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Monthly Depreciation

  • 1.  Monthly Depreciation

    Posted Mar 14, 2019 02:59 PM
    We just upgraded GP from 2010 to 2018. Is there a step-by-step tutorial on how to depreciation fixed assets monthly? I followed the same steps that I did in GP 2010 for a few of our entities, but the results are different. For one of our entities, when I depreciated February, it also depreciated January again. In another entity, the expenses did not move out of our WIP account as it usually does.

    At the beginning of every month, we depreciate the previous month's assets.

    Jasmine Ryu
    Montage Hotels & Resorts

  • 2.  RE: Monthly Depreciation

    Posted Mar 15, 2019 11:36 PM
    Hi @Jasmine Ryu,
    The process should be the exact same but can yield different results between versions depending on which options you have applied in your asset book setup.

    For your depreciation issue, I'd take a good look at your averaging convention on those assets that are all of a sudden giving different amounts. Maybe they changed unintentionally during the upgrade process...

    If those are correct, see if you have any of the bonus depreciation, automobile options, or any other checkbox selected in the window. What those check boxes do would definitely be different on 2018 and 2010 because they mostly carry up to date tax rules.

    For your ​WIP, did you run posting and ultimately hit the correct GL accounts for the new addition? If so, you might just double check the purchase posting accounts are setup (I'd recommend re-entering the WIP accounts in the setup window & saving).

    Let me know how it goes.

    Kyle Malone, CPA
    GP Admin - CGB Enterprises, Inc.
    Lead Consultant/Blogger -
    Chapter Leader - Louisiana (New Orleans)

  • 3.  RE: Monthly Depreciation

    Posted Mar 18, 2019 04:52 PM
    Thank you Kyle, is it possible to set-up a time to go over step-by-step on how to depreciate?

    Jasmine Ryu
    Montage Hotels & Resorts
    Irvine CA

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