Fixed Asset Period-End Procedures
1) TO MANUALLY ADD A FIXED ASSET
FROM PAYABLE TRANSACTION:
Cards – Fixed Assets – General
·
Put in the Asset ID (look at the last asset in
the sub-ledger category then add 1)
·
Click “Purchase”
o
If there is not a “Purchase” button there are no
assets to add (see #2 below)
·
Select line item in Fixed Asset Purchasing
Transaction
·
Enter description, class ID
·
Click on the Go To icon in the top right hand
corner
·
Go to Book
·
Select Book ID
2) TO MANUALLY ADD A FIXED ASSET
FROM THE CLEARING ACCOUNT:
Cards – Fixed Assets – General
·
Put in the Asset ID (look at the last asset in
the sub-ledger category then add 1)
·
Enter description, class ID, Acquisition date,
Acquisition Cost, Physical Loc ID, Location ID
·
Click on the Go To icon in the top right hand
corner
·
Go to Book
·
Select Book ID
3) TO RUN DEPRECIATION ON ALL
ASSETS (make sure AP is closed before depreciating assets):
This process will depreciate all assets for one month and
should be run after A/P is closed for the month closing.
Tools – Routines – Fixed Assets – Depreciate
·
Select the “Depreciate All Assets” box to
calculate depreciation for all assets
·
Enter the date through which depreciation is
calculated in the “Depreciation Target Date”
o
i.e. – if you are closing January 2009 this date
should be 01/31/2009
·
Insert the book(s) to be depreciated into the
“Selected Books”.
·
Click “Depreciate” to begin the depreciation
process
4) RUN PRE-RECONCILIATION TO GL
REPORT:
This process is to make sure your depreciation and ledger
posting looks correct. Check
depreciation against last month for reason-ability.
Reports – Fixed Assets – Activity – Fixed Assets to General
Ledger Recon
·
Select Report Format
·
Select Modify
·
Print report
5) General Ledger Posting
Tools – Routine – Fixed Assets – GL Posting
·
Enter:
o
Beginning & Ending Periods (both s/b the
year and month closing – ex. 2008-012)
o
Transaction date (last day of the month closing
ex. 12/31/08)
o
Comment (this will show up on the GL batch
comment)
o
Continue
6) Run the FA to GL recon again.
o
There shouldn't be anything on this report after
the GL posting process
7) Run inventory Report
Reports – Fixed Assets – Inventory
·
FA Inventory Report
o
Modify
o
Ranges
o
Class ID
·
Computer Equip to Software
o
Placed in Service Date
·
1/1/1995 to date of recon (ex. 7/31/09)
8) Run Depreciation Ledger by
Location
Reports – Fixed Assets – Depreciation – Depreciation Ledger
by Location
·
Run for each class ID
