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Fixed Asset Reports for 5 Year Forecasting/Budgeted Assets

  • 1.  Fixed Asset Reports for 5 Year Forecasting/Budgeted Assets

    Posted May 16, 2019 11:42 AM
    My company has recently made the switch to GP for the tracking of all of our fixed assets. The transition wasn't too difficult and everything has been going well so far. One big thing we want moving forward is some way to forecast out for the next five years with depreciation numbers as well as budgeted assets and their depreciation. We are aware of smartlists/projection reports that can be run through the next five years for current assets, but does anyone have experience with somehow entering in budgeted assets to GP to add to these smartlists/projections reports?

    What would be the best way to handle this? Should a report be ran and then budgeted assets manually added to the excel listing when our budget is complete? Can "dummy" budget assets be added to show up on the smartlist/projection?

    Any assistance is appreciated.

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    Will Hietpas
    Staff Accountant
    WOW Logistics Company
    Neenah, WI
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  • 2.  RE: Fixed Asset Reports for 5 Year Forecasting/Budgeted Assets

    GPUG ALL STAR
    Posted May 17, 2019 02:39 AM
    Edited by Zubin Gidwani May 17, 2019 03:27 AM

    Sorry to say that there is no Budget sub-ledger for Fixed Assets in GP,
    in fact, there is no sub-ledger to record line item details for GL Budgets in GP.

    I'd be cautious about adding dummy assets to the system. You could setup unit accounts (non-financial/statistical accounts) to track the asset cost and depreciation expense of these dummy assets, but that sounds like a mouthful of explanations for the auditors. However, I'm not sure if the FA module will allow you to reference unit accounts or only financial accounts.

    Most companies will use 3rd party software like Dynamic Budgets to track such CAPEX budget details, and depreciation projections.

    Data Entry Screen



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    Zubin Gidwani
    Founder
    Dynamic Budgets
    San Francisco-Bay Area CA
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