52 Set Up Asset Acquisition Years
This chapter contains the topic:
The system uses date patterns and asset acquisition years to compute depreciation. Date patterns define the beginning date and all period-ending dates for a designated fiscal year. When you run the depreciation program, the system generates depreciation journal entries only for assets that have a date pattern set up for their year of acquisition and every year thereafter.
52.1 Setting Up Asset Acquisition Years
From Fixed Assets (G12), enter 29
From Fixed Asset System Setup (G1241), choose Asset Acquisition Years
You must define asset acquisition years for every company. You must also define the date patterns for every asset acquisition year and each year thereafter for any asset that you are still depreciating. For example, if you have assets in the system that you acquired in 2006, you must set up 01/01/06 as an asset acquisition year and the date patterns for all the years from 2006 throughout the current fiscal year defined in the system.
You must define date patterns at least one year into the future for the expected life of your longest-lived asset.
To set up asset acquisition years
Figure 52-1 Asset Acquisition Years screen
Description of "Figure 52-1 Asset Acquisition Years screen"
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To define the fiscal year that assets were acquired and each year thereafter for every company, complete the following fields:
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Company
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Date Pattern (DP)
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Number of Periods (No Pd)
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Beginning Year
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Current Period Number (Cur Per)
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Choose Date Pattern Revisions.
Figure 52-2 Date Pattern Revisions screen
Description of "Figure 52-2 Date Pattern Revisions screen"
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On Date Pattern Revisions, to set up new date patterns, complete the following fields:
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Fiscal Date Pattern Code
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Fiscal Year Beginning
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Date - End of Period
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Century
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| Field | Explanation |
|---|---|
| D P | A code that identifies date patterns. You can use one of 15 codes. You must set up special codes (letters A through N) for 4-4-5, 13 period accounting, or any other date pattern unique to your environment. An R, the default, identifies a regular calendar pattern. |
| No Pd | The system uses this field is to determine the normal number of accounting periods for annual budgeting and fixed asset depreciation.
In budgeting, this is used to spread the annual budget to equal amounts for each accounting period when a budget pattern code has not been defined. The system calculates depreciation for each accounting period as the annual amount divided by the normal number of periods if the Depreciation Information code is not "C". (The system uses the "C" Depreciation Information code when depreciation amounts are calculated based on monthly tables, which the IRS only provides for 12 accounting periods.) Note: If you have 12 accounting periods and you are using the 13th period for audit adjustments, normal number of periods is 12. |
| Begin Year | The first day of the fiscal year. A fiscal year spanning 2016 - 2017 and beginning September 1 would be entered as 090116 (US date format). |
| Cur Per | A number that identifies the current accounting period (from 1 to 14). The system uses this number to generate error messages, such as PBCO (Posted Before Cut Off) and PACO (Posted After Cut Off). |
| Date - End of Period 01 | The month end date in 12 period (monthly) accounting. The period end date in 13 period, 52 period, or 4-4-5 period accounting.
Form-specific information You can use period 13 for audit adjustments in 12-period accounting by setting up period 12 to end on December 30 and period 13 to end on December 31. You can set up period 14 in the same way for 13 period or 4-4-5 accounting. The system validates the dates you enter. |
| Date - End of Period 01 - CTRY | This is the century associated with the period ending date. The century number is the first two digits of the year. For example, if the year is 1998, the century is 19. If the year is 2003, the century is 20. |