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Fixed Assets calendar

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Posted on by JacksNZ

When creating a new fixed asset, get an error message "You must setup periods for the fixed asset calendar XYZ", where XYZ is the name of fiscal calendar we are using for the Ledger.

I note that this error appears when the useful life of the asset is not a full integer but a number with decimals-say 9.8 years.

I have not created or linked a fiscal year with the FA book as I believe it is not necessary (and in fact, have created and been running full FA module for another company in the same instance without linking book to calendar).

Question is a) where does it pick up the fixed asset calendar name XYZ (this is the correct name) but I have not linked the fixed asset calendar in the Book form.-is it picking up from ledger calendar as the book is set to post to ledger?

b) how do we handle this issue-especially when we are importing from legacy system, many of the assets will have useful life expressed in years with decimals.

thanks

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Rahul Mohta 21,032 on at

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it comes from depreciation profile assigned on the book.

Try considering your period frequency in depreciation profile to something other than yearly e.g. daily and try and suggest

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JacksNZ on at

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Thanks for the quick advice Rohit. I find that if we use SL, only two options are yearly and financial period-is there a different place to set this

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Ludwig Reinhard Microsoft Employee on at

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Hello JacksNZ,

For a:

The fixed asset calendar is linked to the book. You can find the setup in the fixed asset book setup form.

For b:

If your fixed asset is already setup it inherits the book and the calendar from the setup configuration. What you can do is creating a new book that does not make use of a fixed asset calendar and assign this book to your newly created fixed asset. Delete the book that has the fixed asset calendar assigned and you should be ready to go.

Note:

I assume that there is no need for a specific fixed asset calendar. Why do you need a separate fixed asset calendar actually?

Best regards,

Ludwig

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JacksNZ on at

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Thanks Dr Ludwig for the reply.

I have exactly done as suggested. I did not link my Book to any calendar. But the moment I enter a value in service life field that contains a decimal-say 9.8 years, the above error appears. I also find that if I put the value in Depreciation period, say 117 months, then this converts to 9.75 years (in service life column) without complaint. However, this is not ideas as I am unable to enter 9.8 years as being the service life (equivalent to 10.2% straight line depreciation).

Depreciation periods column does not accept decimal figures at all.

Perhaps, that is the reason Rahul may have suggested creating a calendar that will have days as periods-but this I believe is a round about of achieving this objective.

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