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fixed asset opening balances not pushing through to chart of accounts.

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Posted on by MichaelEgg

I looked to follow this video in order to create opening balances for fixed asset acquisition costs and depreciation using rapid start config package.

https://docs.microsoft.com/en-us/learn/modules/record-fixed-assets-opening-transactions/2-opening-transactions

I followed the instructions to the point where i disabled the G/L integration on the depreciation books. but prior to posting from the FA journal i forgot to enable the G/L integration. the FA journal entries are present and correct but it has not updated the cost and depreciation on the chart of accounts.

I thought it was because it was posted to BC prior to me switching the G/L integration back on, prior to posting.

I'm asking how i can get the values through to the chart of accounts to show the fixed asset cost, deprecation to date and net book value.

regards

MIC

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JAngle 133 on at

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Will the balance sheet opening balance not contain the necessary values? Or are you passed that point? If you were going to integrate with the G/L you would have needed to use the FA G/L Journal in which case the journal would need to balance to be posted. You could therefore look at posting a regular general journal for the FA accounts and balance accordingly. The accounts you need to post to will most likely have "Direct Posting" set to false (no) - you will need them to be marked as true (yes) to post the g/l journal

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MichaelEgg 15 on at

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Thank you for your reply Josh. Yes the balance sheet is nil so i seem to be past that point, I followed the video but forgot to enable to G/L integration prior to posting all the line entries. it was not until after that i realised G/L integration on acquisition cost and depreciation were still disabled. this is what lead me to think it had not integrated. it was the step that i missed.

so the fixed assets are correct in that the fa journal lines provide the correct acquisition cost, depreciation and book value. it is that the information has not translated to chart of accounts. you were right that direct posting for lines was switched off. that has been addressed. wondering if there is a configuration route to circumvent having to do individual g/l entries to balance back. seems a lot of additional work for missing a single step.

i was creating closing balances for prior year in order to get period completed. all the values are correct. they just haven't pulled across via the general ledger as that area is blank.

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Kavisha 310 on at

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Option 1

You have to post the G/L balances manually now. May be take the whole trial balance and post it together with other ledger accounts as well.

Option 2

Disable GL integration

Go to FA register--> Fa ledger, select all entries and select Cancel entries.

They will appear on the Fa journal and post them.

This will make all FA ledger disappear and will reverse all the transaction posted without GL entries.

After that enable GL integration.

Post your file again on FA G/L Journal to impact G/L as well.

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MichaelEgg 15 on at

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Thank you for your reply. I look at option 2. I notice now the video i watched assumed that the values had already been entered in the g/l which i did not appreciate. i should therefore have undertaken task by NOT disabling the G/L integration on the depreciation book and should have just left it alone. then i suspect it would have been okay.

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Dirk on at

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Yes, you can chose between option 1 and 2.

But if you have all the fixed asset ledger enntries correct already, then option 1 (just post in G/L) might be faster.

Still, from an audit trail perspective, option 2 (post FA Ledger Entries together with the G/L Entries through the FA G/L Journal) seems better.

If you register opening balances for asset with depreciation method declining balance (1 or 2) it is very important to respect the fiscal year end.

If you take over by the last date of the previous fiscal year you can register accumulated acquisition costs in line 1 and accumulated depreciation in line 2.

If you take over for a date in the current fiscal year you need to

- register accumulated acquisition costs with the last day of the previous fiscal yea in line 1

- accumulated depreciation until the last day of the previous fiscal year in line 2.

- accumulated depreciation for the current fiscal year in line 3.

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Community Member on at

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Michael,

In my 22 years doing NAV and now BC, I normally load the Fixed Assets balances using the normal General Journal history posting process. I then create all my Fixed Asset Headers and Depreciation Book lines. I then record an FA Journal for the Acquisition Cost, using the Original Acquisition Date. I then run Depreciation thru the last depreciation period. NOTE: I DO NOT have G/L Integration turned on. I will then compare the Book Balances per Asset to the old Fixed Asset system. Any differences I will adjust either in the G/L, if minimal, or using the FA Journal (Depreciation Up or Down).

As an Accountant I want to use BC to generate the Depreciation and Accumulated Depreciation thru the last posted period. This way I know what BC would have recorded for depreciation.

Hope this helps.

Thanks,

Steve

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Ginger Ai 30 on at

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Hi Steven,

Thank you for your solution. Which depreciation method did you use? I need to use declining-balance method or user-defined method. However, after I selected declining-balance 1, I got an error message: "Depreciation method must not be Declining-Balance 1 in FA Depreciation Book...". Could you please advise how to make the declining-balance method or user-defined depreciation method work in Business Central?

Thanks & Regards,

Ginger

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Community Member on at

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Ginger,

My demo database uses Straight Line but the process is still the same for any depreciation method. As for the message, Declining-Balance method expects a "Declining Balance %" instead of the "No. of Deprecation Years". Fix this on the Fixed Asset card. If you are going to use User-Defined Method, you will need to create a Deprecation Table Code and add that value to the Fixed Asset Card.

Thanks,

Steve

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Ginger Ai 30 on at

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Hi Steven,

Thank you so much for the response!

Regards,

Ginger

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MichaelEgg 15 on at

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sorry was on holiday. I looked to undertake option 2 and cancelled the FA journal entries getting me back to square one. There are no entries in the FA general ledger at all so that is blank. What i couldn't find was a config package for FA G/L journal like there is one for FA JOunral (5621). so i looked to create a template with which to upload an excel with the information to the FA G/L journal. but found that there was not a field for the FA No . so i couldn't select the actual asset for the transaction. there was only "budgeted asset no" which isn't correct.

even if i looked to enter the G/L manually, surely i need the FA no to make it link together?

when i cancelled the FA journal entries all the assets did go back from acquired to not acquired but the check box became inactive.

so at present i'm looking for thoughts to move this element forward and any assistance appreciated.

thanks

Michael

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