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Dynamics 365 Community / Forums / Finance | Project Operations, Human Resources, ... / Fixed Assets Module Ye...
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Fixed Assets Module Year End closing procedure and audit adjustments

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Posted on by Ovi1Ken0vi 15

Hello everyone,

I have a question about the FA module. Someone in my organization is under the impression that we should not close our FA module but after we have audit adjustments.

We may not have these adjustments for many months, so not being able to run depreciation until we close it is really an inconvenience.

My coworker thinks we should estimate depreciation for now.

This seems like a really bad limitation on the module. Can someone please offer guidance on this?

Thank you all in advance!

Categories:
Microsoft Dynamics GP
  • Ovi1Ken0vi Profile Picture
    Ovi1Ken0vi 15 on at
    RE: Fixed Assets Module Year End closing procedure and audit adjustments

    Jen,

    In our particular case, its not audit adjustments but revisions to our assets  from valuations of acquisitions we had last year.

    Best,

  • Ovi1Ken0vi Profile Picture
    Ovi1Ken0vi 15 on at
    RE: Fixed Assets Module Year End closing procedure and audit adjustments

    Thank you!

  • Ovi1Ken0vi Profile Picture
    Ovi1Ken0vi 15 on at
    RE: Fixed Assets Module Year End closing procedure and audit adjustments

    Thank you!

  • Jen Kuntz Profile Picture
    Jen Kuntz 3,220 on at
    RE: Fixed Assets Module Year End closing procedure and audit adjustments

    The question I would have is what kind of audit adjustments affect the FA module directly. Most audit adjustments are journal entries and thus the FA module could be closed once you've completed your regular year-end activity with it, and continue with your regular new year activities.

  • Suggested answer
    Beat Bucher GP Geek GPUG All Star Profile Picture
    Beat Bucher GP Gee... 28,021 Super User 2024 Season 1 on at
    RE: Fixed Assets Module Year End closing procedure and audit adjustments

    Hi 0vi1Ken0vi,

    I don't have a direct answer to your question, but you might want to read some of the blog posts from Jen Kuntz about Fixed Assets. Maybe there will be your answer in them.. 

    https://community.dynamics.com/gp/b/kuntzconsulting/posts/fixed-assets-gl-posting-flow-part-5

    good luck

  • Ovi1Ken0vi Profile Picture
    Ovi1Ken0vi 15 on at
    RE: Fixed Assets Module Year End closing procedure and audit adjustments

    Hi Shannon,

    Thanks for your answer.

    I cant find anything about adding assets to a closed book or about adjustments to the module after its closed for the fiscal year.

    I am mostly concerned about the FA module's books ability to be altered (whether by adding depreciation, adding new assets, or changing relevant asset fields) after it has been closed.

    A scenario could be the necessity to add assets to a closed book after an acquisition valuation.

    Thank you!

  • Suggested answer
    Shannon Aune Profile Picture
    Shannon Aune on at
    RE: Fixed Assets Module Year End closing procedure and audit adjustments

    Hi Ovi,

    You do have to process deprecation to the last day of the current FA year before you can close the year for Fixed Assets. I have also attached a blog post that one of my colleagues put together on YE close procedures for Fixed Assets, I have attached it below:

    community.dynamics.com/.../microsoft-dynamics-gp-year-end-update-2019-fixed-assets

    I hope this helps.

    Thanks,

  • Ovi1Ken0vi Profile Picture
    Ovi1Ken0vi 15 on at
    RE: Fixed Assets Module Year End closing procedure and audit adjustments

    Hello again,

    I would like to add a follow up question on this. Can you add an asset to a closed book and post depreciation adjustment numbers to the related closed period in both GL and the module?

    Thank you!

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