how to change asset lifetime and generate accumulated depreciation amount and previous period adjustment amoun

AI generated answer (using internal Slack threads):

To change the asset lifetime and generate accumulated depreciation amount and previous period adjustment amount, you can follow these steps: 1. Change the Asset Lifetime: To change the lifetime of an asset, you can manually edit the Asset Lifetime when creating fixed assets. If you want to automate the process of reducing the lifetime of a new asset type per month, you would need to create a script or workflow. However, this might be a lot of work and it would be more practical to manually adjust the Asset Lifetime when creating fixed assets. 2. Generate Accumulated Depreciation Amount: The accumulated depreciation amount is automatically calculated by NetSuite based on the start date of the asset and its lifetime. If you need to adjust the start date of the depreciation, you can do so at the proposal stage. This will allow you to record all depreciation up to date in the current period. 3. Generate Previous Period Adjustment Amount: If you need to adjust the accounting for an asset that should have been capitalized in a previous period, you can create a journal in the current period reversing the transactions from the expense account to the fixed asset account. This journal can then be used as a source transaction to create an asset. Please note that these actions should be in line with your company's accounting practices and policies. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******