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Reportwhat is the Difference between the Calender ID and Fiscal year........
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what is the Difference between the Calender ID and Fiscal year........
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Sorry zulfi, I misunderstood. No, Fixed Asset Calendar setup is 'one and done'.
While Frank is correct for Financials - this does not apply for the Fixed Assets.
It was recommended that you set up a calendar from 2015 to 2100
Once done you dont need another.
Zulfi, you must create the Fiscal Calendar for each Fiscal year. You can create multiple years in advance, or set them up 1 year at a time but you do have to have the new year setup prior to closing the current year.
ok thx Mahmoud...........
One more question do i have to set up calendar every year.........
suppose now it is 2015.....next year in 2016 do i have to again build a calender similary in 2017, 2018
Just build a fixed asset calendar from 1901-2100, it doesn't matter how many classes you have.
So the answer for (do i have to setup calender for each class of asset?) is simply no.
You may kindly close the case if it is resolved,
Also thx for clearing that Different calenders can be made
ONe of corporate books........(Books of Account)
other one of Tax books...........(Tax books)
Depreciation rate could be different in tax and accounts..........
so depreciation amount will also differ..........
but here i am only asking about the Books of Accounts....(accounting depreciation not tax depreciation)
Not related to Deferred taxation...........
Thx Mahmoud
For the time and comprehesive answer........
i want to ask something further........
In Fixed asset calender setup.......
there is an option Build Calender from.....
Fiscal period setup
Calendar year
Existing calender setup
then we can build calender from ....Year 1901-2199
MY Fiscal year is 2014....i want to calculate the depreciation at the year end.....
Asset cost=5000
Depreciation rate suppose 20% st.line....(useful life 5 years )
Now My questions are:
calender of how many years i should setup?
do i have to setup calender for each class of asset?
Zulfi
Just following up on this, is this still an open case ?
Your feedback is highly appreciated,
Okay Zulfi
I will try to make this simple and comprehensive, as related to the Fixed Asset Calendar
In prior versions of Dynamics GP, the fixed asset calendar was exactly the same as the "financial" fiscal year setup. For most companies, it was fair enough since they fixed asset depreciation practically follows the financial fiscal year.
Although, in some companies, there was a need to setup a different "calendar" for the fixed asset module, which is not necessarily the same as the financial fiscal year. Here, a new feature was provided by Microsoft, which is "Setup Fixed Asset Calendar" , here is the announcement of the feature back in the time
>> Here is the feature announcement link
In summary, if the depreciation laws at the country of your company doesn't have such complicated rules, you can just simply setup a Fixed Asset calendar that is the same as your financial fiscal calendar.
As for your question, "will the calender be applicable for one asset or class of assets"?
it is actually applicable to all the fixed assets.
So for the window below:
As you can see, the current fiscal year is 2018 (this is the fiscal year of the Fixed Asset module explained above, not the financial module). This is changed as you run the Year-end closing procedure for the fixed asset module. For example, if you trying to depreciate an asset from 01-01-2019 to 01-02-2019, the system will prevent you from doing so since the current fiscal year is 2018, so you will have to close the year first (Tools > Routines > Fixed Asset > Year End) then proceed with such depreciation transactions.
I wish this is a comprehensive answer Zulfi !
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