Hi Experts,
I need to import assets from legacy system which are starting from 1980's. Depreciation profile is straight line service life (Dep year - Fiscal, period frequency - fiscal period). After the acquisition transaction made for cut off date, I am going to FA master books and trying to update the acquisition date, placed in service date and deprecation run date to have the correct depreciation amounts, but system is not allowing to update the dates. Without this, depreciation amounts are not correct.
Do i need to crate calendar from 1980's.
Thankyou Frank, let me try if this solution work as per client requirements.
Ok, here's how I handle the Acquisition date issue.
1. Use Service life, remaining life as the depreciation method. You must import Service life, Depreciation periods, and Depreciation periods remaining. Don't import Depreciation run date as the system calculates this.
2. Import the assets with the cutover date as the Acquisition date. This will default the Placed in service date to the cutover date, which is what you want.
3. After acquiring the assets and posting the accumulated depreciation journal, run another import to update the Acquistion dates only. This will not affect placed in service date but will provide a record of the actual Acquisition date in the book.
Depreciation will be calculated properly going forward.
Note: you posted another thread on this same topic. Please delete the duplicate.
Hi Frank,
I will first post acquisition journal on cutover date as per legacy book, then update the acquisition, placed in service and deprecation run date in book. Then I will post the accumulated deprecation on cutover date as per legacy book. I am expecting this way to get correct deprecation amount.
Eg. Acquisition amount in legacy system 1-jan-08 = 25000, Service life - 20 yrs, Accm dep 31/12/22 = 18750 for 15 yrs.
Will post 31/12/22 = Acquisition value - 25000, then update acquisition date, placed in service and deprecation run date to 1-jan-2008. Post accm dep - 18750/-
From 1-jan-23 i deprecation 1250/12 will be calculated for next 5 years.
Are you planning to let F&O calculate depreciation from Placed in service date forward or will you be entering Depreciation journals to post accumulated depreciation at cutover date?
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