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[Najeem JanatAli]

Hi

Fixed asset was set up in Oct 2017 and place in service

however invoice was received in March 2018

Can Fixed assets recorded in March 2018, per value model acquired in Oct 2017..will run the depreciation from Oct to Mar or will require some work around

please advise

Thanks

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Nazim
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[Bradley Bertchie, PMP]

The date you placed in service (acquired) will be the initial depreciation start.  Getting the invoice months later really has no bearing on this.  The asset is generally recognized as yours when you took title – not when you paid the vendor.

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Bradley Bertchie, PMP
Dynamics AX Project Manager / Financial Functional Consultant
Edgewater Fullscope
Denver CO
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[Zvika Rimalt]

When the asset was acquired (while invoice was not received yet) the acquisition offset posting should have gone to a “short term” liabilities account.

When the invoice arrives in March the debit goes into that account to clear the accrual.

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Zvika Rimalt
Functional Consultant
Vancouver BC Canada
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