Fixed Assets - Monthly Depreciation

Kristin Bushnell

We are new to FE NXT and the Fixed Assets module. I have been searching the Knowledgebase and the discussion boards for information and can't find the answer to my question. In our previous software, it calculated the depreciation and produced a summary journal entry by Accumulated Depreciation G/L. In FE NXT does it create a journal entry for every asset individually? Thank you!

Ferdie Alayon

@Kristin Bushnell
when you calculate depreciation, it gives you a preview report.

Then, when you finally Calculate depreciation, you will need to post to Fixed assets subledger which would then produce the GL posting report.

Susan Trippe

@Kristin Bushnell
When we converted to FENXT, I opted not to allow FE to create the JE because the only option was for it to create a detailed (very long) JE, and I didn't want that cluttering up my GL. Because we use two balance sheet accounts for the Accum Depr, I have to run a query after I've calculated depreciation, and I create a manual summarized JE from that query using a pivot table. It sounds involved, and it is a little bit of a pain, but it's not too bad. Ideally, FE would allow me to set up an automatic JE the way I want it to be, but I haven't seen that capability in FE yet.

Kevin Brazell

@Kristin Bushnell
that depends on how you post to general ledger. When you calculate depreciation, it calculates for all applicable assets. But when you go to post, you could in theory filter it to do individual assets, or everything posted all at once. Really your decision / preference.

Kristin Bushnell

@Susan Trippe Does the system still keep the depreciation amounts for each asset since you aren't creating the journal entry?

Kristin Bushnell

@Ferdie Alayon I just calculated depreciation for the first month and although it gives you a report, I can't find any way to edit the journal entry. Instead of a 10 line journal entry, it creates over 10 pages. Ridiculous!

Susan Trippe

@Kristin Bushnell
Yes…so I am able to tie system depreciation & asset reports to the books. I calculate depreciation in the FA module. I just don't allow it to post to the GL. It still “posts” depreciation to each asset.

Kristin Bushnell

@Susan Trippe Thank you!

Kristin Bushnell

@Susan Trippe Sorry for so many questions! Our implementation person hasn't been any help at all. Is there a way to get rid of the “unposted fixed asset transactions” that show up on the G/L report?

Susan Trippe

@Kristin Bushnell
I'm not sure about that, but I feel like you can delete it if it's never been posted to the GL. If it's not showing up under General Ledger>Journal Entries, then I'm not sure where you'd find it.