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I would like to add to an existing asset. For example we put a new PTO on a tractor. The tractor is already listed as an asset. Can I add this cost to the existing asset?
Hi Twyla,
The short answer is you cannot add to an existing capital asset. The child asset feature was removed in part on the recommendation of the Accountanting professionals who consult with us on the development of our software and in part due to the mechanics of a multi-year database. In order to maintain an audit trail on the child asset we would need to first purchase the child asset, then have the system link it to the parent asset. Once that was done, we'd need to then have the software "dispose" of the parent and child asset and add a new asset combining both of them into one. Following the asset ID's would be difficult and possibly a nightmare depending on the number of child assets involved. Since our accountants felt it wasn't best practice to merge one asset into another and since making it happen would create a bit of a confusing audit trail it was decided to just remove that feature. You can visually link two assets together using the tag, if you wish, or you can manually accomplish the whole child parent thing in a much plainer (transactional) manner. This is essentially what used to happen behind the scenes, but this way it is much more deliberate and has a transaction trail that an auditor can follow.
Hope that helps!