Reclassify Asset Items

Use the Reclassify Asset Items feature to change the account code from which an asset item will be depreciated going forward.

You can also use this feature to change the account code used for depreciation actions in the current cycle as well as for future transactions. Note: Using this option does NOT reverse depreciation expense transactions for prior fiscal years.

Items must be in the Accepted or Depreciated state in order to be available for reclassification.

Reclassify an asset item

1. Select Asset Management from the Purchasing & Payables / Capital Assets menu. The Asset Management window opens.

2. Check the box for the asset on which you want to reclassify an item, and click Edit, or click on the Asset No. link. The Edit Asset window opens.

3. Check the box for the asset item you want to reclassify, and select Reclassify Asset Item from the More menu. The Reclassify Asset Item window opens.

4. Complete the fields as described.

• New Depreciation Account(s): Enter or select the new account(s).

• Reclassify General Ledger activity (current cycle only):

• Check this box if you want to change the account code used for depreciation actions in the current cycle and for future transactions.

• Uncheck the box if you want to only change the account code used for future depreciation transactions.

• Transaction Date:

5. Click OK. The asset item is reclassified, a history record documenting the change is created, and the current year depreciation records are changed, if applicable.

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