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Amortization in the fixed asset module

  • 1.  Amortization in the fixed asset module

    Posted 19 days ago
    I am trying to set up a class in the fixed asset module to handle the amortization of intangible assets.  I would like for the asset to be amortized monthly.  When I select save I receive the message indicating that a value needs to be entered into the Amortization Amt / Pct field if the Amortization Code is either Percentage or Rate.  My Amortization Code is Monthly.  Do I still need to enter a value in the Amortization Amt / Pct field?  I would like to be able to use the class code for various loan closing fees that might be over different time periods so I don't really want to enter in an amount or a percentage.  Am I better off setting the Depreciation Method to Straight-Line Orig Life?


    Book Class Setup message


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    Tara Weiss
    Accounting Manager
    Nesnah Ventures, LLC
    La Crosse WI
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  • 2.  RE: Amortization in the fixed asset module

    TOP CONTRIBUTOR
    Posted 18 days ago
    @Tara Weiss,

    I generally do not mess with the Amortization in the FA module. If you are just looking for a way to write off an expense over time, use depreciation. Set up a class for it and away you go! Also, do not forget that GP also has the Revenue and Expense Deferral module that will do the same thing. ​

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    Barbara Gavron
    Atlantic Beach / Jacksonville FL
    904-536-0129
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  • 3.  RE: Amortization in the fixed asset module

    Posted 18 days ago
    Thank you.  I will just use depreciation instead.  I believe an issue that we have with the Revenue and Expense Deferral module is that we use 13 periods, and we do not want the items to actually post to the 13th period.  Do you know of a work around?

    Thank you,

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    Tara Weiss
    Accounting Manager
    Nesnah Ventures, LLC
    La Crosse WI
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  • 4.  RE: Amortization in the fixed asset module

    TOP CONTRIBUTOR
    Posted 16 days ago

    Hi Tara,


    The Fixed Assets calendar can be set differently from the GP calendar (i.e.the dates default from the Fiscal Periods Setup window, but can be overwritten)... Make sure to try this in a test company first..

    On a side note, you can also try using "Projection*" instead of "Depreciation" so you can preview the values without actually generating the depreciation records...
    * Use the Depreciate One Asset window (click on the "Projection only" checkbox) should you want to try this out on a single asset.



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    Ryan Galang
    BTP Technologies LLC
    CHANTILLY VA
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