Fixed Asset Fiscal Calendar is Different from General Ledger Calendar

(1) Share

Report

Posted on by BarryR

325

Hello All -

I have a client that uses a 4-4-5 calendar for all postings to the ledger except for Fixed Assets where they post depreciation each month based on a normal calendar year. Do I need to set up different fiscal calendars, one for Fixed Assets using normal start and end dates (i.e. 1/1/24..1/31/24) and

then one for the 4-4-5 period dates (i.e. 12/30/23..1/26/24)?

What is the difference between calendar year and fiscal on Depreciation year on the depreciation profile form?

Thanks in advance for any advice.

I have the same question (0)

All responses (5)

Answers (2)

Sort by

Suggested answer

Frank Hamelly | MVP... 46,631 Moderator on at

Like (0)

Report
Copy link

Link copied!

Yes, you'll need two calendars. Fiscal refers to other than a Calendar year, as in your case, the 4-4-5 Fiscal calendar.

Was this reply helpful? Yes No
BarryR 325 on at

Like (0)

Report
Copy link

Link copied!

Frank - if I need to set up two calendars then how do I link them both to a Ledger?

Also, when I attempt to add the FA ledger fiscal periods via Excel publish I get this error.

Was this reply helpful? Yes No
Verified answer

BillurSamdancioglu 20,987 Most Valuable Professional on at

Like (0)

Report
Copy link

Link copied!

You can create multiple calendars. You can only select one in Ledger. On assets you can select the others.

Was this reply helpful? Yes No
Suggested answer

Frank Hamelly | MVP... 46,631 Moderator on at

Like (1)

Report
Copy link

Link copied!

As Billur said, you set your 4-4-5 Calendar on the ledger and your Calendar year calendar on Fixed asset book:

Was this reply helpful? Yes No
Verified answer

saurabh bharti 15,059 Moderator on at

Like (1)

Report
Copy link

Link copied!

Hi,

Just to add to others point

On depreciation profile if you select calendar that means you can use different calendar on Books for depreciation (That can be same as fiscal or FA specific)

and if you select fiscal which means you would like to follwo the same one which you have in legder setup

Was this reply helpful? Yes No