Microsoft Dynamics GP Year End Release 2015 Fixed Assets

By Tracey BrinkmanCompany, Fixed Assets, Microsoft Dynamics GP, System, , , , With 1 comment

Microsoft Dynamics GP Year End Release 2015 Fixed Assets

Original content by: Cheryl Waswick | Microsoft Dynamics

The Fixed Asset module doesn’t have many changes from year to year other than the Luxury Auto Depreciation changes for the New Year.

There are changes in the Year-End Update 2015 for Fixed Assets:

The maximum depreciation deduction amounts allowed for luxury vehicles have been updated for assets placed in service in calendar year 2015 to comply with IRS Guidelines.

There are changes to Fixed Assets in Microsoft Dynamics GP 2015:

 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.  Now, in a single step, you can close the year and print a status report of all the assets that were affected by the close.

It is recommended to close all books in Fixed Assets after you close Payables Management and before you close the General Ledger year.

Below are other key points to remember:

  • When you close the year in Fixed Assets, you have to do it for each book you have set up.
  • All books must be closed before you run depreciation for the New Year.

Below is a list of what the Year End Close Process does and /or affects:

  • In the Asset General Window:
    • The YTD Maintenance amount is cleared from the Expand last Maintenance Date Window.

    Asset General Information_Expand Last Maintenance

    • The Quantity is copied to the Begin Quantity field in the Expand Quantity Window.

Asset General Information_Quantity

  • In the Asset Book Window:
    • The YTD Depreciation Amount is cleared.
    • Cost Basis is copied to Begin Year Cost field.

    Asset Book_YTD Depreciation and Cost

    • Life to Date Depreciation is copied to Begin Reserve field.
    • Salvage Value is copied to Begin Salvage field.

Asset Book_Begin Salvage and Reserve

  • In the Book Setup Window:
    • The Current Fiscal Year is incremented to the next year.

Book Setup_Current Fiscal Year

Steps or checklist of what you should do to close the year in Fixed Assets:

  1. You must process depreciation to the last day of the year* that you are closing before you close the year.
  2. Print all the reports that you will need for the year that you are closing before closing the year.
  3. **Make a backup**!**
  4. Follow the steps in KB 865653: “The year-end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP”.

NOTE: You must also close the year for all Books, however, you do not need to close them all at the same time.  However, all books should be closed before processing any depreciation for the New Year.

 

Microsoft Dynamics GP Year End Release 2015 Fixed Assets

Microsoft Dynamics GP Year End Release 2015 Fixed Assets – Fixed Assets Year End

NOTE:  The last day of the Fixed Assets year can be confirmed by navigation to Microsoft Dynamics GP>>Tools>>Setup>>Fixed Assets>>Calendar.

REMINDER FOR MICROSOFT DYNAMICS GP 2010 USERS:

Microsoft Dynamics GP Year End Release 2015 Fixed Assets is not available for Microsoft Dynamics GP 2010 or earlier.

Mainstream Support for Microsoft Dynamics GP 2010 has ended.  However, just a reminder for users in Microsoft Dynamics GP 2010 and prior versions, DO NOT manually edit the year in the Book Setup window so you can run depreciation for the next year and then set 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.  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.

If you need Assistance for Fixed Assets Year End Close:

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 Close Resources:

Original content by: Cheryl Waswick | Microsoft Dynamics

https://community.dynamics.com/gp/b/dynamicsgp/archive/2015/11/17/2015gpyecfa

If you are an iSolutions Partners customer and have questions regarding Microsoft Dynamics GP Year End Release 2015 Fixed Assets, please contact us at: support@iSolutionsPartners.com

You can view our previous blogs at: http://www.isolutionspartners.com/resources/dynamics-gp-blog-for-indiana-and-wisconsin/