US - Wisconsin Green Bay

We are trying to close out the FY but still going through our audit. Can we hold off on closing fixed assets in case there are any audit adjustments we have to make but still run the GL Process to roll retained earning?

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Stephanie Nemetz
Manager of Accounting
WOW Logistics Company
Neenah WI
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Hi, @Stephanie Nemetz,

I'm going to alert both @Glen Strebel, our presenter on year-end last week, and @Carol Kossoris, who did a tandem presentation with Glen on year-end issues last November. I'm pretty sure one of these fine folks can answer your question!

Sincerely,​​​​

------------------------------
"Sparkly" Steve Erbach - Green Bay, WI
Co-Chair, GPUG WI (Green Bay) Chapter
Blog: https://www.gpug.com/blogs/steve-erbach
Twitter: twitter.com/serbach

───────────────
Excel Webinar List as of 12-Nov-2019
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Original Message:
Sent: Nov 26, 2019 08:48 AM
From: Stephanie Nemetz
Subject: Fixed Asset Year End Close

We are trying to close out the FY but still going through our audit. Can we hold off on closing fixed assets in case there are any audit adjustments we have to make but still run the GL Process to roll retained earning?

------------------------------
Stephanie Nemetz
Manager of Accounting
WOW Logistics Company
Neenah WI
------------------------------

Hi Stephanie,

Yes, you can hold off. Just make sure you do not attempt to run depreciation for the next fiscal year until the close is complete in Fixed Assets.​

Carol Kossoris
Heartland Business Systems

------------------------------
Carol Kossoris
Senior ERP Consultant
Heartland Business Systems
Pewaukee WI
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Original Message:
Sent: Nov 26, 2019 09:40 AM
From: Steve Erbach
Subject: Fixed Asset Year End Close

Hi, @Stephanie Nemetz,

I'm going to alert both @Glen Strebel, our presenter on year-end last week, and @Carol Kossoris, who did a tandem presentation with Glen on year-end issues last November. I'm pretty sure one of these fine folks can answer your question!

Sincerely,​​​​

------------------------------
"Sparkly" Steve Erbach - Green Bay, WI
Co-Chair, GPUG WI (Green Bay) Chapter
Blog: https://www.gpug.com/blogs/steve-erbach
Twitter: twitter.com/serbach

───────────────
Excel Webinar List as of 12-Nov-2019

Original Message:
Sent: Nov 26, 2019 08:48 AM
From: Stephanie Nemetz
Subject: Fixed Asset Year End Close

We are trying to close out the FY but still going through our audit. Can we hold off on closing fixed assets in case there are any audit adjustments we have to make but still run the GL Process to roll retained earning?

------------------------------
Stephanie Nemetz
Manager of Accounting
WOW Logistics Company
Neenah WI
------------------------------

What happens if we were to run depreciation for the new FY prior to closing out old FY fixed assets? My issue is we want to produce financials week one in December, for Nov, we are a FY 10.31.19 close. Our audit will not be complete until mid/end of December for FY19. We don't want to close fixed assets prior to audit being complete in case any adjustments need to be made to that module. Are you saying that I am just unable to produce financials then until we close FA for the FY?

------------------------------
Stephanie Nemetz
Senior Accountant
WOW Logistics Company
Neenah WI
------------------------------

Original Message:
Sent: Nov 26, 2019 09:44 AM
From: Carol Kossoris
Subject: Fixed Asset Year End Close

Hi Stephanie,

Yes, you can hold off. Just make sure you do not attempt to run depreciation for the next fiscal year until the close is complete in Fixed Assets.​

Carol Kossoris
Heartland Business Systems

------------------------------
Carol Kossoris
Senior ERP Consultant
Heartland Business Systems
Pewaukee WI

Original Message:
Sent: Nov 26, 2019 09:40 AM
From: Steve Erbach
Subject: Fixed Asset Year End Close

Hi, @Stephanie Nemetz,

I'm going to alert both @Glen Strebel, our presenter on year-end last week, and @Carol Kossoris, who did a tandem presentation with Glen on year-end issues last November. I'm pretty sure one of these fine folks can answer your question!

