What are my options for tracking changes to cost in my Asset Master records?

Because depreciation calculations use asset cost data, use caution if you change the cost for a record once it has begun depreciating in the system. 

Occasionally, additional asset costs such as shipping, taxes, and others are discovered after depreciation has been posted. Alternately, returns (or errors) may result in the reduction of cost after depreciation has been posted for the record. Deltek suggests the following options:

• Manually adjust the appropriate cost fields

  One way to handle cost changes is to manually adjust the appropriate cost field(s) on the Cost Info tab of the Asset Master record, on the Manage Asset Cost Information screen, or on the Manage Asset Master Global Changes screen.

  Under normal circumstances, if you simply make the change and you do NOT enable the system's sophisticated change functionality, you will lack a clear system-generated audit trail because the original data will be overwritten by your edits. You can, of course, add notes to create your own audit trail.

• Add an additional item for the original asset number

  Another way to handle cost changes is to add an additional item for the original asset number, in which the entered cost is equal to the increased or decreased cost amount. When you use this technique, the audit trail is clearly preserved. In this circumstance, however, the asset will consist of more than one item number, and the total depreciation amounts will be computed and posted in "parts," which may or may not be considered a disadvantage.

  The manner in which you deal with a "change-in-cost" issue depends on your company policies; it is most important that you handle the changes consistently.

• Activate the system's automatic change capture capabilities

  During initialization (or at a later time), you may have already decided that you want the system to automatically capture and store change data for fields/columns in Asset Master records. If so, you will have already selected the desired fields/columns in the Asset/Template Field/Column Names subtask of the Configure Asset/Template Change Settings screen BEFORE you made changes to Asset Master cost fields. Each check box that you select in that screen signifies that you want to capture data for that field for an Asset Master record each time you make a change to that data, regardless of the screen in which you make the change.

  The system can capture the asset record identifier, the name of each changed field, the old data from before the change, the new data after the change, information on the user who performed the change, and the date and time of the change. Once the change details have been captured, use the View Asset Change History screen to view change data from the Asset Audit Log and the Print Asset/Template Change History Report to print the change data.

  Another advantage in using this solution for cost change issues is the ability to print this data in the Print Schedule of Asset Activity Report. This report prints the asset "ownership" account activity from a selected beginning point in time to a selected ending point in time. This report includes the beginning cost balance, additions, disposals, and transfers of cost, and the ending cost balance. If you have activated the system's automatic change capabilities relative to the cost fields (unit price, sales tax, and so on), you can select a check box (the Show Changes to Cost Elements in Additions Column check box) on the Print Schedule of Asset Activity screen that will include changes to the cost fields as positive or negative values in the Additions column on the report.