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Financial History

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On this tab the following fields can be viewed:

 

hmtoggle_plus1Apply

The user must have a security profile linked to the function Asset Information with an access allowed of Change. Only the Asset Controller can update the record, and only the latest record.

 

When the "Apply" button is clicked, the Financial Period, Asset Control Account, Revaluation Account, Accumulated Depreciation Account, Months to Date, Reducing Balance, Initial Allowance, Expected Salvage Value, Total Depreciation Amount, Book Value, Replacement Value, Insured Value, Tax Value and Comments are inserted into the Asset Financial History table for the selected asset record.

 

For adjustments to the Book Value of the asset, the debit and credit Control Accounts are selected by the user. The captured comment will be inserted into the Asset Financial History table.

 

The debit and credit Control Accounts for changes in the Book Value due to impairments or revaluations are selected by the user.

 

hmtoggle_plus1Comments

This mandatory field is used to type in any comments regarding the adjustment.

 

It is an alphanumeric field with a maximum length of 255 characters.

 

hmtoggle_plus1Display Reverse Records

When checked, all reverse records recorded for that asset will be displayed.  When unchecked the Depreciation Values column will display while the reverse records will be omitted from the view.

 

hmtoggle_plus1Financial History

This table displays the financial history of the asset. It displays the Financial Period, Asset Financial History Type, Date, Debit Account (Depreciation/Impairment/Asset Control Account), Credit Account (Accumulated Depreciation/Accumulated Impairment/Revaluation Reserve), Quantity, Depreciation Amount, Book Value, Revaluation Amount (for information purposes only), Impairment Amount (for information purposes only), Remaining Life, Replacement Value, Insured Value, Tax Value, Remaining Life Tax, Reducing Balance Percentage, Initial Allowance, Salvage Value, Comments and Cancel Date from the Asset Financial History table for the selected asset number.

 

Whenever a depreciation run is successfully performed, a financial record of the  current settings on the models is inserted into the Financial History tab.  This displays the actual settings that were used for a specific depreciation run, even if the Asset Controller changes the current depreciation record's detail between depreciation runs.

 

To perform an adjustment, the values of the top record need to be changed by insert the relevant amounts for revaluation or impairment and simultaneously updating the Book Value, then click Apply.  The system will insert an 'Adjustment' type financial history record.

 

The purpose of the fields in the Financial History table are as follows:

 

Debit Account (Depreciation/Impairment/Asset Control Account) and Credit Account (Accumulated Depreciation/Accumulated Impairment/Revaluation Reserve)

The Depreciation Account and Accumulated Depreciation Account apply to the 'depreciation' type records. The Impairment Account and Accumulated Impairment Account apply to the 'impairment' type records. The Asset Control Account and Revaluation Account apply to the 'adjustment' type records.

 

The account code application must be Asset Accum Depreciation, Asset Accum Impairmentor Asset Revaluation and Asset Depreciation, Asset Impairment or Asset Control for the accumulative depreciation/accumulated impairment/revaluation reserve and depreciation/impairment/control account respectively. These accounts include both Income Statement and Balance Sheet accounts.

 

Amount (Depreciation Amount)

The amount which depreciated (and therefore journalised) for the financial period.

 

Book Value

The Book Value after the depreciation/adjustment was successfully applied. For adjustments (revaluations and impairments), the Book Value must be manually updated by the user performing the adjustment.

 

Revaluation, Impairment

The amount of the revaluation/impairment is captured in these fields. These are captured for information purposes only, and will not result in any journals being generated.

 

Total (To Date Total of Depreciation)

Refers to the total of the normal depreciation amount.

 

Remaining Life

The number of financial periods this asset has remaining over which it will be depreciated.

 

Replacement, Insured Value

The replacement, and the insured value of the asset.

 

Tax Value

The value after the tax depreciation/adjustment was successfully applied.

 

Remaining Tax Life

The number of financial periods this asset has remaining over which it will be depreciated for tax purposes.

 

Tax Total (To Date Total of Tax Wear & Tear)

Refers to the total to date of the Tax Wear and Tear amount.

 

Reducing Balance Percentage

If a reducing balance model is used, the percentage used is shown.  If no reducing balance is shown, it means that a straight line method was used.

 

Initial Allowance

The initial allowance is displayed only if it was applied.

 

Salvage Value

The expected salvage value that was applied for this run.

 

hmtoggle_plus1Reverse

This button allows the reversal of history records. The historic record to be reversed has to be selected.  The Journal Source settings must allow this.