How do I depreciate assets for prior years?
Use the Prior Years Option to set up the routine to calculate depreciation on the fiscal years preceding the current year.
Depreciating assets for prior years
1. Open Connect Asset Management > Organization > Depreciate Assets.
2. Set up the Asset Selection.
Use the selection grid to filter and select the assets that will be included when you run this program.
Do you want to select all assets?
Yes, I want to depreciate all assets. The default setting will include all assets. The Value column is set to ALL.
No, I want to choose which assets to depreciate. You can filter assets by asset number, classification, and department. Double-click on ALL in the Value column to filter the selected assets.
4. Set up the Date Range.
The routine will select the first month in the fiscal year as the Start date and the last month in the fiscal year as the End month. The values in the drop-down list are set based on the values that are stored in the in the GL Period Dates table.
5. Set up the checkbox titled Replace Previously Calculated Depreciation.
Normally, this option is not selected. You can use this option when you need to replace amounts that were calculated during a previous session.
Do you want to re-calculate depreciation on assets?
I am calculating depreciation on assets for the first time. Leave blank the Replace Previously Calculated Depreciation checkbox.
I am replacing depreciation that was calculated during a previous session. Select the Replace Previously Calculate Depreciation checkbox.
Important: If the calculated depreciation has been updated to the General Ledger, the system will create transactions to reverse the previous amounts. If the calculated depreciation has NOT been updated to the General Ledger, the system will remove the transactions from the Asset Management database.Use the transaction date to set the GL Period. Connect will use the next eligible, open period within the selected period.
7. Click GO (CTRL+G).
Connect calculates depreciation for the asset in prior years.
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