Fixed Asset Revaluation

[dan_sorahan]

We had been using Fixed Assets in JDE up until July of last year. It was then determined that our depreciation information was incorrect. An outside accounting firm ws called in. They revalued our assets and have been computing depreciation for us outside of JDE. We now want to start using JDE again to calculate depreciation for us. I will have available the cost and year-end (2001) depreciation data. Can I use the Beginning Balance to get valid balances into the F1202 for the start of FY2002? I would then run depreciation for each month in 2002 to catch up. I would also need to get account balance info for assets entered in FY2002 up to speed. Has anyone been through this? Any suggestions? Any input is greatly appreciated. Thanks.

 

[Mike Dupaix]

Dan,

Your approach should give you the desired results. I
would only add that you save then clear all previous
F1202 data otherwise weird results may occur. You
will probably need to verify the depreciation methods
employed and test the expense and accumulations
results against the accounting firms calculations for
2002 to ensure reasonableness.
--- dan_sorahan <[email protected]> wrote:
http://www.jdelist.com/ubb/showthreaded.php?Cat=&Board=Apps&Number=41438


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[KSmithCPA]

Mike is correct. If you leave the old depreciation entries in the F1202 table for the prior year, your asset cost summary ITD column will be out of wack. Also, be sure to use the Beginning Balance program that does NOT create Journal Entries to the F0911. Check the Processing options to be sure it is set up correctly. Also it would be a good idea to test the process in your Test environment.

Good luck.

 

[dan_sorahan]

Thanks for the responses to my question on Asset revaluation. I just learned that we will have to change the life on some of our existing assets. Assuming that we start with a correct prior year end balance, can we just change the life and expect to get correct monthly depreciation amounts? Thanks again for your help.

 

[Mike Dupaix]

dan,

You'll still want to run depreciation in prototype or
proof mode to ensure the depreciation expense amounts
are correct.
--- dan_sorahan <[email protected]> wrote:
http://www.jdelist.com/ubb/showthreaded.php?Cat=&Board=Apps&Number=41555


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