Finance | Project Operations, Human Resources, ...

First Depreciation Proposal on Migrated Fixed Assets

(0) Share

Report

Posted on by BarryR

306

Hello all -

I've migrated legacy fixed assets as of Nov 30, 2023. After creating the first depreciation proposal date 12/31/2023 I noticed that the amount of the depreciation is $10.00 on a number of the assets from different groups.

Below is an example of one asset's profile that shows the first 12/31/23 amortization will be $10.00. I would expect that this value would be roughly $62 for the first amortization since asset was migrated. Anyone else have this issue?

Thanks in advance for any advice.

Depreciation profile = Straight line life remaining

Convention = Mid month, 15th of month

I have the same question (0)

All responses (3)

Answers (0)

André Arnaud de Cal... 303,532 Super User 2026 Season 1 on at

Like (0)

Report
Copy link

Link copied!

Hi Barry,

You mentioned a conversion date of November 30, 2023. The profile shows December 30 as a start date. Can you share screenshots of the Asset book and posted conversion transactions for this asset?

Was this reply helpful? Yes No
Suggested answer

Maria Nastevska 171 on at

Like (0)

Report
Copy link

Link copied!

Hi Barry,

From this screenshot, it looks like the acquisition date is 30/12/2023m therefore, depreciation is getting calculated for one day left in Dec, 2023.

This is the reason the system calculated only $10 depreciation for the month of Dec.

Please check further the date in the system when this asset was migrated.

Thanks,

Maria

Was this reply helpful? Yes No
BarryR 306 on at

Like (0)

Report
Copy link

Link copied!

Hello Andre -

The placed in service date for the migrated asset = 11/30/2023 which ties to the date of the data migration Acquisition Journal date. Depreciation last run = 11/30/23 which also ties to the date of the accumulated depreciation journal date. So I would expect the first Depreciation proposal after migration should have a To date of 12/31/2023.

It's curious to me though the the depreciation amounts listed on this first depreciation journal = the Minimum depreciation amount specified on

Fixed assets parameters which is $10.00. However if I change the minimum depreciation amount to $1.00 then those are the amounts generated on the subsequent depreciation proposal.

First Depreciation Proposal after legacy assets are migrated

Notice the amounts generated are $10.00 for every line.

Minimum depreciation amount is set to $10.00.

After changing Minimum depreciation amount to $1.00

Was this reply helpful? Yes No