Microsoft Dynamics GP Year End Release 2011 – Fixed Assets Year End Close

Let’s get ready to close the Fixed Assets year!  This blog should give you an idea of what the process does, and when you should complete it.  Good luck!

When you close the year in Fixed Assets, you have to do it for each book you have setup.  All books must be closed before you process depreciation for the new year. 

You should complete the process after you close the year in Payables Management but before you close the General Ledger year. 

When you close the year in Fixed Assets, the following fields are updated:

 Asset General Window
 • The YTD Maintenance amount is removed
 • The Quantity is copied to the Begin Quantity field

 Asset Book Window
 • The YTD Depreciation Amount is removed
 • Cost Basis is copied to Begin Year Cost
 • Life to Date Depreciation is copied to Begin Reserve
 • Salvage is copied to Begin Salvage

 Book Setup Window
 • The Current Fiscal Year is updated to the next year

Steps to complete the year end close process in Fixed Assets:
 1. Print all the reports that you will need for the year that you are closing
 2. Make a backup
 3. Follow the steps in KB865653: “The year-end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP”
 4. You must process depreciation to the last day of the year that you are closing before you close the year

Additional information to note:
Do NOT manually change the year in the Book Setup window so you can run depreciation for the next year before closing the current year.  If you do this, you will encounter problems at the end of the next year.  This is because Fixed Assets compares the Yearly Depreciation Amount field to the YTD Depreciation field.  If you run depreciation for the next year by changing your fiscal year in Book Setup, when you close the current year the YTD Depreciation amount is set back to $0.00.  This includes the amount of depreciation that you calculated for the new year.  As you complete depreciation for the new year, the YTD field will be updated but the amount that was generated for the first month (or months) before the previous year was closed is not included in that YTD total.  When you get to the last period, the depreciation amount will be doubled.  The GP code and procedures will determine that not enough depreciation was taken through the year because the Yearly Depreciation Amount does not equal the YTD amount due to the first month (or months) not being included in the YTD figure. 

Assistance for Fixed Assets Year End Close
Microsoft Dynamics GP Blog - blogs.msdn.com/b/dynamicsgp/
Microsoft Dynamics Community - https://community.dynamics.com/product/GP/default.aspx
Microsoft Dynamics Support - https://mbs.microsoft.com/support/newstart.aspx

If you are creating a case with the Technical Support Team, please refer to the routing below to ensure you are routed to the correct Professional for assistance.

 Assistance with the Fixed Assets Year End Close
 --Support Topic Selection:  Financial – Fixed Assets
 ---Sub-topic Selection:  Year End Procedures

Resources:
Year-end closing procedures for the Fixed Assets module in Microsoft Dynamics GP
https://mbs.microsoft.com/knowledgebase/KBDisplay.aspx?scid=kb;EN-US;865563

****New for the 2011 year, there is a Year-End Video!!!!****
Check it out....SO COOL!
www.microsoft.com/showcase/en/us/details/91697dc7-4926-4144-8626-ca0eb8e284da

Be sure to check back to the Year-End Schedule post for current posted blogs and upcoming blog posts related to Year-End Closing for Dynamics GP.

Good luck and have a great Year-End!

Christine G.