opening balance for fixed asset

Finance and Operations/AX User Forum
1

Dear all,

I have fixed asset car which is already acquired 2 years ago in old system.

The new system ( axapta) is implemented in january 2013.

The cut off is 1 january 2013, and how can i input the fixed asset which is already acquired 2 years ago. the depreciation period remaining is 36 months.

Thanks in advance

Regards

2

Keeping in mind that you’re going to have to import the COA balances, I’d suggest the simpler approach. Just bring in the net book value and the remaining depreciation periods. Keep good documentation attached to the fixed asset and triple check your balances match what you import with the COA.

3

You mean to say that we need no to bring the Actual acquistion cost and depreciation entries( for two years) in new system of Axapta ?

4

I would create a general journal to create the opening balance with acquisition and depreciation lines to reflect the actual acquisition cost and the depreciation over the two years.

5

Hello All,

To upload the opening balance for Fixed Assets… First compare General Ledger account balance matching with Fixed Assets module. Later Go to Fixed Assets module - Enter the Journal type as Acquistion for each assets in FA journal - With full purchase amount of car (Date 31 Dec 20XX) incase of cut of date is Jan 01 20XX. After that Enter the Journal type as “Depreciation” in FA journal. Select each assets to post depreciation balance to Accumlated Dep account. At the begining of next year. jan 01. your asset balance shows (NBV) in ledger account & Fixed Asset module.

6

Format for Fixed Assets

Initial update value module with proper details, like Purchase date, amount & dimension.

Acquisition Date Acquisition Price Depreciation Period Service Life Depreciation Period Remaining Depreciation Run Date Date When Depreciation Was Last Run Accumulated Depreciation Amount Net Book Value
7

First update the Value model with correct details like - Pruchase date, amount, Service life, remainig life.

Acquisition Date Acquisition Price Depreciation Period Service Life Depreciation Period Remaining Depreciation Run Date Date When Depreciation Was Last Run Accumulated Depreciation Amount Net Book Value
8

First update the Value model with correct details like - Pruchase date, amount, Service life, remainig life.

Acquisition Date Acquisition Price Depreciation Period
Service Life Depreciation Period Remaining Depreciation Run Date Date When Depreciation Was Last Run Accumulated Depreciation Amount Net Book Value
9

Hi

I have a issue while calculating the Depreciation for the month ending next to the uploading month. Here is the explanation of the scenario:-

In the Legacy system Asset was purchased on 01/04/2006(dd/mm/yyyy) having the cost of Rs 10000/-.

Now we are trying to bring the same asset in ERP on the cut-off date i.e. 01/01/2014. Till 31.12.2013 Accumulated Depreciation was Rs 2000/-

For that I uploaded the FA Master to get the FA ID on 31.12.2013 along with following entries:-

Then posted the following three entries as on 31.12.2013 1) Acquisition Cost 8000/- 2) Acquisition adjustment 2000/- and for the Accumulated Depreciation 2000-.

System correctly showing the Net Book Value as Rs 8000/-.

Now I am trying to run the Depreciation proposal for the Jan’2014 month. The Depreciation method chosen is Reducing Balance Method with 13.91 % ( as its Air Conditioner). Also I have chosen the Depreciation Year as FISCAL and Period Frequency as FISCAL PERIOD on Depreciation Profile to get the Day wise Depreciation as per Indian requirement.

The issue is system is calculating the Depreciation for Jan month on the Acquisition Cost i.e. 10000/- not on the WDV or Net Book Value i…e 8000/-.

Kindly help me to calculate the correct Depreciation amount for Jan month onwards.

Do I am missing any setup to get the correct amount or its the Microsoft Bug. I am using AX 2012 R2 with CU7.

Quick solution is highly appreciated.

Regards,

Rajat Jain