[Kyle Malone, CPA]

I know it’s due to the mid-year averaging convention but I don’t know how to prevent or properly account for it in reporting.

An asset is placed in service on 11/30/2018.
FY19 books close on 5/31/2019.
The asset is increased on 7/1/2019.
Financial detail inquiry shows that the increase went to Period 12 of 2019 (we’re in period 20).

Anyone ever have any success handling this.  I’ve sent similar inquiries to Microsoft in the past but I’m certain that the logic is flawed in some situations and I really don’t expect them to ever make fundamental changes to the way FA calculates…

The change on 7/1 should be a FY20 adjustment.  Not show as FY19…
Thanks,
Kyle

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Kyle Malone, CPA
GP Admin – CGB Enterprises, Inc.
Lead Consultant/Blogger – http://ALaCarteGP.com
Chapter Leader – Louisiana (New Orleans)
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[Jo deRuiter]

Hi Kyle:

How did you record the asset increase?

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[Kyle Malone, CPA]

Good morning Jo, on 7/1 calendar day, the user just opened the asset book maintenance window, increased the cost basis & selected ‘recalculate’

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Kyle Malone, CPA
GP Admin – CGB Enterprises, Inc.
Lead Consultant/Blogger – http://ALaCarteGP.com
Chapter Leader – Louisiana (New Orleans)
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