Migrate Fixed Assets to GP

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Posted on by SiuKK

Hi,

We are trying to use Fixed Asset module in GP and needs to migrate the previous FA purchases and the year of remaining life for depreciation. Is there any suggestions on how it should be done? We are currently using GP so the Fixed Assets purchase and depreciation are actually booked manually for the previous months. If I have a purchase of $3600 and has a 3 years life and it has depreciated for a year already. How can I put them back into the system with the original acquisition cost of $3600 and YTD depreciation of $1200 and have a net book value of $2400?

1) If I book it with the originally value $3600 and original life year 36 months, I can probably create a GL transaction with Dr Fixed Assets Clearing Account Cr Fixed Assets (Assets account). However, when I run the depreciation, it will be duplicating the manual depreciation entry that we have already posted in the previous months

2) If I book it with the remaining value $2400 and remaining life year 24 months, then I will not be able to get the net book value.

Thanks for the advice in advance.

Regards,

Sarah

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Microsoft Dynamics GP

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SiuKK 45 on at

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RE: Migrate Fixed Assets to GP

Hi Brandon,

Thanks for you advice! After trying to create them without YTD/LTD depreciation, it seems correct so far. Thanks a lot!
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Hokuminaria 2,950 on at

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RE: Migrate Fixed Assets to GP

Hello Sarah,

The first thing i would check is to see if you are using the same calendar as the original system. If these are different, you will not get the same results. In addition, i see you are using a Full Month for the Averaging Convention. If your calendar is not January 1st to December 31st you cannot use Full Month. See the article below.

https://support.microsoft.com/en-us/topic/how-to-determine-when-an-asset-begins-to-depreciate-or-when-an-asset-is-considered-discontinued-in-fixed-asset-management-in-microsoft-dynamics-gp-dda9e4d5-2909-3e99-a303-f3d384359c15

As i dont know you your calendar is defined, i cant test this asset to see if i get the same results.

To make things simplifier, why not bring the assets in with no depreciation and let the system do all the work. Then instead of posting the GL batch, you can delete.

With your periodic rate, i would check the book to verify that you have it set correctly. The options are Periodic and Daily that we can select.

In regards to nothing moving to the GL, the most common issue for this is no book being assigned in the FA Company Setup. You could check to see if their is a Corporate book assigned.

I hope this helps!

Thank you!

Brandon Jarrett | Microsoft Support Engineer
SiuKK 45 on at

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RE: Migrate Fixed Assets to GP

Hi Brandon,

Thank you for your advice. I managed to get some of the fixed assets created with correct depreciation. However, not all of them are getting the correct figures. Hope that you can give me further advice on that.

1) Some Fixed Assets are not depreciating - it does not generating depreciation transactions. I have placed the depreciated to date as Apr 30, 2021 on the asset book but after I run the depreciate, there is no GL Posting entry generated but the depreciated to date is updated to May 31, 2021.

2) Some Fixed Assets are not depreciating correctly - the depreciation transactions is generated but with a wrong periodic rate.

For example, I have a fixed assets that the cost is 1084 that is purchased on Jul 1, 2020, I entered YTD and LTD Depreciation as 301.23 as at 04/30/2021 as it was depreciated for 10 months (~30.12 per month)

However, when I try to run the depreciation for May 31,2021, it generates the depreciation of 5.46 instead of 30.12. I have attached the image below for better explanation.
Hokuminaria 2,950 on at

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RE: Migrate Fixed Assets to GP

Hello SiuKK,

I think the problem is that there are 31 days in May and you set the date to 5-30. I am thinking that 1.86 is coming from the last day in May.

If you test setting the Depreciated to Date to 5-31 and run Depreciation, does it still give you the 1.86?

Please let me know how that goes.

Thank you!
SiuKK 45 on at

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RE: Migrate Fixed Assets to GP

Hi Brandon,

Thanks for your suggestion.

I have tried the following steps:

1) Create the Asset record under Fixed Assets| Card| General, enter the Class, Description, Account Group, Acquisition Date, Acquisition Cost and Location ID

2) Update the Asset book under Fixed Assets| Card| Book, enter the Book ID, changed the depreciation to Date, YTD Depreciation and LTD Depreciation amount.

Although the Netbook value and the Remaining Year, Days are updating, when I try to generate the GL Posting for depreciation, the amount is not the same as expected.

For example, I have a balance of asset $2100 for 3 years of life purchase in Sep 2018. We were depreciating this by $58.33 monthly ($2100/36 months) and it should have 3 months left for depreciation, so I have entered the Depreciation to Date as 5/30/2021 and YTD/LTD Depreciation as $1925 so the Netbook value gives $175 for the rest of the 3 months depreciation of $58.33. However, after I run the depreciate and go to GL Posting, it generates 2 depreciation entries with 1.86 and 57.71 which gives a total of $59.57. Is there some settings that I have done incorrectly?

Also, it will also generate 2 other entries

1) Dr Fixed Assets (Assets) and Cr Fixed Assets (Clearing) with acquisition cost $2100

2) Dr Depreciation Expense and Cr Accumulated Depreciation with YTD Depreciation $1925

Do I need to post them and reverse them?
Hokuminaria 2,950 on at

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RE: Migrate Fixed Assets to GP

Hello SiuKK,

I would test the following to see if this works for you.

Enter the Asset as you would normally, but adjust the YTD, LTD and the Depreciated to date so it is as it was depreciated.

Run the GL Posting Routine.

Determine if you want that pushed to GL or not.

If not, you can delete the GL batch so it does not update the GL.

Make any corrections to the GL as needed as you mentioned above regarding a Debit Clearing and Crediting FA.

The asset should now have 2400 Netbook Value with the 24 months remaining.

You can then run Depreciation as normal and push to the GL.

It wont duplicate the depreciation because we look at the Depreciated to Date. It wont go back and pick up stuff passed that date.

I would try this out in test and see how the end results look.

I would also run projections on these assets to verify that your Depreciation Amounts are expected throughout the life of those assets.

I hope this helps!

Thank you!

Brandon Jarrett | Microsoft Support Engineer.