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Fixed Asset Projection accelerated for 2020

  • 1.  Fixed Asset Projection accelerated for 2020

    Posted Jan 22, 2020 02:35 PM
    Hello,

    In November, in preparation for year-end close and final forecasting for 2020, I ran a Fixed Assets Projection (by month, Internal book) for my boss, which included December 2019, and the full year for 2020. The December projection was in the range of what I expected, based on the rest of 2019, but the monthly projection amount for 2020 jumped up unexpectedly, by about $60K per month. In looking at a few assets, I compared Financial Detail inquiry and Projections Inquiry, to see what the change was. When I calculated the difference, it appears the projection for 2020 is calculating the amount of depreciation as if it was 14 months (but spreading that dollar amount across the 12 months). We are on a 4-4-5 week fiscal period, not calendar months, and we did have to rebuild the FA calendar to correct our fiscal dates, with our period 12 ending 1/2/21, so we thought that might be a factor. The quarters were also off, but building the quarters did not correct them, so I manually changed the quarter dates, and we are correct now through 2024, so I re-ran the projection, but it's still at the accelerated amount.

    Has anyone run across this issue before, or does anyone have any ideas? I am wondering if there is a box(es) that I also need to check/uncheck somewhere, or some other factor we haven't thought of that could be causing this. I've been at my company and using GP for only about 2 years, but I know we've had other prior years where our fiscal year has ended the first weekend of the following year, and to my knowledge we have not experienced this issue before.

    Any help is greatly appreciated! Thanks!

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    Tessa (Conners) Dorn
    Senior Accountant, Town & Country Markets
    Edmonds WA
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: Fixed Asset Projection accelerated for 2020

    GPUG ALL STAR
    Posted Jan 22, 2020 04:15 PM
    Hi @Tessa Conners

    When you created the new calendar, did you select to base it on your Fiscal Periods or on the Calendar Year?​




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    Academy - Online Interactive Learning from Experts


  • 3.  RE: Fixed Asset Projection accelerated for 2020

    Posted Jan 30, 2020 05:25 PM
    Hi @Jo deRuiter - I thought I had responded before, but I was having browser issues, and it didn't post my reply!

    We did base the calendar on Fiscal Period Setup when we rebuilt it.




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    Tessa Conners
    Town & Country Markets
    Edmonds WA
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    Academy - Online Interactive Learning from Experts


  • 4.  RE: Fixed Asset Projection accelerated for 2020

    SILVER CONTRIBUTOR
    Posted Jan 23, 2020 12:48 PM
    Also, what Depreciation Method and Averaging Conventions do you use?  I recently worked with Fixed Assets in an environment that had the same calendar and there is a problem with some averaging conventions.   The help menu lists which ones to avoid if you search on "averaging conventions".   I'm not sure if this applies to your situation but it's useful to know.

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    Stefanie Christiana
    Glidewell Laboratories
    Irvine CA
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    Academy - Online Interactive Learning from Experts


  • 5.  RE: Fixed Asset Projection accelerated for 2020

    Posted Jan 30, 2020 05:22 PM
    Hello - sorry, I got wrapped up in some projects and got delayed in responding!

    For Internal book, we are using Straight-Line Original Life, and no averaging convention. It just seems strange that all of a sudden we would be having issues with this, when I know other prior years have extended into the next calendar year.



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    Tessa Conners
    Town & Country Markets
    Edmonds WA
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    Academy - Online Interactive Learning from Experts


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