Open Forum

FA Depreciation Error affecting only some assets

  • 1.  FA Depreciation Error affecting only some assets

    Posted 6 days ago
    I recently had an error where the FA Book calendars rolled forward to a future period.  One book rolled to 2021 and one rolled to 2023.  This was corrected with a SQL Table correction and worked great.  We did a backup then we added our new assets & ran depreciation.  Our FA reports tied with our GL reports.

    Then I begin reviewing financials and see that depreciation is too high on some accounts.

    66 assets (out of over 6,500) have entries related to the November and December period on the January depreciation posting.  The November period appears to be a normal monthly rate and the December appears to be not quite 12 months worth of depreciation.  I have spot checked and these assets had normal monthly depreciation calculated and posted in both November and December.

    I am trying to figure out how to correct the depreciation that posted in January.  If I re-run depreciation with a 12/31/19 date - that would roll back the depreciation.  But I am concerned about doing that date with a closed year.  Next - I don't know that this will correct the underlying issue that caused this problem.

    I suspect I might need to run the reset life function on these assets to get that large / doubled depreciation out of there.  I have never used the reset Life feature and I am concerned as to how it impacts prior year reconciliations/GL/reports.  Has anyone used the reset life feature and what should I know/be aware of?




    ------------------------------
    Wendy White
    Goodwill Industries of Middle Tennessee
    Nashville
    ------------------------------
    Conference-GPUG_200x200


If you've found this thread useful, dive deeper into User Group community content by role