I played around with resetting depreciation and finally ended up deleting the asset. I'm trying to reenter it but I'm having trouble. It's a house that we put in service 2/1/03 as a rental. It has been being depreciated with a 27.5 year life. I tried choosing "Real, General" and it's giving me error messages when I try to specify 27.5 years. How do I classify this asset?
I also would like to find a manual for FAS. All I find on the cd is the conversion utility manuals.
Anyway I can delete what is in FAS and reconvert from my pre-upgrade backup? Or no.... We've already been entering data in Peachtree 2006 so I can't restore the whole company data.
I know that accumulated depreciation on the books as of 12/31/04 was $8,003.46 and $2,087.88 depreciation was posted Jan - June 2005. Basis is $114,832.12. In Service Date 2/1/03, approximate acquisition date was 1/1/02. We built it for resale, listed it for sale, then finally rented it out.