Year End Close - Fixed Asset movement accounts into Opening Baalance account

Hi All

Just joined the Group, so ‘hello’ to you all.

A question on Fixed Assets accounts - We have an OB account showing say $1000, also an Additions in Year account showing $500 (this is broken down as $300 for 2010 + $200 for 2011). What I’d like to know is: Is there a way of getting the $300 which refers to 2010 moved into the Opening Balnce account automatically, so that the Fixed Assets brought forward figure in 2011 reflects this amount ( should now be $1,300) and the Addtions account for 2011 only shows the $200?

Many thanks in advance

Nick

Hi Nicholas,

I’m afraid that NAV doesn’t work this way. Are you sure these entries are posted from the Fixed Asset module? Usually, NAV calculates the resulting amount on all previous entries. The partitioning in Opening Balance, Aditions in Year and so on will be done with reporting… if you select a different accounting period (year), the value for opening balance will be calculated differently.

with best regards

Jens

Thanks Jens

Presently this is done by a manual journal (300 odd lines!) at year end. Moving any Additions number in the year by means of Closing journal to strip it out of the Additions account so that that number will now form part of New Year opening balance. Same done for Disposals and indeed all movement accounts across FA. I’m new into this piece of work and thought there must be a better way of doing it!

Many thanks

Nick

Closing
Journal
01/01/2010 2010 (currently manual process) 31/12/2010 2011 31/12/2011
a) At present : Opening Balance 1,000 300 1,300 0 1,300
Additions 0 300 (300) 0 200 200
b) Ideal scenario Opening Balance 1,000 Automate to increase by 300 1,300 0 1,300
Additions 0 300 Automate to reduce by 300 0 200 200

Report Book Value 01 presents the data exactly as you want - without any reposting…