CLOSE FIXED ASSETS ACCOUNTING PERIOD

Use this screen to close the current accounting period for Costpoint Fixed Assets only and to automatically open the next Fixed Assets accounting period. Because Costpoint Fixed Assets is designed so that only one period can be open and designated as "current" at any given time, when you close the accounting period for Fixed Assets, you cannot reopen it. Therefore, it is very important that you generate the Print Current Period Depreciation Report and the Print Disposal Transactions Edit Report before closing the period, so you can review your records for errors and/or omissions and correct them while you can still access the period data.

If you discover that errors or omissions have occurred in a closed period (for example, depreciation was not calculated and posted for a specific asset), you can make corrections for past errors within the current fiscal year or purchase year and in the current accounting period. The system can calculate "catch-up" depreciation, either in the next current period or spread among the remaining periods in the current fiscal year or purchase year, based on the system-wide method you selected on the Configure Fixed Assets Settings screen. You can also manually adjust the value in the Current Pd Depreciation field in the G/L Book Info tab of the Manage Asset Master Information screen or in the corresponding field in the Manage Asset General Ledger Book Information screen and post again for a specific asset record, if necessary.

If unposted depreciation for the G/L Book (Book 1) and/or disposals with a Selected for Posting status on the Manage Disposal Transactions exist for the current accounting period, these conditions will stop the close process during the test, and you will not be able to close the period until you either delete the entries or post the entries.

If the values in the Amount Posted Curr Pd and Current Pd Depreciation fields in the G/L Book Info tab of the Manage Asset Master Information screen or in the Amount Posted Curr Pd and Curr Pd Depreciation fields on the Manage Asset General Ledger Information screen are not equal, there is unposted depreciation.

When you post depreciation, the system calculates the difference between these two fields and uses this difference as the amount to post. The Amount Posted Curr Pd field is then cumulatively in balance with the Current Pd Depreciation field. This condition applies to both auto-calculated assets and assets for which depreciation is manually calculated and entered. In the situation that you did not calculate depreciation for an asset and there was no depreciation to post, both fields will be in balance at "zero," and you will be permitted to close the period.

The system will also change the Current Pd Depreciation amount to zero for disposed assets, even if the Auto Calculate Depreciation or Auto Calculate check box is selected in the G/L Book Info tab of the Manage Asset Master Information screen.

After the system validates that there are no unposted depreciation or disposal entries remaining for the current period, the system performs certain actions during the close process.

The system updates the FYTD Depreciation field (or FYTD Amortization field, as appropriate) for all books.
In the G/L Book, the system adds the value in the Amount Posted Curr Pd field to the value in the FYTD Depreciation field (or FYTD Amortization field).
In Books 2 to 10, the system adds the value in the Current Pd Depreciation field to the value in the FYTD Depreciation field.
In all books, if the period closed is the last period of the fiscal year, the system also adds the value in the FYTD Depreciation field to the value in the Prior FY Depreciation field and then zeroes out the FYTD Depreciation field.
For assets using a Date of Purchase basis for depreciation (selected on the Manage Depreciation Methods screen), the system updates the value in the Amt Taken Purchase YTD field for all books.
In the G/L Book, the system adds the value in the Amount Posted Curr Pd field to the value in the Amt Taken Purchase YTD field.
In Books 2 to 10, the system adds the value in the Current Pd Depreciation field to the value in the Amt Taken Purchase YTD field.
In all books, if the period closed is the last period of the purchase year, the system also zeroes out the Amt Taken Purchase YTD field.
In all books, the system decrements the value in the Days/Pds Remaining field and increments the value in the Curr Depr Yr field, if necessary, for assets using a Years basis (selected on the Manage Asset Master Information screen). If the current depreciation year is incremented, the system also resets the value in the Days/Pds Remaining field appropriately.
In Books 2 to10, the only depreciation basis available is Years.
In the G/L Book, for assets using a Lease Pds depreciation basis, the system decrements the number of Lease Pds Remaining.
In the G/L Book, for assets whose depreciation is based on Units of Usage, the system adds the value in the Current Units Used field to the value in the Prior Units Used field.
In the G/L Book, for records for which the Auto Calculate Depreciation check box is selected, the system re-sets the values in the Current Pd Depreciation (Current Pd Amortization field), Amount Posted Curr Pd, and Current Units Used fields to zero.
In Books 2 to 10, for records for which the Auto Calculate Depreciation check box is selected, the system re-sets the value in the Current Pd Depreciation field to zero.
In the G/L Book, for assets whose depreciation is based on Units of Usage or Lease Pds, as applicable, the system re-totals the values in the Total Units Used, Accum Depreciation, Accum Amortization, and Book Value fields.
The system increments the current period (and fiscal year, if necessary) on the Configure Posting Settings screen. (The subperiod contained on the Configure Posting Settings screen always defaults as 1, but you can edit this field as necessary.)
In Books 2 to 10, the system writes the value in the Current Pd Depreciation field to the FA_DEPR_HS table. You can use the View Other Books Depreciation History screen to view monthly depreciation expense activity for your optional other books, as applicable, for any prior closed fiscal year(s), period(s), and subperiod(s). Alternately, you can print this data by running the Print Sequential Other Books Depreciation History Rpt.

