I have a question about uploading the opening balances for Fixed Assets.
Suppose we have Assets which were acquired in the past and still not written off, and for such assets if we have to bring the Net Book value to AX, then we have 2 options. (Assume we start AX system as on 01-11-2011)
Pass an Acquisition entry for all FA as of 01-11-2011 with the ORIGINAL COST of that asset, set the remaining service life as the balance life left
I have tried the above, but i have an issue, System continues to Depreciate the Asset until the all the Depreciated value equals the Cost value of the Asset
e.g. Asset originally acquired on 01-11-07 with a value of 60,000. Life is 5 years
Net book value as of 01-11-11 is only 12,000. Logically only 12 months left for depreciation.
We pass an acquistion entry as of 01-11-11 for 60,000 and set the remaining service life as 12. But this does not help.
System will continue to depreciate the asset for all 60 months.
Pass an acquisition entry linked to the FA for the original cost. The general journal will need the 60000 Debit with an opening balance offset. The asset transaction type on the journal needs to be set to acquisition. The balancing line goes to the data take on.
Step 1 is the acquiaition handled, now post a separate journal for the depreciation.
Pass a depreciation entry linked to the FA for the depreciation to date. The general journal will need the depreciation to date as a credit with an opening balance offset. The asset transaction type on the journal needs to be set to depreciation. The balancing line goes to the data take on.
Posting both journals creates the correct acquisition and the remaining depreciation with the correct depreciation time remaining.
The strategy above is correct, but it won’t make your depreciation proposal working properly. You need to find out the previous fiscal period and depreciation method.