assets Management

Some fields are not editable depending on the state of the asset. See a list of editable fields by asset state.

Before you begin

If you need to change certain fields that are not editable because of the asset's state, consider placing the asset back in review or placing the asset back in service.

Edit an asset

1. Go to Fixed Assets Management > All > Assets.
2. Find the asset that you want to edit.
3. Select More actions > Edit at the end of the row.
4. Make your changes.

   Some fields are not editable depending on the state of the asset. See a list of editable fields by asset state.

   • If the asset was created from an AP purchase invoice, the following fields are not editable: Asset cost, Asset classification, and Asset GL account. To change these fields, you must delete the asset and create a new one. For more information, see Delete an asset created from an AP purchase invoice.

   • If you change the dimensions, any new asset-related journal entries will use the updated values. Previous journal entries remain unchanged.

     
5. Optionally, modify the depreciation rules if the asset is in review.
   Add a depreciation rule

   1. In the Depreciation rules section, select Add row or Add (circle).

   2. Select a Depreciation method.
      

      Supported depreciation methods
      

      Supported depreciation methods and conventions

      Depreciation method	Full month convention	Half year convention	Full year convention
      Straight line (SL)
      Daily (DR)
      150% declining balance (150DB)
      200% declining balance (200DB)
      Custom declining balance with true-up (CDBT)
      Custom declining balance without true-up (CDB)

   3. If you selected a custom declining balance method, enter a Depreciation rate (%) from 1.00 to 100.00.
   4. Select a Journal posting rule.

      The Journal posting rule populates the Useful life units, Convention, Journal ID, and Book ID fields from Fixed Assets Management setup. You can only use each journal posting rule once per classification or asset.

   5. Enter a number for Useful life.

      Review the Useful life units field to determine whether the Useful life is entered in months or years. A useful life of up to 1500 months or 125 years is supported.

   6. If the asset is historical and your company is configured for entering historical accumulated depreciation manually, provide an amount for Historical accumulated depreciation.

      Historical accumulated depreciation is the total depreciation a historical asset accrued before the go-live date. Learn more about historical assets.

   Repeat these steps to add additional rules as needed.

   Edit a depreciation rule

   1. In the Depreciation rules section, find the rule that you want to edit.

   2. Select any field in the row to begin editing.

      • The Depreciation rule ID is not editable.

      • The Journal posting rule populates the Useful life units, Convention, Journal ID, and Book ID fields.

   Delete a depreciation rule

   1. In the Depreciation rules section, find the rule that you want to delete.
   2. Select Remove at the end of the row.
   3. Select Save.
6. Select Save.