How to reset the life of an asset or of a group of assets in Fixed Asset Management in Microsoft Dynamics GP

INTRODUCTION
This article describes how to reset the life of an asset or of a group of assets in Fixed Asset Management in Microsoft Dynamics GP.
More information
Notes
  • When you reset the life of an asset, the depreciation is recalculated from the service date forward to the date when the asset was already depreciated.
  • If there are adjustments to the depreciation for any period, the adjustments are written to the Financial Detail file.
  • Depreciation for the prior year is posted into the current fiscal year General Ledger under the prior year depreciation account. Depreciation for the prior year is not posted into the prior year General Ledger.
  • When you reset the life of an asset, the performance of the system may be affected. Therefore, we do not recommend this action. For example, the following issues may result from this action:
    • The size of the Financial Detail (FA00902) table may be increased. This creates more data to be processed for the Post to GL routine.
    • If a user changes the LTD Depreciation field and the YTD Depreciation field manually, these amounts are recalculated.

How to reset the life of a single asset

Use one of the following methods.

Method 1

  1. Make a full, restorable backup.
  2. Click Cards, point to Fixed Assets, and then click Book.
  3. Click the asset ID of the required asset, and then click the book ID.
  4. Click the incorrect Depreciation Method.
  5. Click the correct Depreciation Method, and then click Save.
  6. In the following message, click Yes:
    You have changed a depreciation sensitive field. This will result in depreciation values being recalculated. Do you wish to continue?
  7. In the following message, click Life:
    A depreciation sensitive field has changed. Please select one of the following "Reset" options - Life, Year, or Recalculate.
  8. Click Save, and then close the window.

Method 2

Microsoft Dynamics GP 10.0 and higher versions

  1. Make a full, restorable backup.
  2. On the Microsoft Dynamics GP menu, point to Tools, point to Routines, point to Fixed Assets, and then click Depreciate One Asset.
  3. In the Depreciate Asset window, select the asset ID of the required asset.
  4. Do not enter a depreciation target date.
  5. Select a book for this asset, and then click Reset Life.

Microsoft Dynamics GP 9.0 or Microsoft Business Solutions – Great Plains 8.0

  1. Click Tools, point to Routines, point to Fixed Assets, and then click Depreciate One Asset.
  2. In the Depreciate Asset window, click the asset ID of the required asset.
  3. Do not enter a depreciation target date.
  4. Select a book for this asset, and then click Reset Life.

How to reset the life of a group of assets

Follow these steps:
  1. Make a full, restorable backup.
  2. Click Transactions, point to Fixed Assets, click Select Assets, and then click New Group.
  3. Name the group, and then click OK.
  4. Under Current Groups, click the newly created asset group, click to select the assets for which you want to reset the life, and then click OK.
  5. Click Transactions, point to Fixed Assets, and then click Mass Change.
  6. Select the newly created asset group ID, click the Book tab, select the book ID, select Reset Life, and then click Apply Changes.
  7. In the following message, click OK:
    Are you sure you want to apply changes to group (New_Group_Name)
  8. Close the window.
Properties

Article ID: 861544 - Last Review: 03/29/2016 16:58:00 - Revision: 7.0

Microsoft Dynamics GP 2015, Microsoft Dynamics GP 2013, Microsoft Dynamics GP 2010, Microsoft Dynamics GP 10.0, Microsoft Dynamics GP 9.0, Microsoft Business Solutions–Great Plains 8.0

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