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Dear All,
Fixed Asset Depreciation process calculating full year depreciation in last month of the year. Since I have run the depreciation monthly and posted to GL monthly.
Thank cyou for the cooperation and understanding.
Saad
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Good to know it helped you. You can Reset Year for an Asset Group using 'FA Mass Change' window @ Transactions>>Fixed Assets>>FA Mass Change, Select Book tab, where you can see the Reset Year option to perform for an Asset Group.
Below is the link for Reset Life for a group of Assets, which can help you with Reset Year as well.
http://support.microsoft.com/kb/861544
Hope this helps.
Thanks Kiran the article suggested by you provide the solution but one problem is that if I have hundreds of fixed assets which need to be reseted, then I have to "Reset Year" for each asset one by one. If there is another way of resetting the year of all assets at one go please let me know.
Once again thank you appreciated your effort.
Hi,
Please check the Averaging Conventions guidelines for calculating depreciation in the year of the acquisition of the asset and the year of the disposal of the asset.
During the first year in service, depreciation is calculated using the depreciation method and averaging convention for the asset. The resulting depreciation amount is distributed over the period of time from the date it was placed in service to the last day of the year.
You should use the Mid-month (1st of month), Mid-month (15th of Month), Next Month, or Full Month averaging convention only if your fiscal periods are set up to match the calendar year.
The averaging convention does not change the dates an asset is retired or placed in service. The following averaging conventions are available in Fixed Asset Management.
Half-year: Assets begin depreciating on the Place in Service Date. In the year of disposal, assets are retired on the last day of the first half of the year.
Only half of the depreciation amount is taken in the year an asset is acquired. This also applies to the year in which you dispose of an asset and to the year in which the life is complete, based on the original life of the asset. The asset doesn’t depreciate after the first half of its final year.
Modified Half-Year Assets that are placed in service in the first half of the year will begin depreciating on the first day of the year.
Assets that are placed in service in the second half of the year will begin depreciating on the first day of the next year.
Assets with a retirement date in the first half of the year will be retired on the last day of the previous year.
Assets with a retirement date in the second half of the year will be retired on the last day of the year.
Mid-month (1st of month) Assets that are placed in service in the first half of the month—days 1 through 15—will begin depreciating on the first day of the month.
Assets that are placed in service in the second half of the month—day 16 through end of month—will begin depreciating on the first day of the next month.
Assets with a retirement date in the first half of the month—day 1 through 15—are considered retired on the last day of the previous month.
Assets with a retirement date in the second half of the month—day 16 through end of month—will be retired on the last day of the month.
Mid-month: (15th of Month) Assets that are placed in service at any time during the month will begin depreciating on the 16th of the month. Assets that were placed in service in February will begin depreciating on the 15th of the month.
Assets retired at any time during the month will be retired on the 15th of the month of the retirement date. Assets retired in February will be retired on the 14th of the month.
Mid-quarter: Assets that are placed in service at any time during the quarter will begin depreciating on the middle day of the second month of the quarter.
Assets retired at any time during the quarter are considered retired on the middle day of the second month of the quarter.
Next Month: Assets that are placed in service at any time during the month will begin depreciating on the first day of the next month.
Assets retired any time during a month will be retired on the last day of the month.
Full Month: Assets that are placed in service at any time during the month will begin depreciating on the first day of the month.
Assets retired at any time during the month are considered retired on the last day of the previous month.
Next Year: Assets that are placed in service at any time during the year will begin depreciating on the first day of the next year.
Assets retired at any time during the year will be retired on the last day of the year.
Full Year: Assets that are placed in service in the first half of the year will begin depreciating on the first day of the year.
Assets that were placed in service in the second half of the year will begin depreciating on the first day of the last half of the year.
Assets with a retirement date during the first half of the year will begin depreciating on the first day of the last half of the year. Assets with a retirement date during the second half of the year are considered retired on the last day of the first half of the year.
Full Year All Year: Assets will begin depreciating on the first day of the year.
Assets with a retirement date anytime during the year will be retired on the last day of the previous year.
None Assets will begin depreciating on the date it was placed in service and will be retired on the retirement date.
Next Period: Assets that are placed in service at any time during the period will begin depreciating on the first day of the next period.
Assets retired at any time during the period will be retired on the last day of the period.
Full Period : Assets that are placed in service at any time during the period will begin depreciating on the first day of the period.
Assets retired at any time during the period will be retired on the last day of the preceding period.
If you are depreciating an asset on DEC 2013 you cant do Full Year depreciation.
Hope this helps,
Regards,
SantoshG
Dear Kiran,
Fixed Asset calendar is set to "True Calendar", therefore this solution is not applicable. We are running yearly depreciation in 2012 and the Fixed asset calendar was true calendar that year. Now in 2013 we started monthly depreciation it was calculating fine till Nov 2013 but when we ran projection of Dec 2013 system is projecting full year depreciation of the assets which is not correct. Since system already depreciated 11 months.
Thanks,
Saad
May be its related to the below KB article.
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