Assets can be corrected before depreciation: books.correct_asset (cost, salvage, life, in-service date, with a reason), journaled as asset.corrected with the old figures; refused once depreciation is posted

Co-Authored-By: Claude Opus 5.5 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01GWVo7x3UHw5kwCUaWxiejX

crates/ledger-core/src/assets.rs

@@ -87,6 +87,19 @@ pub struct Asset {
     pub tax: Option<TaxBasis>,
 }
 
+/// Corrected economics for a registered asset ([`crate::Ledger::correct_asset`]).
+#[derive(Clone, Copy, Debug, PartialEq, Eq)]
+pub struct AssetCorrection {
+    /// Capitalized cost.
+    pub cost: Money,
+    /// Residual value.
+    pub salvage_value: Money,
+    /// Useful life in months.
+    pub useful_life_months: u32,
+    /// In-service date (depreciation starts here).
+    pub purchase_date: NaiveDate,
+}
+
 /// Which rule sets an asset's federal tax basis.
 ///
 /// ```text

crates/ledger-core/src/ledger.rs

@@ -1698,6 +1698,58 @@ impl Ledger {
         tax.check().map_err(LedgerError::InvalidTaxBasis)
     }
 
+    /// Correct a registered asset's economics (cost, salvage, useful life,
+    /// in-service date) when it was registered wrong. Its accounts, tag,
+    /// serial, links, and tax basis record stay.
+    ///
+    /// ```text
+    /// GOAL: fix a registration mistake without re-registering (which would
+    ///       burn its tag, since tags are never reused).
+    /// SOURCE: DECISION (Stephen, 2026-10-15).
+    /// INVARIANTS:
+    ///   1. The corrected figures pass every check a new registration does
+    ///      (validate_new_asset).
+    ///   2. Only an active asset is corrected; a store also refuses once any
+    ///      depreciation for it is posted (the posted entries would disagree
+    ///      with the schedule; correct with entries instead).
+    ///   3. A refusal MUST leave the books unchanged.
+    /// ```
+    pub fn correct_asset(
+        &mut self,
+        id: AssetId,
+        fix: assets::AssetCorrection,
+    ) -> Result<(), LedgerError> {
+        self.check_correct_asset(id, &fix)?;
+        let a = self.assets.get_mut(&id).expect("checked");
+        a.cost = fix.cost;
+        a.salvage_value = fix.salvage_value;
+        a.useful_life_months = fix.useful_life_months;
+        a.purchase_date = fix.purchase_date;
+        Ok(())
+    }
+
+    /// The validation behind [`Self::correct_asset`].
+    pub fn check_correct_asset(
+        &self,
+        id: AssetId,
+        fix: &assets::AssetCorrection,
+    ) -> Result<(), LedgerError> {
+        let a = self.assets.get(&id).ok_or(LedgerError::UnknownAsset(id))?;
+        if a.status != AssetStatus::Active {
+            return Err(LedgerError::AssetAlreadyDisposed(id));
+        }
+        self.validate_new_asset(&NewAsset {
+            description: a.description.clone(),
+            purchase_date: fix.purchase_date,
+            cost: fix.cost,
+            salvage_value: fix.salvage_value,
+            useful_life_months: fix.useful_life_months,
+            cost_account: a.cost_account,
+            accum_depr_account: a.accum_depr_account,
+            expense_account: a.expense_account,
+        })
+    }
+
     /// The asset whose current tag is `tag`, ignoring case.
     pub fn asset_by_tag(&self, tag: &str) -> Option<&Asset> {
         let id = self.asset_tags.get(&assets::tag_key(tag))?;

crates/ledger-core/src/lib.rs

@@ -43,9 +43,9 @@ pub use arap::{
     Vendor, VendorId,
 };
 pub use assets::{
-    Asset, AssetId, AssetStatus, DepreciationMethod, DisposalAmounts, NewAsset, ScheduleLine,
-    TaxBasis, TaxBasisRule, accumulated_depreciation, book_value, depreciation_schedule,
-    disposal_amounts,
+    Asset, AssetCorrection, AssetId, AssetStatus, DepreciationMethod, DisposalAmounts, NewAsset,
+    ScheduleLine, TaxBasis, TaxBasisRule, accumulated_depreciation, book_value,
+    depreciation_schedule, disposal_amounts,
 };
 pub use classes::{Class, ClassId};
 pub use error::LedgerError;

