Asset Management - Impaired Capital Asset

Legacy Contributor

We use the Asset Module, via activities, to create capital. We need to impair some of our assets. The entry would generally be:

Dr. Accumulated Depreciation (Contra Asset) XXX
Dr. Impairment Charge (Expense) XXX
Cr. Building (Asset) XXX

Has anyone had to do this in Lawson and how did you handle in the AM module. The assets will have some life left on them and need to continue depreciating. I have a couple ideas, adjustment, offset, etc. but was curious if someone had best practice so reports and reconciling would be cleaner.

Legacy Contributor

We record FAS144 impairment by accelerating the assets on AM20.4 (changing the remaining life to zero and running all of the remaining book value through current year depreciation expense). Sounds like your situation differs in that you're not doing a complete writeoff, so I'm not sure if this helps.