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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
  • Mike Lupro commented
    10 Nov, 2017 12:59am

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

    Kind regards, Mike

  • Olga Anisimovich (Product Manager Financials Team) commented
    31 Oct, 2017 07:16pm

    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
    31 Oct, 2017 04:05pm

    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
    30 Oct, 2017 10:25pm

    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. 

  • Olga Anisimovich (Product Manager Financials Team) commented
    28 Oct, 2017 02:38pm

    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

  • Mike Schmitt commented
    27 Oct, 2017 04:02pm

    Olga:  any ETA on this feature

  • Mike Lupro commented
    25 Oct, 2017 02:20pm

    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"

  • Sergey Vereshchagin commented
    15 Aug, 2017 08:41am

    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.

  • Olga Anisimovich (Product Manager Financials Team) commented
    24 Feb, 2017 07:28pm

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