crates/ledger-gui/src/pages/journal.rs

@@ -311,6 +311,28 @@ pub fn describe(b: &Books, line: &JournalLine) -> Option<Event> {
             tax_basis_text(b, asset_id, p),
             asset_id.map(Route::Asset),
         ),
+        "asset.corrected" => ev(
+            icon::PENCIL_SIMPLE,
+            format!(
+                "Corrected {}: cost {} (was {}), {} months from {}. {}",
+                asset(asset_id),
+                p.get("cost")
+                    .and_then(|c| c.get("amount"))
+                    .and_then(|v| v.as_str())
+                    .unwrap_or("?"),
+                p.get("previous")
+                    .and_then(|c| c.get("cost"))
+                    .and_then(|c| c.get("amount"))
+                    .and_then(|v| v.as_str())
+                    .unwrap_or("?"),
+                p.get("useful_life_months")
+                    .and_then(|v| v.as_u64())
+                    .unwrap_or(0),
+                s(p, "purchase_date"),
+                s(p, "reason")
+            ),
+            asset_id.map(Route::Asset),
+        ),
         "asset.described" => ev(
             icon::PENCIL_SIMPLE,
             format!(

crates/ledger-mcp/src/server.rs

@@ -2661,6 +2661,49 @@ impl BooksServer {
         }))
     }
 
+    #[tool(
+        name = "books.correct_asset",
+        description = "Correct a registered fixed asset's cost, salvage value, useful life, or in-service date when it was registered wrong, with the reason; omitted fields keep their values. Refused once any depreciation for it is posted (correct with entries then). Its tag, serial, links, and tax basis record stay; correct the entry that put it on the books too, so the books and the register agree (books.export fixed_asset_register shows any difference). Journaled with the old figures."
+    )]
+    async fn correct_asset(
+        &self,
+        params: Parameters<CorrectAssetParams>,
+    ) -> Result<Json<AssetSummaryOne>, String> {
+        let p = params.0;
+        let mut store = self.lock()?;
+        let id = resolve_asset_ref(&store, &p.asset)?;
+        let a = store.ledger().get_asset(id).expect("resolved").clone();
+        let base = store.ledger().base_currency();
+        let fix = ledger_core::AssetCorrection {
+            cost: match &p.cost {
+                Some(c) => Money::new(parse_amount(c)?, base),
+                None => a.cost,
+            },
+            salvage_value: match &p.salvage_value {
+                Some(c) => Money::new(parse_amount(c)?, base),
+                None => a.salvage_value,
+            },
+            useful_life_months: p.useful_life_months.unwrap_or(a.useful_life_months),
+            purchase_date: match &p.in_service {
+                Some(d) => parse_date(d)?,
+                None => a.purchase_date,
+            },
+        };
+        store
+            .correct_asset(id, fix, &p.reason)
+            .map_err(|e| e.to_string())?;
+        let a = store.ledger().get_asset(id).expect("resolved");
+        Ok(Json(AssetSummaryOne {
+            asset_id: id,
+            tag: a.tag.clone(),
+            cost: money(a.cost.amount),
+            salvage_value: money(a.salvage_value.amount),
+            useful_life_months: a.useful_life_months,
+            in_service: a.purchase_date.to_string(),
+            tax: tax_out(a),
+        }))
+    }
+
     #[tool(
         name = "books.set_asset_tax_basis",
         description = "Record a fixed asset's federal tax basis beside its book value: rule cost (the company bought it: basis is its cost, IRC §1012), carryover (a member contributed business property: the member's adjusted basis, IRC §723), or personal_use_conversion (a member contributed personal-use property: the lesser of fair market value, which is the book cost, and the member's adjusted basis, Treas. Reg. §1.168(i)-4(b)). Contributions take the member's adjusted basis (what they paid, less any depreciation they took). Reports the tax basis and the built-in gain or loss (IRC §704(c)). Journaled; book figures don't change. Every asset should have one: the register and the CPA package show it."

crates/ledger-mcp/src/types.rs

@@ -1523,6 +1523,43 @@ pub struct RegisterAssetParams {
     pub contributor_basis: Option<String>,
 }
 
