Welcome to the GP Year End Fixed Assets Page

Welcome to the Year-End Close page for Microsoft Dynamics GP Fixed Assets.  Below you will find resources to assist you in performing the year-end close for Fixed Assets in Microsoft Dynamics GP.  Please review the demo along with the FAQ.  For your convenience, there are links to step by step instructions from Microsoft as well as other resources to assist you.

 

Fixed Assets Year End Video

 

FAQs

I have closed General Ledger in Microsoft Dynamics GP, and I now realize that I have not yet closed Fixed Asset Management. Can I perform the fixed assets year-end closing routine at this point?

We recommend that you close General Ledger last, after all the subsidiary modules have been closed. However, Fixed Asset Management can be closed after General Ledger is closed. The GL Posting (GL Interface) process can be performed, and then the transaction or transactions can be posted to the closed year or to the historical year in the general ledger. For more information about the GL Posting (GL Interface) process, see step 4 in the “Year-end checklist” section.

To post transactions to the historical year in the general ledger, make sure that the following options are selected in the General Ledger Setup window:

Allow Posting to History
Maintain History Accounts
Maintain History Transactions

Notes

To access the General Ledger Setup window in Microsoft Dynamics GP 10.0 or Microsoft Dynamics GP 2010, point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Financial, and then click General Ledger.
To access the General Ledger Setup window in Microsoft Dynamics GP 9.0, point to Setup on the Tools menu, point to Financial, and then click General Ledger.

The posted transaction will update the historical year, and it will roll forward as a beginning balance to the open year. If any expense accounts or any revenue accounts were included in the transaction, they will automatically close out to the Retained Earnings account or accounts.

I ran the year-end routine in Fixed Asset Management, and then I ran depreciation in the new year. I see that the depreciation is highly overstated and that some assets have a negative number in the "Net Book Value" field. Why is the system calculating so much depreciation?

This problem occurs if the following conditions are true:

The year was closed.
The assets were not depreciated through the last day of the fiscal year.

Consider the following example:

The fiscal year is a calendar year (January 1 through December 31).
The assets were depreciated through December 28 when the year was closed.

In this example, depreciation will be incorrect the next time that depreciation is run. The system does not recalculate the yearly rate when the year-end closing routine is performed. Therefore, fixed assets take a full year of depreciation in the last few days that remain in the previous year (December 29 through December 31). The rate of depreciation is the yearly rate currently on each asset. Additionally, if there are assets that are near the end of their original life, the Net Book Value field may become negative.

There are two workarounds for this problem:

Recommended workaround
Restore the data from a backup, run depreciation through the last day of the year, and then perform the year-end closing procedures.
Alternative workaround
Reset life on all the assets.

Note If amounts on the assets have ever been entered for the YTD Depreciation field or for the LTD Depreciation field, resetting life on the assets will change these amounts, and the result may be different. If you change the YTD Depreciation field or the LTD Depreciation field by resetting life on the asset, you will cause inconsistencies between Fixed Asset Management and General Ledger. These inconsistencies must be explained.

Instead of completing the year-end routine for Fixed Asset Management, I manually changed the "Current Fiscal Year" field in the Book Setup window to the next year. Do I have to go back and run the year-end closing routine, or can I continue to process activity in Fixed Asset Management for the new year?

If no activity, such as additions, changes, transfers, retirements, or depreciation, has been run for the new year, the Current Fiscal Year field in the Book Setup window can be changed back to the previous year, and then the year-end closing routine can be processed.

If any activity, such as additions, changes, transfers, retirements, or depreciation, has been run for the new year, restore the data from a backup, and then continue with the year-end closing routine.

In either situation, the year-end closing routine must be run. If the year-end closing routine is not completed, the amount in the YTD Depreciation field will be overstated on any report that includes assets that were retired or that were fully depreciated in the previous year. If the year-end closing routine is not performed, the amounts in the YTD Depreciation field will not be cleared. The amounts in the YTD Depreciation field will not be zeroed out. Therefore, these amounts will be incorrectly included in the reports for the new year.

 

Knowledge Base