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If we were entering some assets into the system now at their net value to begin depreciation at their net value can we still record the original cost even though we don’t want to depreciate from the original cost? I know there is a field called ‘Cost Basis’, but I wasn’t sure if that’s where we would enter the net value or the original cost. I’m not sure what field the fixed asset system uses to base its’ depreciation calculation
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Thanks for the tips folks. I will give them both a try and see how it goes.
Hi Richard,
You want to enter the original cost in the 'Acquisition Cost' field in the General window and your Net Book Value in the 'Cost Basis' field in the Book window. When you save the Book, GP will offer a message indicating you've changed a depreciation-sensitive field, amounts will be recalculated and do you wish to continue. If you say yes, you're presented with 3 recalculation options. Check out the help files for an explanation of the 3 methods to select the one that's appropriate for your scenario.
Hope this helps,
When I have done this previously, I normally put in the cost Basis on the General Page as of the acutal dates. Then on the books, I put in the Depreciated to Date and then put in the YTD Depreciation (if we are doing this mid-year) as well as the LTD Depreciation (from previous yeas). In doing this I am expecting that the next time I depreciate that the amount will be the amount of what I would have for the next month and that I am ready to begin depreciating.
One thing you do run into with the above, is that prior to taking any depreciation, you need to run a GL Posting. This takes care of the clean out. Great Plains wants to clear out the entry of the asset (which I am assuming is already on your books. Typically I just delete the Batch that it creates and then go in and do my projected depreciation.
I have also typically created a test database so that the client can see what the different depreciateion methods are going to behave and in case they want to make adjustments after they have done projections. So, once you have all your assets imported (use the Integration manager if you own it, and have a lot of assets)
But if you do all this in a test company import, clean up and play with Fixed Assets, by the time you are ready to depreciate the assets you already are very familiar with the module. And with a test enviornment when you suddenly have to retire assets, you have someplace to go play with fixed assets to make sure that everything is going to reitre the way you are expecting.
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