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Correcting Incorrectly setup Fixed Asset 13 Periods
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Correcting Incorrectly setup Fixed Asset 13 Periods
Our Partner incorrectly set up our Fixed Assets Calendar with 13 periods. We just caught this now and need to correct the depreciation/accumulated depreciation for 12 periods.
Example…
date of 8/1/22 $5,000 asset with 3 year Straight Line Org Life with no averaging convention and no switch over.
1. 13 periods calculates as $5000/3/13= $128.20/period
2. 12 periods calculates as $5000/3/12= $138.88/period
as of 12/31/2022 total depreciation:
1. 13 periods – $769.20
2. 12 periods – $694.40
How do we correct the Depreciation to repair the incorrect 13 Fixed Asset periods to 12 FA Periods?
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4 Replies
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Hi David!
I would recommend copying the company DB to a test DB.
There, go ahead and edit the Fixed Assets (FA) calendar to 12 months
Now, you have a choice – rerun depreciation as of Dec 31 2023 and it will post the corrections to 12/31/2023 or you can run it each month for 2023 to correct.
Fixed Assets in GP has a wonderful functionality in that if you change something then it will calculate the correction and post it.
If this does not work for you, let us know, but this should work!
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We are almost there in Test. One last issue my user has noticed?
…”One thing I am noticing is that in the first period it is calculating the depreciation by day. Is there an option that I should choose so that no matter which day during the month the asset is purchased that it take an entire period of depreciation?“
How do were resolve that?
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Hi David!
Perfect!
The Averaging Convention is indeed what determines WHEN the asset starts depreciating.
And Full Month would depreciate a full month no matter when in the month the asset is acquired. Full Period will look at the Fiscal Calendar setup to see if you have custom periods (i.e. not traditional calendar months) and depreciate based on the number of days in that period.
I would use Full Month if they do have any custom Fiscal Periods.
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