First Depreciation Proposal on Migrated Fixed Assets

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Posted on by BarryR

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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

Categories:

Financial Management

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BarryR 145 on at

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First Depreciation Proposal on Migrated Fixed Assets

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
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Maria Nastevska 137 on at

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First Depreciation Proposal on Migrated Fixed Assets

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
André Arnaud de Cal... 288,768 Super User on at

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First Depreciation Proposal on Migrated Fixed Assets

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?