To perform the year-end for the fixed asset module, the user should make sure the steps below are completed:
- They have completed the Payables management year-end closing
- Entered all fixed assets transactions for the current year
- Depreciated the assets to the last day of the month
Step 1: Run Depreciation
Microsoft Dynamics GP > Tools > Routines > Fixed Asset > Depreciate (Figure 1)
Make sure ‘Depreciate all assets’ is checked; enter the Depreciation Target Date and ensure the books to be depreciated are selected and inserted. Click the Depreciate icon from the top action pane. This will create depreciation for all the assets at the end of the year
Step 2: Create the GL Posting for Year End
Microsoft Dynamics GP > Tools >Routines > Fixed Asset > GL Posting
The Batch ID will be auto generated as per the setup. Enter the date in the posting date field. Enter a description in the Reference field.
Select all periods and then select the Process icon from the top action pane (Figure 2).
The user can verify the Journal, make changes if required, and then post the batch. Make sure to post the Journal Entry created in the financial module.
Step 3: Print the Year-end Reports for Fixed Assets
Microsoft Dynamics GP >Tools >Routines >Fixed Asset >Reports
The recommended reports are:
- Annual activity report
- Book to book YTD
- Book to book reconciliation report if numerous books are used
Verify calendar setup
Microsoft Dynamics GP >Tools >Routines > Fixed Asset > Calendar (Figure 3)
Select the Verify icon to verify that there are no issues with the year.
I would advise backing up reports before starting year end for fixed assets
The final step is to run the Year End for fixed assets.
Microsoft Dynamics GP >Tools >Routines >Fixed Asset >Year End
Select the books that you want to run year end for, insert, and click Continue. The system will verify if the user wants to run the year end. Click continue.
Once completed, Dynamics GP will print the Fixed Asset Year End Closing Report (Figure 4 below).
For further information on fixed assets or fixed assets year-end, reach out to [email protected]. You can also visit itsolutions.bdo.ca to get more information about all the solutions provided by BDO IT Solutions.