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Depreciation for Fixed assets with Reducing balance should be calculated based on Net book value even if the asset opening transactions are posted in the within of the financial year. Currently, system ignores the depreciation opening transactions if posted in the within of the financial year and calculates depreciation based on the acquisition value which probably works for straight line but not for reducing balance type assets.

Category: Fixed assets
STATUS DETAILS
Needs Votes

Comments

V

We do have a similar problem, the setup : "allow depreciation when placed in service and disposal are in the same fiscal year" could help us but it is necessary to make this set up it manually on each fixed asset. We found that the setup does exists in Asset parameters :

1. Go to Fixed Assets/Setup/Fixed Asset parameters
a. Personalize the general tab. By right-click/personalize
b. Click +add field and select “allow depreciation when placed in service and disposal are in the same fiscal year”
Note, the parameter is in and it is set to “Yes”

2. Go to AP/Purchase Orders/all Purchase orders, create a new one
- Vendor = 1001
- Click OK
a. In the PO line enter
- Item = 1000
- Site = 1
- Warehouse = 11
- Unit price = 10899

b. Go to line details, tab Fixed assets and enter
- New fixed asset = Yes
- Fixed asset group = VEHC

c. Confirm the PO
d. Go to Invoice/invoice
- Change default from = ordered quantity
- Invoice number = 555
- Invoice date = today
- Update match status

But then this "Personalized Fixed Asset Parameter" value is not defaulted in the book as it should be :

3. Go to Fixed Assets/Fixed assets/Fixed assets, select the newly created fixed asset and go to books, open tab. depreciation
Actual Result
Parameter “Allow depreciation when placed in service and disposal are in the same fiscal year” is set to “No”

IT WOULD BE VERY NICE TO BE ABLE TO DEFAULT THIS SETUP AS IT IS THE ACCOUNTING CHOICE / RULE FOR SOME CUSTOMERS / COUNTRIES.

Category: Fixed assets