web
You’re offline. This is a read only version of the page.
close
Skip to main content
News and Announcements icon
Community site session details

Community site session details

Session Id :
Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Impairment of fixed as...
Microsoft Dynamics GP (Archived)

Impairment of fixed assets

(0) ShareShare
ReportReport
Posted on by Farheen Altaf 40

Hi,

My company currently uses fixed asset module within Great Plains. I am trying to figure out how to impair an asset as required by FASB 144. My intent is to record a entry that reduces the cost of the asset and record a loss. Additionally, the depreciation after impairment will be recorded as the new cost/remaining months. Basically, the system should realize that the monthly depreciation has changed.

Thanks for your help. I greatly appreciate it.

// Farheen

*This post is locked for comments

I have the same question (0)
  • William Calloway Profile Picture
    William Calloway 125 on at
    Re: Re: Re: Impairment of fixed assets

    Hello,

    I have actually recorded my keystrokes for a retirement then duplicated it by setting up a macro to edit the text file in excel as many times as I need. If you are using it to retire a group of assets in a series, you can set up the macro to retire the asset at the given percentage, recall it and run it on whatever asset you want to process.

     

    Hope this helps,

    William

  • Patrick Woodward Profile Picture
    Patrick Woodward 20 on at
    Re: Re: Impairment of fixed assets

    Mark,

     To follow up on this topic I have a question about the best approach for impairing multiple assets.  What do you suggest for impairing a group of assets?  Is there a way to expedite this process or do you have to individually retire assets as you described in the above?

    Thanks,

    Patrick

  • mpolino Profile Picture
    mpolino on at
    Re: Impairment of fixed assets

    Do a partial retirement of the asset in GP. Set the retirement type to Other and create a code to identify that this is an impairment. GP allows partial retirements by cost or % so even if there are multiple items in a single assets you can still do a blanket impairment by cost impaired or %. The nice thing about retirements are that they can be undone easily if the impairment changes. So if a $100k asset is impaired and now worth $60k you can partial retire $40k and take a loss. Then if its value returns or if the impairment was later determined to be different (appraisal, comparable, etc.) you can undo the partial retirement and correct it.

     The retirement code lets you identify impairments vs true retirements in a smartlist or other report.

     Mark

Under review

Thank you for your reply! To ensure a great experience for everyone, your content is awaiting approval by our Community Managers. Please check back later.

Helpful resources

News and Announcements

Dynamics 365 Community Calls Return
Join experts in person to explore low code and AI agents at the Power Platform Community Conference sponsored by Microsoft
Responsible AI policies for the Community

Quick Links

Responsible AI policies

As AI tools become more common, we’re introducing a Responsible AI Use…

Andrés Arias – Community Spotlight

We are honored to recognize Andrés Arias as our Community Spotlight honoree for…

Congratulations to the August Top 10 Community Leaders!

These are the community rock stars!

Leaderboard > 🔒一 Microsoft Dynamics GP (Archived)

Last 30 days Overall leaderboard

Featured topics

Product updates

Dynamics 365 release plans