Andrea Melroe has posted a great blog about the Fixed Assets Year End Close for 2016.
Andrea posted some valuable information so I have posted part of her blog, below. You will need to go to the link to finish the article.
Please utilize the information below to ensure a smooth and seamless year-end in Fixed Assets. Enjoy!
Does the Year-End Update include any changes for the Fixed Assets module?
Yes, as usual there are changes to the Luxury Auto Maximum Depreciation Deduction amounts. Maximum depreciation deduction amounts for luxury vehicles have been updated for assets placed in service in calendar year 2015 (PATH Act) and 2016 to comply with IRS Guidelines. Click HERE to see the 2016 changes.
Is there any new functionality in Microsoft Dynamics GP 2013, Microsoft Dynamics GP 2015, or Microsoft Dynamics GP 2016 for the Fixed Assets Year-End Closing (YEC) process?
There is no new functionality this year that will affect Fixed Assets year-end closing processes. However, as a reminder, in Microsoft Dynamics GP 2015, a Fixed Asset Year-End Closing report was added to the year-end close process!! This optional report will print per Book, and show the Asset ID, Description, Cost Basis, YTD depreciation, Accumulated Depreciation, NBV, Placed in Service Date, Depreciated to Date, Quantity, YTD Maintenance, and Status for all assets impacted by the year-end close process. In a single step, you can close the year and print a status report of all the assets that were affected by the close!! YEAH!!
To view FA fixes included in the 2016 Year-End Update click the appropriate link below:
Click HERE to get the fix list for the Year End Update for Microsoft Dynamics GP 2016 (Includes GP 2016 R2!! – available when released)
Click HERE to get the fix list for the Year End Update for Microsoft Dynamics GP 2015 (available when released)
Click HERE to get the fix list for the Year End Update for for Microsoft Dynamics GP 2013 (available when released)
When should the Year-End close for Fixed Assets be done?
It is recommended to close all books in Fixed Assets after you close Payables Management, but before you close the General Ledger year.
Below are other key points to remember:
•All assets must be ‘depreciated through’ the last day of the current Fixed Assets year. **This is VERY important** See NOTE below.
•When you close the year in Fixed Assets, you must do it for each ‘Book’ you have set up.
•All ‘Books’ should be closed before you run depreciation for the new year!!
NOTE: The last day of the Fixed Assets year can be confirmed by navigating to the Fixed Assets Calendar Setup window:
Microsoft Dynamics GP 2013 and up: Microsoft Dynamics GP >> Tools >> Setup >> Fixed Assets >> Calendar
Microsoft Dynamics GP 2010 and below: Microsoft Dynamics GP >> Tools >> Utilities >> Fixed Assets >> Calendar
What does the Year End Close Process do and /or affect?
In the Asset General Window:
•The YTD Maintenance amount is cleared from the Expand last Maintenance Date Window.
•The Quantity is copied to the Begin Quantity field in the Expand Quantity Window.
In the Asset Book Window:
•The YTD Depreciation Amount is cleared.
•Cost Basis is copied to Begin Year Cost field.
•Life to Date Depreciation is copied to Begin Reserve field.
•Salvage Value is copied to Begin Salvage field.
In the Book Setup Window:
•The Current Fiscal Year is incremented to the next year.
Thanks, Andrea, for the update.