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Microsoft Dynamics GP Year-End Close 2015: Fixed Assets

November 30, 2015 3:21 pm Published by

Over the last few weeks, we’ve been discussing the year-end close for Microsoft Dynamics GP. Today let’s look at closing the Fixed Assets module. The 2015 year-end release includes the usual year-to-year changes to the Luxury Auto Maximum Depreciation Deduction Amounts. 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.

A new report, Fixed Asset Year-End Closing, was added to the year-end close process for Microsoft Dynamics GP 2015. This report is optional, can be printed per book, and it shows the Asset ID, Description, Cost Basis, YTD Depreciation, Accumulated Depreciation, NBV, Paced in Service Date, Depreciated to Date, Quantity, YTD Maintenance, and Status for all assets impacted by the year-end close process. So if you’re using the latest version of Microsoft Dynamics GP, you can, in a single step, close the year and print a status report for all the assets affected by the close.

Microsoft recommends that you close all the books in Fixed Assets after you close Payables Management, but before you close the year in the General Ledger. Remember that you have to close the year in Fixed Assets for each book you have set up, and all books must be closed before you run depreciation for the new year.

When you close the year in Fixed Assets, the YTD Maintenance amount in the Asset General window is cleared, and the Quantity is copied to the Begin Quantity field in the Expand Quantity window. In the Asset Book window, the YTD Depreciation Amount is cleared, the Cost Basis is copied to the Begin Year Cost field, the Life to Date Depreciation is coped to the Begin Reserve field, and the Salvage Value is copied to the Begin Salvage field. In the Book Setup window, the Current Fiscal Year is incremented to the next year.

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