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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Cleaning Up Fixed Assets
Microsoft Dynamics GP (Archived)

Cleaning Up Fixed Assets

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Posted on by Community Member Microsoft Employee

I am a fairly new GP 2010 user whom inherited a messy file. I'm not sure how to approach a fixed asset issue I have just discovered.

For the year-end balance sheet, I went ahead and entered journal entries to correct costs and accumulated depreciation amounts for our CPA. 

Clicking on the Assets list pane (left hand side above the navigation pane buttons), I started looking at the individual assets. I selected Go To (from the top) and View Financial Detail. I'm a bit surprised that many are depreciation only through December 2012. YIKES! Not to mention there are a lot of assets which were exchanged/sold off (vehicles) over 2014 which the company no longer has. I also realize there are a few assets which have not been entered into this system (hence the cost adjustment mentioned above).

Here is my question - What can I do to update it to year end accumulated deprecation without recording deprecation expense onto the financials? I would like to have this list cleaned up and hope to use it in the future to expedite monthly depreciation entry.

Thank you!

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  • Suggested answer
    Redbeard Profile Picture
    Redbeard 12,931 on at
    RE: Cleaning Up Fixed Assets

    Mrs. G,

    It is entirely possible to create depreciation transactions in the Fixed Asset sub-ledger, then interface this activity to the General Ledger. This process creates a General Ledger Batch, which can be deleted, instead of posted, which will synchronize your sub-ledger with your already adjusted General Ledger.

    There are a couple of things to bear in mind. If you have a messy Fixed Asset module setup, and it sounds like you do. The very first thing you need to do is create a test company, using a copy of your live company.  This will allow you to walk through the proposed fix prior to implementing it.   Here is a link to a Microsoft Knowledge Base article on how to create a test company from a copy of a live company (you may have to engage a technical resource to complete this process): support.microsoft.com/.../871973

    Once you have created your test database, the very first thing I recommend to Fixed Asset users with dubious setups is to interface the General Ledger for all periods, to clean up the sub-ledger, so you aren't confused by any existing data, which hasn't previously been interfaced.

    This is accomplished by running the GL Interface for periods 000-00 to current. It is not unusual to find data, which was never interfaced to the GL because the GL interface wasn't run for all periods and changes were made to fixed assets effecting periods prior to the current period.

    Once you have a clean test environment you can test running depreciation for previous skipped periods, interfacing these transactions to the General Ledger, ensuring they are not necessary (because of previous adjustments) and deleting them, rather than posting them.

    In extreme cases, I have recommended a complete re-implementation of the Fixed Assets Module, which proved to take less time, expose other unknown problems, and serves as great experience for new users of the tool.

    If you have follow up questions, feel free to email me directly on this, I would gladly help you figure out your options.

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Cleaning Up Fixed Assets

    Once I have a better understanding of the workflow of the software, I'll feel more comfortable making blind transactions. Yes, I could have created a false FA and track it through. But I thought it would be better to come to a community of more experienced users for assistance first.

  • Almas Mahfooz Profile Picture
    Almas Mahfooz 11,003 User Group Leader on at
    RE: Cleaning Up Fixed Assets

    I think you better have some partner's support for FA then doing it on your own.

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