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gptip42day - Year-End Close - Fixed Assets
Closing Fixed Assets for the year increases the current Fiscal Year by one year for each book being closed and changes the Year-to-Date Depreciation Amount and YTD Maintenance…
gptip42day - Modify Acquisition Cost of a Fixed Asset
Let's say someone added an asset and transposed some of the numbers in the Acquisition Cost field. Is there a simple way to correct it? Of course!
* click image to enlarge
Open your Fixed Asset General card. See the blue expansion arrow next to the Acquisition Cost field? Click on it to…
gptip42day - MACRS Depreciation in GP
A question I run into rather regularly from users is 'Where do I enter the MACRS tables?'. Well, the short answer is, you don't. GP doesn't utilize MACRS tables for calculating MACRS depreciation. Instead, it uses a combination of the many different depreciation methods and averaging conventions available in GP to simulate MACRS.
Now, for those of you asking, 'What the heck is MACRS?, the short answer is, can you spell IRS? MACRS stands for Modified Accelerated Cost Recovery System, allows for…
gptip42day - Fixed Asset Calendar with more than 12 Periods
Having more than 12 periods in your Fixed Asset Calendar can cause undesirable behavior with depreciation calculation and posting, especially if you make the mistake of running & posting depreciation in the 13th or greater period. I've had to completely clear and rebuild depreciation tables for clients because of this. Here's how to prevent such issues -
1. If you have not yet setup your company, regardless of the number of periods you ultimately want to have in your Fiscal Calendar, set it up with 12 periods first. Then build the Fixed Asset Calendar. The FA Calendar is based on…
Weekly Review: Putting the Fix in Fixed Assets
Fixed sporting events are bad. Fixed transmissions are good. Fixed Assets are ...well... in between.
Today I want to look at some potential issues in the Fixed Asset module and what you can do about it. I'm using version 8 but these items should apply backwards and forward for several versions. There haven't been that many chages to FA. So here we go:
- The Fixed Asset module has it's own calendar in Tools-Setup-Fixed Assets-Quarter. You may think that this is no big deal, it's used for the mid-quater convention, yada yada. BUT if your Fixed Asset calendar is different from your financial calendar, you can have a mess! What can happen is that if you run depreciation only for the current period,…
Weekly Dynamic: Turning a Project into a Fixed Asset
A common request is to turn a Project from the Project Accounting module, into a Fixed Asset in the Fixed Asset module. There is no native functionality to do this and based on my conversations with the Dynamics GP team, it's not coming any time soon so you might as well understand the workaround and it looks like this:
1) Create a Miscellaneous Log Cost Category for Fixed Assets pointing the Contra Account to the FA Clearing account and the…
Weekly Dynamic: Matching Fixed Asset Costs In Multiple Books
As I work on year end tax returns for the company, one of the things we look at every year is our tax vs. book depreciation. One thing we find every year is that there are a few assets where the cost is different between tax and book. In our case, they should always be the same. It's getting better each year but we've still got a small handful this year.
This happens when we adjust the cost of an asset after the fact for additional costs that come in later. These are things like freight, tax, installation, etc. Sometimes these bills arrive 60 days after the asset is…
Fixed Asset Integration error: "String was not recognized as a valid DateTime"
I recently had a support case, running a Fixed Asset integration with Integration Manager, where we received the following error:
DOC 1 ERROR: System.FormatException: String was not recognized as a valid DateTime.
at System.DateTimeParse.Parse(String s, DateTimeFormatInfo dtfi, DateTimeStyles styles)
at System.DateTime.Parse(String s, IFormatProvider provider)
Fixed Assets Integration fails
Consider this scenario. You are implementing Dynamics GP Fixed Assets in your company. None of the Fixed Assets have been imported yet. You have ensured you did all your setups just perfect. Now, It’s turn to import your assets into Asset General window using Integration Manager. It can be handled using Integration Manager eConnect destination adapter for Fixed Assets.
GPtip42day - Reopening a closed Fixed Asset fiscal year
I'm sure this has never happened to anyone, but if by chance you ever inadvertently close the Current FA Fiscal Year, it will prevent you from posting depreciation into any period in the current fiscal year. How do you get around that? It's pretty easy.
gptip42day - Recalculating Depreciation
When you make changes to depreciation-sensitive fields in an asset book record, depreciation needs to be recalculated. Changing any of the following fields requires recalculation – • Amortization Code • Amortization Amount • Averaging Convention • Cost Basis • Depreciation Method • Depreciated-to-Date • Life-to-Date Depreciation • Luxury Automobile • Original Life • Place-in-Service Date • Salvage Value • Switchover • Year-to-Date Depreciation • Special Depr Allowance
When you change any of these fields then click ‘Save’, this message appears –
* click image to…