I did the math so you don't have too.

If your fixed asset data only has a purchase date or in-service date, but you really want to populate all those great reports, you'll need to calculate Age in a way that will automatically update as the assets get older.

Here's are the formulas

Age (in Months)
=Round(Elapsed(Acquisition Date,(CurrentDate("M/d/yy")))/2592000,1)

Age (In Years)
=Round(Elapsed(Acquisition Date,(CurrentDate("M/d/yy")))/31557600,1)

Age Range
=Lookup(Age Years,Age Range,Age,Range)

Age Years Table is attached

For the reports to work correctly the default Age column must be in MONTHS to match the Fixed Asset Depreciation LIM column.

This is great! Thank you, @Juliet Orgain. We were struggling a bit with this very thing recently.

Many thanks @Juliet Orgain - that is indeed very helpful for a lot of guys!

Thanks for sharing @Juliet Orgain, I used this to work out the age of virtual servers.

Very helpful, thank you for this!

Thank you so much. Very helpful.

Thanks @Juliet Orgain - this just helped me with a problem that I've spend way to much time on myself!

Thank you very much, very helpful!

Thanks Juliet

This is so great and very helpful.

My 2 Cents: I believe the following formula could also do the job for the calculation of the age in months:

Age in Months =Round((Months(CurrentDate())-Months(In Service Date)),0)

Yes, If you want to round down rather than round to nearest 0.5, you can use Trunc:

Age Months = Trunc(Months(CurrentDate())-Months(In Service Date))

Age Years = Trunc(Age Months / 12)

Great post. Thank you

Thanks for sharing

Given http://convert-units.info/time/second/31557600, Age (In Years)
=Round(Elapsed(Acquisition Date,(CurrentDate("M/d/yy")))/31557600,1) seems to be fine as 31557600 s = 365.25d

However, given http://convert-units.info/time/second/2592000 , Age (in Months)
=Round(Elapsed(Acquisition Date,(CurrentDate("M/d/yy")))/2592000,1) would be 2592000 s (second) equals to 30d (Day)

After a few years(5-10), wont the formula age(in months)  lose a whole month ? and further more - ahead in time? 

2,629,746 instead of 2592000 would be more precise...if no formula aligned with calendar-time or UTC is used.

how about if we have only date of Entry ( start date/Acq date) how you calculate life of asset in months ?? @Cliff Bird, @Camille Faith Crisostomo, @Jenny Goodwin 

Please help and advice!!

Hi Kalpana, 

While awaiting Jenny and Cliff's response - found something here which helps:

https://tbmcouncil.jiveon.com/message/17145?commentID=17145#comment-17145 

please note Jaitabh Sharma's response here! Coupled with the last response by Michelle - A solution does appear...

& then request for an "interval" function  enhancement.