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Fixed Assets Period End & Depreciation Updated

Caroline Buckland Updated by Caroline Buckland

The Process

A Fixed Assets financial year can be split into 12 or 13 periods.  At the end of each period throughout the useful life of an asset, the system will use the depreciation method assigned to the asset to automatically calculate the depreciation applicable for the period.

The process in Financials uses to update the register at the end of a period is FI1. This request will enable you to advance the period for a specific book.  This involves depreciation calculation, updating totals and, for the historic book only, postings for the General Ledger.

Note:  If the process is performed for a historic book, then calculations etc. will also be made for any user books set up to be depreciated automatically when triggered by the historic book. 

All assets are assigned a life, during which time it is expected that they will contribute value to the company.  Each period end run will reduce the remaining useful life assigned to an asset by one period.

A report can be produced by the Period End process if required.

Running Period End

Access the following menus:

Fixed Assets>FA Processes>Asset Maintenance>Submit FA Period End

The following screen is displayed.

Enter the company code and the Historic book ID, pressing enter on the keyboard will default the current year and period.

Select a report level:

  • No report
  • Detailed
  • Summarised

Select the More:Queue> SUBMIT button followed by SUBMIT again.

Note: care must be taken not to run this process more than one in the month, as postings will occur and period will be moved forward

To check the Fixed Asset period and year access the following options.

General Ledger>GL Processes>Period and Year End Close>GL Period and Year End

Select your company and use the View action.

Review the period end report

Access the following menus:

Systems Admin>Spool

Select Search to retrieve a list of reports.

You can view each individual report by selecting the View Document button, or by selecting the Paperclip icon.

Spool report from View Document action.

Paperclip report example.

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