Once all your data is either – a) in Sage FAS from being uploaded through a data’s conversion process or b) manually changed (changing either the cost, method, life, etc.), there are only three types of adjustments you can set Sage FAS Asset Accounting to take:
- Immediate – the next time you run depreciation in Sage FAS Asset Accounting, the system will automatically true up the adjustment immediately for you.
- Post Recovery – after the assets estimated life has expired, the adjustment amount needed will show it’s pretty little head as the NBV. The very next time you run depreciation AFTER it’s useful life has expired, it will true up. Example: est life of 3 years/36 months – month 36 you will see the remaining NBV. When you run depreciation on month 37, FAS will perform a true up.
- None – well… don’t second guess yourself silly, FAS will do nothing. This means, your assets that need a true up will always have a NBV forever… until you dispose of it.
There are only two types of adjusted assets: over depreciated asset(s), or an under depreciated asset(s). No worries, should you set your adjustment to either immediate or post-recovery in Sage FAS Asset Accounting, the system is pretty darn good at reporting on those assets that needed a true-up. Reason number…. I don’t know, a lot; why Auditors love this solution!
Fun Fact: the big 4 uses and recommends the Sage FAS solution!