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Title: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 the Fiscal Calendar so you initially want a 12 period Fiscal Calendar.  If you set the Fiscal Calendar to 13 or more periods, and then build the FA Calendar, you'll end up with 13 or more periods in your FA Calendar - not a good thing.  GP does funky things with depreciation when there are more than 12 periods in the FA Calendar. After you've built the Fixed Asset Calendar, go back and set the Fiscal Calendar to 13 or more periods.

Tools>Setup>Company>Fiscal Periods

2.  If your Fiscal Calendar was originally setup with more than 12 periods and transactions have been posted, you'll need to reset your Fiscal Calendar to 12 periods and run 'Reconcile Financial Information'.  Then rebuild your FA Calendar.  This will reset your FA calendar to 12 periods.  Then go back and reset your Fiscal Calendar to 13 or more periods and run 'Reconcile Financial Information' again.

To Reconcile go Tools>Utilities>Financial>Reconcile.  Select the Year to reconcile and click 'Reconcile'. 

(Note - When you click Reconcile when the Year check box is selected, no report is printed. Additionally, no message appears that states that the reconciliation process is complete. The reconciliation process recalculates the summary information based on the detailed transactions in the General Ledger files. The reconciliation process usually takes several seconds.)

Category:TIPS AND TRICKS BY MODULES: Fixed Asset Management
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Date Added:June 17, 2010 05:09:16 AM
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