+/// Parameters for `books.correct_asset`.
+#[derive(Debug, Deserialize, JsonSchema)]
+pub struct CorrectAssetParams {
+    /// The asset: its id or tag.
+    pub asset: String,
+    /// Corrected cost, decimal string. Omit to keep it.
+    pub cost: Option<String>,
+    /// Corrected salvage value, decimal string. Omit to keep it.
+    pub salvage_value: Option<String>,
+    /// Corrected useful life in months. Omit to keep it.
+    pub useful_life_months: Option<u32>,
+    /// Corrected in-service date, YYYY-MM-DD. Omit to keep it.
+    pub in_service: Option<String>,
+    /// Why (required): what was wrong.
+    pub reason: String,
+}
+
+/// Result of `books.correct_asset`: the asset's figures now.
+#[derive(Debug, Serialize, JsonSchema)]
+pub struct AssetSummaryOne {
+    /// Asset id.
+    pub asset_id: u64,
+    /// Its tag.
+    pub tag: Option<String>,
+    /// Cost, decimal string.
+    pub cost: String,
+    /// Salvage value, decimal string.
+    pub salvage_value: String,
+    /// Useful life in months.
+    pub useful_life_months: u32,
+    /// In-service date, YYYY-MM-DD.
+    pub in_service: String,
+    /// Its federal tax basis (follows the corrected cost under
+    /// personal_use_conversion and cost).
+    pub tax: Option<TaxBasisOut>,
+}
+
 /// Parameters for `books.set_asset_tax_basis`.
 #[derive(Debug, Deserialize, JsonSchema)]
 pub struct SetAssetTaxBasisParams {

crates/ledger-mcp/tests/mcp_stdio.rs

@@ -147,7 +147,7 @@ fn mcp_end_to_end_over_stdio() {
     // Tool listing: the narrow tools; chart is read-only.
     let list = mcp.request("tools/list", json!({}));
     let tools = list["result"]["tools"].as_array().unwrap();
-    assert_eq!(tools.len(), 73, "expected 73 tools, got {}", tools.len());
+    assert_eq!(tools.len(), 74, "expected 74 tools, got {}", tools.len());
     let chart = tools.iter().find(|t| t["name"] == "books.chart").unwrap();
     assert_eq!(chart["annotations"]["readOnlyHint"], true);
     assert!(

crates/ledger-mcp/tests/spec_mcp.rs

@@ -796,6 +796,10 @@ fn happy_path(name: &str) -> Mcp {
         "books.set_asset_tax_basis",
         json!({"asset": "LAPTOP-1", "rule": "personal_use_conversion", "contributor_basis": "3200.00"}),
     );
+    m.ok(
+        "books.correct_asset",
+        json!({"asset": "LAPTOP-1", "useful_life_months": 48, "reason": "registered with the wrong life"}),
+    );
     m.ok("books.asset_labels", json!({}));
     m.ok(
         "books.asset_labels",

crates/ledger-store/src/error.rs

@@ -5,6 +5,11 @@ use thiserror::Error;
 /// Every way a store operation can fail.
 #[derive(Debug, Error)]
 pub enum StoreError {
+    /// An asset can't be corrected once depreciation for it is posted: the
+    /// posted entries would disagree with the corrected schedule.
+    #[error("asset {0} already has depreciation posted; correct it with entries instead")]
+    AssetDepreciationPosted(u64),
+
     /// Filesystem error.
     #[error("io error: {0}")]
     Io(#[from] std::io::Error),