Sincerely,​​​​

------------------------------
"Sparkly" Steve Erbach - Green Bay, WI
Co-Chair, GPUG WI (Green Bay) Chapter
Blog: https://www.gpug.com/blogs/steve-erbach
Twitter: twitter.com/serbach

───────────────
Excel Webinar List as of 12-Nov-2019

Original Message:
Sent: Nov 26, 2019 08:48 AM
From: Stephanie Nemetz
Subject: Fixed Asset Year End Close

We are trying to close out the FY but still going through our audit. Can we hold off on closing fixed assets in case there are any audit adjustments we have to make but still run the GL Process to roll retained earning?

------------------------------
Stephanie Nemetz
Manager of Accounting
WOW Logistics Company
Neenah WI
------------------------------

@Stephanie Nemetz we have the same situation. We have a 12/31 year end close but we don't finalize our audit until March. We end up creating a journal entry to estimate the depreciation for the first three months. After the audit is complete we complete the Fixed Asset year end close and then we are able to calculate the depreciation for those three months. I hope that helps. ​

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Amber Schmoll
Accounting Supervisor
Milk Source LLC
Kaukauna WI
------------------------------

Original Message:
Sent: Nov 26, 2019 10:08 AM
From: Stephanie Nemetz
Subject: Fixed Asset Year End Close

What happens if we were to run depreciation for the new FY prior to closing out old FY fixed assets? My issue is we want to produce financials week one in December, for Nov, we are a FY 10.31.19 close. Our audit will not be complete until mid/end of December for FY19. We don't want to close fixed assets prior to audit being complete in case any adjustments need to be made to that module. Are you saying that I am just unable to produce financials then until we close FA for the FY?

------------------------------
Stephanie Nemetz
Senior Accountant
WOW Logistics Company
Neenah WI

Original Message:
Sent: Nov 26, 2019 09:44 AM
From: Carol Kossoris
Subject: Fixed Asset Year End Close

Hi Stephanie,

Yes, you can hold off. Just make sure you do not attempt to run depreciation for the next fiscal year until the close is complete in Fixed Assets.​

Carol Kossoris
Heartland Business Systems

------------------------------
Carol Kossoris
Senior ERP Consultant
Heartland Business Systems
Pewaukee WI

Original Message:
Sent: Nov 26, 2019 09:40 AM
From: Steve Erbach
Subject: Fixed Asset Year End Close

Hi, @Stephanie Nemetz,

I'm going to alert both @Glen Strebel, our presenter on year-end last week, and @Carol Kossoris, who did a tandem presentation with Glen on year-end issues last November. I'm pretty sure one of these fine folks can answer your question!

Sincerely,​​​​

------------------------------
"Sparkly" Steve Erbach - Green Bay, WI
Co-Chair, GPUG WI (Green Bay) Chapter
Blog: https://www.gpug.com/blogs/steve-erbach
Twitter: twitter.com/serbach

───────────────
Excel Webinar List as of 12-Nov-2019

Original Message:
Sent: Nov 26, 2019 08:48 AM
From: Stephanie Nemetz
Subject: Fixed Asset Year End Close

We are trying to close out the FY but still going through our audit. Can we hold off on closing fixed assets in case there are any audit adjustments we have to make but still run the GL Process to roll retained earning?

------------------------------
Stephanie Nemetz
Manager of Accounting
WOW Logistics Company
Neenah WI
------------------------------

Hi @Stephanie Nemetz

I'd like to offer a different approach.

You can actually close both Fixed Assets AND the GL in Dynamics GP as long as you have "Posting to Prior Year" marked as allowed in GL Setup.

If this is marked you can post adjusting audit entries back one year in GP.  GP then makes the year end entries automatically for the adjusting entries separately.  It's kind of cool!

You normally don't load Fixed Assets adjustments for year end so you could even "close" Fixed Assets but leave the GL open.

But @Carol Kossoris is correct, you cannot run depreciation for a new year in Fixed Assets while the old year is still opened.

If you'd like, please elaborate on why you don't want to close fixed assets at this time.​​

------------------------------

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Original Message:
Sent: Nov 26, 2019 08:48 AM
From: Stephanie Nemetz
Subject: Fixed Asset Year End Close

We are trying to close out the FY but still going through our audit. Can we hold off on closing fixed assets in case there are any audit adjustments we have to make but still run the GL Process to roll retained earning?

------------------------------
Stephanie Nemetz
Manager of Accounting
WOW Logistics Company
Neenah WI
------------------------------