Microsoft Dynamics GP Year End Release 2013: Fixed Assets Year End Close

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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:

http://www.irs.gov/irb/2013-12_IRB/ar07.html

 

Things to keep in mind when closing the year in Fixed Assets:

  • When you close the year in Fixed Assets, you have to do it for each book you have setup.
  • All books must be closed before you process depreciation for the new year. 
  • We recommend you close the Fixed Assets year after you close the year in Payables Management but before you close the General Ledger year.

 

When you close the year in Fixed Assets, the following fields are updated:    

Asset General Window:

  • The YTD Maintenance amount is cleared from the Expand last Maintenance Date Window.
  • The Quantity is copied to the Begin Quantity field in the Expand Quantity Window.

 Asset Book Window:

  • The YTD Depreciation Amount is cleared.
  • Cost Basis is copied to Begin Year Cost field.
  • Life to Date Depreciation is copied to Begin Reserve field.
  • Salvage Value is copied to Begin Salvage field.

 Book Setup Window:

  • The Current Fiscal Year is incremented to the next year.

 

Steps to complete the year end close process in Fixed Assets:

  1. Print all the reports that you will need for the year that you are closing before closing the year.
  2. **Make a backup!**
  3. Follow the steps in KB865653: “The year-end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP”.
  4. You must process depreciation to the last day of the year that you are closing before you close the year. (The last day of the Fixed Assets year can be confirmed by navigating to Microsoft Dynamics GP >> Tools >> Utilities >> Fixed Assets >> Build Calendar >> Inquire).

 

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

Resources:

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?

  • Hi Kim,

    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!