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Fixed Assets

GP2015 and more recent versions have a new optional report Fixed Asset Year End Closing Report.  It shows;

When to close fixed assets;

Close ALL books after you close payables but before you close the General Ledger.

All assets MUST be depreciated through to the last day of the current fixed assets year.

All books must be closed before you run depreciation in the new year.

What changes?

Asset General;

  • YTD Maintenance is cleared from the expand last maintenance window
  • Quantity is copied to the begin quantity field in the expand quantity window

Asset Book;

  • YTD Depreciation Amount is cleared
  • Costs basis is copied to the begin year cost field
  • Life to date depreciation is copied to the begin reserve fields
  • Salvage value is copied to begin salvage field

Book set up;

  • Current fiscal year is incremented to the next year

Do not change the current fiscal year in the book set up window.

Do not manually change the year in the book set up window to allow you to run depreciation in the next year and then change it back to the current year.  It will affect your depreciation in the last periods of the year.  In GP2013 and beyond the current fiscal year field is locked down to avoid this.

Continue to Canadian Payroll

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