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Setup of the Fixed Asset Record for an Asset brought over

from a Legacy System

The following example explains the setup of an asset that is brought over from a
legacy system. Special consideration is paid to how the depreciation start date,
accumulated depreciation and useful life should be setup.

Example: Fixed Asset FA015

Purchase Date: 1/1/08

Useful Life: 2 years
Book Value: $24,000
Conversion Date to X3: 9/1/08
Accumulated Depreciation at time of Conversion: $8,000

Go to Fixed Assets/ Fixed Assets

General tab should be setup in the standard manner. The fixed asset ID#
from the legacy system can be defined in the Fixed Asset field.

On the Acquisition tab it is important that the Recovery box be checked for the
assets being brought over from the legacy system. This allows for the entry
of the accumulated deprecation.
In addition, the Status flag should be set to Pending initially until all the assets
are loaded and you are ready to start depreciating them.

On the Sale tab the Date Put into Service should be set to the original service
date from the legacy system (in this example 1/1/08). The Depn start date
represents the date that the depreciation should start in X3.
The Source Value and Depreciation Base should both reflect the book value
of the asset.

The Book and Tax tab should be setup as follows. The Calculated Start date
should represent the conversion date to X3. The Prior Depreciations field
represents the accumulated depreciation incurred on the asset from the
legacy system. The number of years should represent the useful life from the
original service date (in this case 2 years).