Really need some help here... have an asset that should have been capitalised in Nov, is there a way to go back and begin capitalising from that date? I believe it's wrong accounting practice but in any way, how would we go about doing this so it capitalises from Nov onwards... I'm assuming we would need to open the prior periods for this to happen? Using the fixed asset management bundle...

what you could do is to create a journal in the current period reversing that transactions from expense account to fixed asset account. this journal now is a source transaction to create an asset. When you at the proposal stage change the start date of the depreciation to the Nov date (and the other data, etc.). then depreciate. It will record all depreciation up to date in the current period

thanks very much @Karina another question, is there a way to reduce the lifetime of a new asset type that I create so it automatically reduces per month? i.e. have an asset lifetime of 34 months this month and next month when a new asset is created with that asset type... it would reduce to 33 months then following month to 32 months etc... so in total all assets would finish at the same time regardless of when it was created?

yes, of course, you can do that as well. the depreciation “timeline” starts with the depreciation start date which you can manipulate. But then again, audit does not look good at purchase/depreciation date mismatch. The assumption is you purchase an asset to place in service immediately.