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Upon year-end review, we've noticed that we have a fixed asset on our books that needs to be retired this month as it's no longer in use. The issue is that we've already ran and posted depreciation for the month (have not closed the FA module or GP for 2015 yet). The asset still has a NBV as well.
My initial thought is that we can just retire the fixed asset as of 12/31/15, run depreciation for the one asset, then do the fixed asset general ledger posting process. My worry is that the FA GL posting process will repost depreciation for ALL assets instead of the one that I would have just retired. I'm not totally familiar with how the FA GL Posting process works.
Also, do we need to undo depreciation for December and then retire the asset or can we just retire, then re-run depreciation on that asset, then post to GL?
What's the best way to go about this?
Thanks,
Nick
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Hi Nick
First - the depreciation process will not recalculate depreciation that has already run. It looks at the "depreciated to" date, among other things to determine whether an asset needs to be included.
Retirements use the Averaging Convention to decide whether to back out depreciation on an asset that will be retired or whether to depreciate up to date. It can be a bit hit and miss.
There is the option to "undo" depreciation on an asset - it is a one by one process and not really obvious. If you go to Tools --> Routines --> Fixed Assets --> Depreciate One Asset, you can enter the Asset ID and the date - being an earlier date. When you process, it will undo the depreciation.
So you could do this for the asset you want to retire, back to the retirement date, then do the asset retirement and all should be OK.
The FA GL posting process works through the "unposted" transactions in the FA tables to pick up what needs posting - so you can never do it twice. That is why with Fixed Assets you NEVER delete a batch at the GL level.
You can post all of the above fixed asset changes to the current GL period by choosing the posting date on the FA GL Posting screen. You can also post individual FA periods to the matching GL period by using the period restrictions e.g. 2015-011 to 2015-011 (2015 fiscal year, period 11) and GL posting date 30 November 2015 or whatever works.
The Fixed Assets calendar and the GL calendar are separate - FA calculates everything to the correct period in FA regardless of when you post it. GL takes the figures for the posting date you select.
Hope that helps.
Cheers
Heather
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