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The end of 2013 is quickly approaching, so let's get ready to close the year in Fixed Assets! I'd like to provide you with information pertaining to what's new with the Year End Update, what the year end process does, as well as when it should be completed in Fixed Assets. Good luck!
Changes with the release of the 2013 Year End Update you should be aware of in Fixed Assets:
Luxury Auto Maximum Depreciation Deduction Amounts: The maximum depreciation deduction amounts allowed for luxury vehicles has been updated for assets placed in service in calendar year 2013 to comply with IRS Guidelines:
Things to keep in mind when closing the year in Fixed Assets:
When you close the year in Fixed Assets, the following fields are updated:
Asset General Window:
Asset Book Window:
Book Setup Window:
Steps to complete the year end close process in Fixed Assets:
Additional information to note:
In Microsoft Dynamics GP 10.0 and Microsoft Dynamics GP 2010 do NOT manually change the year in the Book Setup window so you can run depreciation for the next year before closing the current year. If you do this, you will encounter problems at the end of the next year. This is because Fixed Assets compares the Yearly Depreciation Amount field to the YTD Depreciation field. If you run depreciation for the next year by changing your fiscal year in Book Setup, when you close the current year the YTD Depreciation amount is set back to $0.00. This includes the amount of depreciation that you calculated for the new year. As you complete depreciation for the new year, the YTD field will be updated but the amount that was generated for the first month (or months) before the previous year was closed is not included in that YTD total. When you get to the last period, the depreciation amount will be doubled. The GP code and procedures will determine that not enough depreciation was taken through the year because the Yearly Depreciation Amount does not equal the YTD amount due to the first month (or months) not being included in the YTD figure.
Microsoft Dynamics GP 2013 has historical reporting functionality. While you should always print any applicable Fixed Assets reports prior to closing the year, if you need to reprint a prior year Fixed Assets report, you can now do that in Microsoft Dynamics GP 2013!
Assistance for Fixed Assets Year End Close:
Microsoft Dynamics GP Blog - https://community.dynamics.com/product/gp/gptechnical/b/dynamicsgp/default.aspx
Microsoft Dynamics Community - https://community.dynamics.com/default.aspx
Microsoft Dynamics Support - https://mbs.microsoft.com/support/newstart.aspx
If you are creating a case with the Technical Support Team, please refer to the routing below to ensure you are routed to the correct Professional for assistance:
Support Topic Selection: Financial – Fixed Assets
Sub-topic Selection: Year End Procedures
Year-end closing procedures for the Fixed Assets module in Microsoft Dynamics GP: http://support.microsoft.com/kb/865653
Check out the 'What's New for Year-End' video, so COOL!!
Be sure to check back to the Year-End Schedule post for current posted blogs and upcoming blog posts related to Year-End Closing for Dynamics GP.
Good luck and have a great Year-End!
Andrea Melroe| Microsoft Dynamics GP | Senior Support Engineer
If there is not a report generated during the fixed assets year-end closing routine how do I know when it's complete?
Thank you for the post! You are absolutely correct in that there is not a report generated as a result of the Year End Closing process in Fixed Assets.
Please see the section above entitled "When you close the year in Fixed Assets, the following fields are updated". These are all areas affected by the year end process, and they will be updated when the process is complete.
Many people look at the Book Setup Window (Microsoft Dynamics GP >> Tools >> Setup >> Fixed Assets >> Book) to verify the 'Current Fiscal Year' field has been incremented to the 'new year' to verify that year end close is complete.
I hope this helps!
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