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I need to (re)build the fixed assets calendar for the current fiscal year, as it was built with incorrect dates. Depreciations have been processed for two months. What will need to be done if I rebuild/replace the fixed assets calendar now? Should I attempt to reverse the depreciations before replacing the calendar?
Thank you,
Deb
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Hi Deb ,
Can you explain in detail that how to backedout the depreciations and rebuilt the FA calendar as we are also facing the same issue ?
Rob,
Thank you. I have created a test database with the information and have attempted what you suggested above. The problem isn't so much with the fixed assets themselves, but with the fiscal periods that they were posted into. To clarify.. My fiscal periods are set up as calendar months. My FA calendar was set up so that the periods ended 1 week short of the calender month end. So July ended on 7/28 rather than 7/31. So a portion of the full months depreciation went into July (period 1) and part into August (period 2). August ended 8/26, and resulted in a portion of the depreciation in Period 2. So July is not correct between FA and GL. I am thinking that I need to reverse these before I can correct the assets, so that the postings are all done into the correct periods. Otherwise, the financial detail inquiry will not reflect the correct numbers.
Thank you,
Deb
Hi Deb,
Thanks for the question. You do not need to reverse the depreciations prior to rebuilding the calendar, you can reset the assets so that the depreciation amounts match to the revised calendar. I suggest that you setup a test company then do the following:
1 - Rebuild and replace your FA calendar.
2 - Go to Transactions - Fixed Assets - Select Assets and create a new asset group that includes all assets.
3 - Go to Transactions - Fixed Assets - Mass Change - Book tab, enter the asset group you just created, select the book that you want to update, mark the Reset Year option then apply the changes. This will reset the asset values for the current year based on the new calendar that you have setup.
After this check the asset amounts; if they are not what you expect redo step 3 but choose the reset life option instead, this will reset all the asset values since they were placed in service based on the new calendar.
Please let me know if you would like any further information on this issue.
Regards
Rob
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