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The end of 2012 is quicky approaching, so let's get ready to close the year in Fixed Assets! This blog should give you an idea of what the process does, and when you should complete it. Good luck!
Changes with the release of the 2012 Year End Update you should be aware of in Fixed Assets:
Things to keep in mind when closing the the year in Fixed Assets:
When you close the year in Fixed Assets, the following fields are updated: Asset General Window
Asset Book Window
Book Setup Window
Steps to complete the year end close process in Fixed Assets:
Additional information to note:
Do NOT manually change the year in the Book Setup window so you can run depreciation for the next year before closing the current year. If you do this, you will encounter problems at the end of the next year. This is because Fixed Assets compares the Yearly Depreciation Amount field to the YTD Depreciation field. If you run depreciation for the next year by changing your fiscal year in Book Setup, when you close the current year the YTD Depreciation amount is set back to $0.00. This includes the amount of depreciation that you calculated for the new year. As you complete depreciation for the new year, the YTD field will be updated but the amount that was generated for the first month (or months) before the previous year was closed is not included in that YTD total. When you get to the last period, the depreciation amount will be doubled. The GP code and procedures will determine that not enough depreciation was taken through the year because the Yearly Depreciation Amount does not equal the YTD amount due to the first month (or months) not being included in the YTD figure. Assistance for Fixed Assets Year End Close:
Microsoft Dynamics GP Blog - http://blogs.msdn.com/b/dynamicsgp/
Microsoft Dynamics Community - https://community.dynamics.com/product/GP/default.aspx
Microsoft Dynamics Support - https://mbs.microsoft.com/support/newstart.aspx
If you are creating a case with the Technical Support Team, please refer to the routing below to ensure you are routed to the correct Professional for assistance: Assistance with the Fixed Assets Year End Close:
Support Topic Selection: Financial – Fixed Assets
Sub-topic Selection: Year End Procedures
Year-end closing procedures for the Fixed Assets module in Microsoft Dynamics GP:
****For the 2012 year, there is a Year-End Video!!!!****
Check it out....SO COOL!
http://www.microsoft.com/en-us/showcase/details.aspx?uuid=c85f0cbf-ac8e-4a1b-9350-10c24a6f0746 Be sure to check back to the Year-End Schedule post for current posted blogs and upcoming blog posts related to Year-End Closing for Dynamics GP. Good luck and have a great Year-End!
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