Please utilize the information below to ensure a smooth and seamless year-end in Fixed Assets. Enjoy!
Does the 2018 Year-End Update include any changes for the Fixed Assets module?
NO! This year there are NO changes to the Luxury Auto Maximum Depreciation Deduction amounts with the 2018 Year-End Update!!
Is there any new functionality I should know about that affects the Fixed Assets Year-End closing process?
There is no new functionality this year that will affect Fixed Assets year-end closing processes. However, as a reminder, in Microsoft Dynamics GP 2015, a Fixed Asset Year-End Closing report was added to the year-end close process!! This optional report will print per Book, and show the Asset ID, Description, Cost Basis, YTD depreciation, Accumulated Depreciation, NBV, Placed in Service Date, Depreciated to Date, Quantity, YTD Maintenance, and Status for all assets impacted by the year-end close process. In a single step, you can close the year and print a status report of all the assets that were affected by the close!!
When should the Year-End close for Fixed Assets be done?
It is recommended to close all books in Fixed Assets after you close Payables Management, but before you close the General Ledger year.
Below are other key points to remember:
•All assets must be ‘depreciated through’ the last day of the current Fixed Assets year. **This is VERY important** See NOTE below.
•When you close the year in Fixed Assets, you must do it for each 'Book' you have set up.
•All 'Books' should be closed before you run depreciation for the new year!!
NOTE: The last day of the Fixed Assets year can be confirmed by navigating to the Fixed Assets Calendar Setup window:
Microsoft Dynamics GP 2013 and up: Microsoft Dynamics GP >> Tools >> Setup >> Fixed Assets >> Calendar
Microsoft Dynamics GP 2010 and below: Microsoft Dynamics GP >> Tools >> Utilities >> Fixed Assets >> Calendar
What does the Year End Close Process do and /or affect?
In the 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.
In the 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.
In the Book Setup Window: •The Current Fiscal Year is incremented to the next year.
What steps should I take to close the year in Fixed Assets?
NOTE: You must close the year for all Books, however, you do not need to close them all at the same time. With that being said, all books should be closed before processing any depreciation for the new year.
NOTE (yes this is in the blog multiple times because it's important :)): The last day of the Fixed Assets year can be confirmed by navigating to the Fixed Assets Calendar Setup window:
Please DO NOT manually edit the year in the Book Setup window so you can run depreciation for the next year, and then 'flip it back' and proceed to close the current year. If you do this, the year-end process will set the YTD Depreciation field to zero and then at the end of the next year, the GP code will look to this YTD field to see if enough depreciation has been taken for the year and not see the depreciation you had already done in the new year. This will cause your assets to over-depreciate at the end of the next year to try make up for the missing amounts in the YTD field (this manifests as doubled/tripled depreciation amounts in the last period of the year). For this reason, the Current Fiscal Year field in the Book Setup window has been locked down in Microsoft Dynamics GP 2013 and later versions.
Assistance for Fixed Assets Year End Close:
•Microsoft Dynamics GP Blog
•Microsoft Dynamics Community
•Microsoft Dynamics Support
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
KB 865653 - Year End Closing Procedures for the Fixed Assets Module in Microsoft Dynamics GP
Year-End Close Resources:
Be sure to refer to the 2018 Year-End Blog Schedule to review current and upcoming blog posts and other helpful resource links related to Year-End Closing for Dynamics GP.
I hope this is helpful and that you have a successful Year-End!! If you have any feedback or suggestions, please let us know.
Have an AMAZING Fixed Assets Year-End!!!
Andrea Melroe | Sr. Technical Advisor | Microsoft Dynamics GP