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Re-Opening A Year in the Fixed Asset Module

  • 1.  Re-Opening A Year in the Fixed Asset Module

    Posted 13 days ago
    Is it possible to re-open a year in the Fixed Asset module once it has been closed? We have a rather large capital project that was not capitalized and closed before 12/31/19 as it should have been. In the meantime, the Fixed Asset module was closed and now the error has been discovered.

    I would like to re-open 2019 for Fixed Assets and get this project capitalized and closed, the new assets created and depreciated, and then re-close.

    Does anyone know if this is possible?

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    David Turner
    Business Controller
    Lockhart Power Company
    Lockhart SC
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  • 2.  RE: Re-Opening A Year in the Fixed Asset Module

    GPUG ALL STAR
    Posted 12 days ago
    Hi @David Turner

    You cannot re-open the year in the FA Module but it does not quite work like other modules.  The year in FA is more to do with calculation than posting.

    Go ahead and enter the Assets with the correct dates, Depreciation methods, etc ​ using the exact dates.

    You can then run the depreciation for them by depreciating using a cutoff date that was previously used, like 2019-010 and it will run the depreciation for any assets that have a "Depreciated To" date of less than "2019-010" but NOT for assets that have already been depreciated and in the books for the asset have a depreciated to date of later than that date.  Hope that makes sense.

    Then run the Post to GL and when it gets to the GL just make sure the posting date is sometime IN 2019, run this monthly or all at once to post all the depreciation to the same period in 2019.

    FA is highly date driven, but the dates that matter are on the Assets Book records and NOT the YE Date.

    Here are some relevant screenshots, I'm using two assets (both autos, one Asset 00004-1 had previously been depreciated through 8/31/2027, but I entered a NEW Asset AUTO0000002-1 as of 4/1/2027 and then ran the depreciation and GL Posting as of 8/31/2027 again.






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  • 3.  RE: Re-Opening A Year in the Fixed Asset Module

    GOLD CONTRIBUTOR
    Posted 9 days ago
    Hi David,
    Have you run any depreciation for 2020?  There is a way to reopen it as long as you have not done depreciation

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    Gerald Buenafe
    Owner/Consultant
    BTP Technologies LLC
    CHANTILLY VA
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  • 4.  RE: Re-Opening A Year in the Fixed Asset Module

    Posted 9 days ago
    Actually, we have come up with an alternative to re-opening the Fixed Asset module at this point and moved on, but I would like to hear your thoughts on re-opening in case I need it for future years.

    We actually do not use the system for depreciation. We are a regulated utility and as such, we are allowed to depreciate our assets as groups based on the useful lives of each group as determined by periodical depreciation studies. This makes it much easier for us internally than having to track each individual assets depreciate. That's just a little background on our situation for you.

    Please let me know your thoughts on this.

    Thanks,
    David

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    David Turner
    Business Controller
    Lockhart Power Company
    Lockhart SC
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    Conference-GPUG_200x200


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