crates/ledger-store/src/store.rs

@@ -725,6 +725,48 @@ impl Store {
         Ok(())
     }
 
+    /// Correct a registered asset's cost, salvage, life, or in-service date
+    /// (see `Ledger::correct_asset`), with the reason. Refused once any
+    /// depreciation for it is posted. Journaled as `asset.corrected`, with
+    /// the figures it had.
+    pub fn correct_asset(
+        &mut self,
+        id: AssetId,
+        fix: ledger_core::AssetCorrection,
+        reason: &str,
+    ) -> Result<(), StoreError> {
+        if reason.trim().is_empty() {
+            return Err(StoreError::ReasonRequired);
+        }
+        self.ledger.check_correct_asset(id, &fix)?;
+        if !self.asset_depreciation_total(id)?.is_zero() {
+            return Err(StoreError::AssetDepreciationPosted(id));
+        }
+        let a = self.ledger.get_asset(id).expect("checked").clone();
+        let money =
+            |m: &Money| json!({"amount": m.amount.to_string(), "currency": m.currency.code()});
+        let line = self.append_journal(
+            "asset.corrected",
+            json!({
+                "asset_id": id,
+                "cost": money(&fix.cost),
+                "salvage_value": money(&fix.salvage_value),
+                "useful_life_months": fix.useful_life_months,
+                "purchase_date": fix.purchase_date.to_string(),
+                "reason": reason,
+                "previous": {
+                    "cost": money(&a.cost),
+                    "salvage_value": money(&a.salvage_value),
+                    "useful_life_months": a.useful_life_months,
+                    "purchase_date": a.purchase_date.to_string(),
+                },
+            }),
+        )?;
+        self.ledger.correct_asset(id, fix)?;
+        apply_line_to_sqlite(&self.conn, &line)?;
+        Ok(())
+    }
+
     /// Record an asset's federal tax basis (see
     /// `Ledger::set_asset_tax_basis`). Journaled as `asset.tax_basis_set`.
     pub fn set_asset_tax_basis(
@@ -3488,6 +3530,17 @@ pub(crate) fn replay_line_into_ledger(
         "asset.tagged" => {
             ledger.set_asset_tag(get_u64(p, "asset_id")?, get_str(p, "tag")?)?;
         }
+        "asset.corrected" => {
+            ledger.correct_asset(
+                get_u64(p, "asset_id")?,
+                ledger_core::AssetCorrection {
+                    cost: parse_money(p, "cost")?,
+                    salvage_value: parse_money(p, "salvage_value")?,
+                    useful_life_months: get_u64(p, "useful_life_months")? as u32,
+                    purchase_date: parse_date(get_str(p, "purchase_date")?)?,
+                },
+            )?;
+        }
         "asset.tax_basis_set" => {
             let tax = tax_basis_from_journal(p)?;
             ledger.set_asset_tax_basis(get_u64(p, "asset_id")?, tax)?;
@@ -3989,6 +4042,21 @@ fn apply_line_rows(conn: &Connection, line: &JournalLine) -> Result<(), StoreErr
                 params![id, tag],
             )?;
         }
+        "asset.corrected" => {
+            let amt = |k: &str| -> Result<String, StoreError> {
+                Ok(get_str(&p[k], "amount")?.to_string())
+            };
+            conn.execute(
+                "UPDATE assets SET cost_amount = ?, salvage_amount = ?, useful_life_months = ?, purchase_date = ? WHERE id = ?",
+                params![
+                    amt("cost")?,
+                    amt("salvage_value")?,
+                    get_u64(p, "useful_life_months")? as i64,
+                    get_str(p, "purchase_date")?,
+                    get_u64(p, "asset_id")? as i64
+                ],
+            )?;
+        }
         "asset.tax_basis_set" => {
             conn.execute(
                 "UPDATE assets SET tax_rule = ?, contributor_basis = ? WHERE id = ?",

crates/ledger-store/tests/asset_tags.rs

@@ -757,3 +757,44 @@ fn an_asset_tax_basis_set_line_with_a_bad_payload_is_corrupt() {
         }
     }
 }
+
+/// A registration mistake is corrected (journaled with the old figures,
+/// replayed, verified); a correction needs a reason and valid figures, and
+/// is refused once depreciation for the asset is posted.
+#[test]
+fn an_asset_is_corrected_until_depreciation_is_posted() {
+    let (dir, mut s, _, x, _) = fixture("corrected");
+    let fix = |cost: &str| ledger_core::AssetCorrection {
+        cost: usd(cost),
+        salvage_value: usd("0.00"),
+        useful_life_months: 12,
+        purchase_date: date(2026, 1, 1),
+    };
+    let before = journal(&dir).len();
+    assert!(matches!(
+        s.correct_asset(x, fix("1000.00"), " "),
+        Err(StoreError::ReasonRequired)
+    ));
+    assert!(s.correct_asset(x, fix("0.00"), "zero cost").is_err());
+    assert_eq!(journal(&dir).len(), before, "refusals journal nothing");
+    s.correct_asset(x, fix("1000.00"), "AppleCare+ split out")
+        .unwrap();
+    let (kind, p) = journal(&dir).pop().unwrap();
+    assert_eq!(kind, "asset.corrected");
+    assert_eq!(p["cost"]["amount"], "1000.00");
+    assert_eq!(p["previous"]["cost"]["amount"], "1200.00");
+    s.verify().unwrap();
+    drop(s);
+    std::fs::remove_file(dir.join(DB_FILE)).unwrap();
+    let mut s = Store::open(&dir).unwrap();
+    assert_eq!(
+        s.ledger().get_asset(x).unwrap().cost.amount.to_string(),
+        "1000.00"
+    );
+    s.verify().unwrap();
+    s.run_depreciation(x, "2026-01").unwrap();
+    assert!(matches!(
+        s.correct_asset(x, fix("900.00"), "too late"),
+        Err(StoreError::AssetDepreciationPosted(_))
+    ));
+}