East Bay Business Daily

What capital assets should be migrated to our new accounting system?

We are changing accounting systems and we have a lot of fixed assets some of which have been fully depreciated in years prior. With our new system I would have to enter the fixed asset information in manually. I would like to know if I need to enter all of the fixed asset entries, or only those that have not been fully depreciated. Any information would be appreciated.

Public Comments

1. If you are still in possession of the asset then it stays on the books even if it is fully depreciated. Your books should reflect what you own. Also, the information is used on property tax filings. In theory, assets should be monitored and removed from books when disposed, but in my experience most companies (especially small ones) aren't very good at this.