Open Forum

Fixed Assets:  Changing Everything When Company Ownership Changes

Does anyone have experience with, or know a document addressing, how to adjust all of a GP company's fixed assets prompted by a change of ownership of the company?

As an example, let's say the GP company's ownership changed on 2/14/2022 (Happy Valentine's Day). 
We need the Fixed Assets subledger for that GP company to change as of 2/14/2022.
The acquisition date, or depreciation start date, for each asset would need to change to 2/14/2022.  
The Original Cost for each asset would need to change to its book value, or Remaining (non-depreciated) cost, on 2/14/2022. 
The useful life of each asset would need to change to its remaining life on 2/14/2022.

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Eric Guether
East Coast Warehouse
Elizabeth NJ
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@Eric Guether  Eric, we have done alot of work with the GP Fixed Assets module.   We have done something similar to what you are asking using a number of SQL scripts, mainly bc we also had to deal with Binary Stream MEM at this client as well.   In thinking it through a little more as well --- just a thought....    could you export all the assets, zero them all out in GP, make the changes in a spreadsheet then reimport them as new assets with the updated info?   Not sure how many assets we are talking about here.

I'm sure there are probably other ways to handle it as well, but we'd have alot of questions to ask before making any strong suggestion.  Have you discussed options with your partner?

I​f you'd like to discuss this any further, please feel free to reach out to me and we can discuss.

------------------------------
Michael Gummel
Prod Engineer
Paradigm Technology Consulting
Allentown NJ
mtgummel@ptcsolutions.com
------------------------------

Original Message:
Sent: Jun 20, 2022 12:16 PM
From: Eric Guether
Subject: Fixed Assets

Fixed Assets:  Changing Everything When Company Ownership Changes

Does anyone have experience with, or know a document addressing, how to adjust all of a GP company's fixed assets prompted by a change of ownership of the company?

As an example, let's say the GP company's ownership changed on 2/14/2022 (Happy Valentine's Day). 
We need the Fixed Assets subledger for that GP company to change as of 2/14/2022.
The acquisition date, or depreciation start date, for each asset would need to change to 2/14/2022.  
The Original Cost for each asset would need to change to its book value, or Remaining (non-depreciated) cost, on 2/14/2022. 
The useful life of each asset would need to change to its remaining life on 2/14/2022.

------------------------------
Eric Guether
East Coast Warehouse
Elizabeth NJ
------------------------------

@Michael Gummel, thank you for the response.

We are looking into the approach that you mentioned [. . . export all the assets, zero them all out in GP, make the changes in a spreadsheet then reimport them as new assets with the updated info], importing them into a new book with the same asset ID.  We need to preserve the assets, because we are also doing Tax depreciation for them in GP that must remain unchanged.

Under the approach we are looking at, we would need to make the new Fixed Asset book become the GAAP FA book for the GP company.  Not sure yet if this would be switched via a setting in a GP window or via SQL script.

Your response helps validate that our approach is probably the right track.  One reason I posted this forum topic was to see if we were missing the boat completely by ignoring a different solution.  We have a GP professional services partner with whom we are working with on this approach.  But, Michael, I will keep you in mind in case we need another resource.



------------------------------
Eric Guether
East Coast Warehouse
Elizabeth NJ
------------------------------

Original Message:
Sent: Jun 22, 2022 09:55 AM
From: Michael Gummel
Subject: Fixed Assets

@Eric Guether  Eric, we have done alot of work with the GP Fixed Assets module.   We have done something similar to what you are asking using a number of SQL scripts, mainly bc we also had to deal with Binary Stream MEM at this client as well.   In thinking it through a little more as well --- just a thought....    could you export all the assets, zero them all out in GP, make the changes in a spreadsheet then reimport them as new assets with the updated info?   Not sure how many assets we are talking about here.

I'm sure there are probably other ways to handle it as well, but we'd have alot of questions to ask before making any strong suggestion.  Have you discussed options with your partner?

I​f you'd like to discuss this any further, please feel free to reach out to me and we can discuss.

------------------------------
Michael Gummel
Prod Engineer
Paradigm Technology Consulting
Allentown NJ
mtgummel@ptcsolutions.com

Original Message:
Sent: Jun 20, 2022 12:16 PM
From: Eric Guether
Subject: Fixed Assets

Fixed Assets:  Changing Everything When Company Ownership Changes

Does anyone have experience with, or know a document addressing, how to adjust all of a GP company's fixed assets prompted by a change of ownership of the company?

As an example, let's say the GP company's ownership changed on 2/14/2022 (Happy Valentine's Day). 
We need the Fixed Assets subledger for that GP company to change as of 2/14/2022.
The acquisition date, or depreciation start date, for each asset would need to change to 2/14/2022.  
The Original Cost for each asset would need to change to its book value, or Remaining (non-depreciated) cost, on 2/14/2022. 
The useful life of each asset would need to change to its remaining life on 2/14/2022.

------------------------------
Eric Guether
East Coast Warehouse
Elizabeth NJ
------------------------------