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Financial Period should not be mandatory for Date of inception while entering old Fixed Assets

If you want to add an asset i.e placed in service back in 1968 you need to create all those years and periods otherwise system would not allow you to import the asset.

This will be cumbersome as your first fiscal year need to be 1968 and make it hard to handle and you need to shift the first year back more than 50 times to make that happen.

  • Sam Kabiri
  • Feb 22 2017
  • Shortlisted
  • Attach files
  • Olga Anisimovich (Product Manager Financials Team) commented
    February 24, 2017 19:28

    Sam, thank you for posting the idea. The item is included into our roadmap. 

  • Sergey Vereshchagin commented
    August 15, 2017 08:41

    But you must create your first year in FA BEFORE you implemented the module.

    If this is done ahead, then your question is Valid. We are adding old asset, period already in calendar, it just supposed to create in FA transactions in that period.

  • Mike Lupro commented
    October 25, 2017 14:20

    Olga:  I have a University client with assets on the books from 01/01/1901.  We are looking at creating 217 fiscal periods, Then load the assets, then go thru EOY closing for 216 of those years.  Sure, most are fully depreciated and include art and buildings from that period of time.  The artwork is valuable and is not depreciated.  Buildings are fully depreciated obviously but they are still there and need to be "on the books"

  • Mike Schmitt commented
    October 27, 2017 16:02

    Olga:  any ETA on this feature

  • Olga Anisimovich (Product Manager Financials Team) commented
    October 28, 2017 14:38

    Hello Mike,

    This item is in our roadmap for Q1-2018 and we hope to deliver it in 2018R2.

    As for the client that has assets with placed-in-service date in 1901, I'll check with dev team if it's possible to provide a workaround for them.

    Best regards,

    Olga

  • Olga Anisimovich (Product Manager Financials Team) commented
    October 30, 2017 22:25

    Let me explain how the system generates FA calendar for the posting book. It uses the financial year configuration you specified on the Financial Year (GL101000) form. Based on this configuration, the FA calendar will be prepared.

    Thus, all you have to do is to shift the first year on the Financial Year form till the required year (1901 in your case). There is no need to generate the periods in GL (because you are not going to post to this periods) and do year closing. You will not have those past periods in reports and inquiries in other modules than FA.

    Hope this would help. 

  • Mike Lupro commented
    October 31, 2017 16:05

    Thank you for the follow-up Olga.
    I did move the starting year back to 1901, but along the way the system (or me) did create the fiscal periods.
    And, when I loaded the assets with the depreciation-to-date they did not have the historical period depreciation values.
    After the first depreciation (thru 12-2017) the system posted JE’s back into prior historical periods.
    I’m not sure of the effect this will have on the CFO as all the BBF’s were imported with his prior ERP balances so he could show an exact continuity to his auditors.

    I created these notes after the first depreciation run in TESTGC.
    Acumatica:
    When loading assets does that affect BBF totals from the initial client load?
    When running the first depreciation, does that affect BBF totals from the initial client load?
    That would seem to post prior year balances forward into the current fiscal year.
    But the current fiscal year already has the BBF balances loaded via Trial Balance Upload.

    Assuming you have to close out all the historical init periods and run the EOY process - Correct?
    There is no Close-All-Periods check box on Financial Periods so we have to click 12 boxes from 1901 to 2017
    Client (or I) will have to check 116 years 12x for 1392 clicks – EGAD…

  • Olga Anisimovich (Product Manager Financials Team) commented
    October 31, 2017 19:16

    Mike,

    could you please submit support case for this issue? Based on the data in FA and in GL, we would decide what is the best approach in this case: remove unnecessary periods generated in GL by mistake or close those periods by a script. Also, we would answer your questions related to the data migration in FA.

    Best regards,

    Olga

  • Mike Lupro commented
    November 10, 2017 00:59

    Hi Olga:  Case 066106 was submitted a moment ago with all my griping and complaining in full view!

    Kind regards, Mike