Why do we need to follow the solution?

1.To make sure we have each fixed asset information (Original value, previous depreciated period, the following depreciation period…etc.) for the audit.

2.To make sure the initial balance is accurate (no double and decrease the amounts)

General Answer:

• We need to keep tracking these fixed assets depreciation value.
  ANS: Each fix asset is one fix asset record in Accounting > Asset > Developer mode > Filled out existing depreciation schedule.

• Video: Asset management
  https://www.youtube.com/watch?v=2GkbGyXkCwg

Example: 

Purchased one asset on 12/1/2019. Valued $10,000.
The duration is 10 years. By 2029, there is a $0 value left.

When mapping into Odoo on 12/1/2022, the fixed asset was valued $7,000.
It means that $3000 accumulated depreciation has been done outside of Odoo in the previous legacy system.

In Odoo, we should start depreciating on 12/1/2022, and remaining 7 years of depreciation instead of 10 years of depreciation.

Solution:

• We need to bring existing fixed assets value to Odoo.
  ANS: Keep the value in the open trial balance. If you need details of the fixed asset in the trial balance, separate each fixed asset into each line.

  Import of original trial balance: