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Dynamics 365 Community / Forums / Finance | Project Operations, Human Resources, ... / Fixed asset tax bonus ...
Finance | Project Operations, Human Resources, ...
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Fixed asset tax bonus depr after year end close

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Posted on by JacqueF 5

Due to the CARES act, we are wanting to go back to our 2018 assets and take bonus depreciation on some assets.  Current year is 2020.  Can I undo the FA close and re-open 2019 and then 2018 to make these changes? Can I do this without opening the GL since I’m only updating tax, not book?

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Microsoft Dynamics GP
  • Suggested answer
    Andrea Melroe Profile Picture
    Andrea Melroe 3,437 on at
    RE: Fixed asset tax bonus depr after year end close

    Hello,

    Thanks for the question!

    No, you cannot undo a Year-End Close in Fixed Assets. Once there are transactions in the ‘current’ FA year you must ‘stay’ in the current FA year until you’re ready to close it and move into the next year.

    The good news is that if you want to record bonus depreciation for assets that were entered into FA in the 2018 FA year, you can still do that. 

    Here’s what you can test in a Test Company with a copy of live data:

    1. Click on Cards >> Fixed Assets >> Book.
    2. Pull up appropriate asset.
    3. Change Special Depreciation Allowance to be ‘Yes’.
    4. Enter percentage of depreciation you want to be recorded as taken in the first year of this 2018 asset’s life.
    5. Click Save.
    6. Click Yes when prompted (as you’ve changed a depreciation sensitive field).
    7. Click Life to reset the life of the asset. This will recalculate depreciation from the Placed In Service Date (2018) to the Depreciated To Date based on the changes you made, and the special depreciation is always recorded in the assets first year of life.

    I hope this helps!

    Thanks for using Dynamics Communities,

    Andrea Melroe | Sr. Technical Advisor | Microsoft Dynamics GP

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