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The end of 2014 is almost here, so let's discuss closing 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 2014 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 2014 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:
MICROSOFT DYNAMICS GP - FEATURES
With the upcoming release of Microsoft Dynamics GP 2015, I wanted to let you know that we’ve added an optional report to the Fixed Assets year end closing routine. Now, in a single step, you can close your year and print a status report of all the assets that are being affected by the close. On the report you’ll see the year to date depreciation, cost basis, accumulated depreciation, net book value and more.
REMINDER FOR MICROSOFT DYNAMICS GP 2010 USERS:
For Microsoft Dynamics GP 2010 and prior versions, 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.
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
•Here is a link to a comprehensive video presentation for "What's New in Year-End 2014" for Microsoft Dynamics GP.
• 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.
Have a great Year-End!
Adam Gaber | Microsoft Dynamics GP | Senior Support Engineer