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    gleason's Avatar
    gleason Posts: 1, Reputation: 1
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    #1

    Dec 4, 2006, 09:15 AM
    Assets
    Is it correct to credit your asset cost account and debit your asset depreciation account on the balance when an asset is fully depreciated but still in use.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Dec 4, 2006, 03:22 PM
    No it is not correct.

    Once your asset is fully depreciated, you leave it alone until you dispose of it (even if you are still using it).

    You might consider going back and revising your depreciation schedule, but that is another issue all together.
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