Adjusting the cost basis to equal the net cost basis for an Asset Book ITC
If the data in the Net Cost Basis field in the Asset Book ITC window does not equal the data in the Original Cost Basis field, the cost basis will be adjusted to match the net cost basis. When you save an asset book record, you also must select a depreciation recalculation option for that asset. You can choose from the following options:
Reset Life Recalculates depreciation from the date it was placed in service to the date the asset has already been depreciated to. If there are adjustments to the depreciation for any period, they will be saved and displayed in the Asset Book window.
Reset Year Recalculates depreciation from the beginning of the year to the date the asset has already been depreciated to. If there are adjustments to the depreciation for any period, they will be displayed in the Asset Book window.
Recalculate Calculates a new rate of depreciation using the new cost basis data, but does not make adjusting entries for depreciation already taken. The new rate of depreciation will be used the next time the depreciation routine is completed.