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Fixed Assets & Depreciation System (FADS) User Manual
4.9.1 Asset Exchange – Other Books
When you exchange an old asset with a new asset, you need to close out the total
costs and accumulated depreciation of the old fixed asset and record the related
loss/gain resulting from the exchange. You also need to record the trade-in
allowance that the system will use to calculate the gain/loss on exchange. Once the
asset card is tagged by the system as closed, the system will no longer compute
depreciation on the fixed asset. The new asset card on the other hand will be
considered as approved.
Generally, you record exchange transactions in the Financial books; however, FADS
provides you the flexibility to record the exchange in your other books.
To record asset exchange in your other books, perform the following
functions:
39. Access the Asset Exchange function from the Process menu to display the
Asset Exchange function window. Enter the needed information in the main
Asset Exchange function window. Refer to 4.9 Asset Exchange for detailed
discussion.
40. Click the Other Books>>link to display the Asset Exchange –Other Books
window where you can record in your other books the trade in value of the old
asset.
41. In this window, you will see your Federal, State and the two user defined books.
Even if you have not defined the two other books, system will still display two
columns but will display zero values.
42. Enter in the Trade in Value fields the trade in value of the old asset. Trade in
value is the credit given by the vendor of the new asset for the old asset that is
given up.
43. In the Gain/Loss Exchange field you will see the system calculated gain or loss
on exchange.
44. In the second part of the grid, you will see the relevant information that comes
from the asset card file. Refer to 4.1 Asset Card Register for a detailed
discussion of these fields.
Current Cost
This refers to the acquisition cost and any improvements incurred thereon.
Net Book Value
YTD Depreciation/ATD Depreciation
You may click the drill down button in these fields to display the
corresponding drill down windows. Refer to 4.1.11 YTD Depreciation Drill
Down Window and 4.1.12 ATD Depreciation Drill Down Window.
Salvage Value
45. In the third part of the grid, you will see the following for reference fields. Refer
to 4.1 Asset Card Register for a detailed discussion of these fields.
AppFinity/CharterHouse Fixed Assets & Depreciation (FADS) User Manual
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