Before closing the current Fixed Assets period, you should have already computed and posted depreciation for all active, depreciable assets, and posted any disposals with a Selected for Posting status. You should also post transfers before closing the FA period.

The values in the Current Pd Depreciation and Amount Posted Curr Pd fields in the G/L Book Info tab of the Manage Asset Master Information screen or the Amount Posted Curr Pd and Curr Pd Depreciation fields on the Manage Asset General Ledger Book Information screen must be equal before you can close the period. (For leases, the Current Pd Amortization and Amount Posted Curr Pd fields must be equal.)

We recommend that you also print and review the Print Current Period Depreciation Report and the Print Disposal Transactions Edit Report before closing, because these reports can help you identify and correct any errors and/or omissions in the calculation of current period depreciation and recording of disposals. You can view transfer data on the View Asset Change History screen to determine whether changes to the Asset "ownership" Account, Organization, Project, and/or the Accumulated Depreciation Account Code fields exist as unposted transfers by selecting the asset ("ownership") account, organization, and/or project fields or the Accum Depr Acct Code field.

Once the Fixed Assets period has been closed, it cannot be reopened. You will be able to make adjustments in the next period (or in subsequent future periods as each in turn becomes "current"), but you will not be able to correct any errors in the closed period.

Close the Fixed Assets period before running the Close Periods screen in Costpoint General Ledger. The Close Periods process in Costpoint General Ledger must verify that the Fixed Assets period is closed before it can close the G/L accounting period. If the Fixed Assets period is still open, the G/L period closing will fail, and you must enter this screen and close the Fixed Assets period. In addition, if the testing process does not find the next accounting period in the current fiscal year or in the next fiscal year, you will not be able to close. Accounting periods are defined on the Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens. You can copy existing FY/Pd data from the G/L by using the Update FA FY/Pd Information from GL FY/Pd Information screen from the Fixed Assets Calendar menu.

Accounting
Fixed Assets
Fixed Assets Processing

Selection Ranges

Current FY/Period

Option

Start Fiscal Year

The current fiscal year from the Configure Posting Settings screen displays in this non-editable field. Because only one period at a time can be opened and designated as "current," you cannot close any other periods.

Start Period

The current accounting period from the Configure Posting Settings screen displays in this non-editable field. Because only one period at a time can be opened and designated as "current," you cannot close any other periods.

Action

If you select this option, the system checks that the Current Pd Depreciation and Amount Posted Curr Pd fields in the G/L Book Info tab of the Manage Asset Master Information screen or the Amount Posted Curr Pd and Current Pd Depreciation fields on the Manage Asset General Ledger Information screen are equal. (For leases, the Current Pd Amortization and Amount Posted Curr Pd fields must be equal.) If these two fields are not equal, the system stops the process and displays a message requiring you to post any unposted depreciation.

The testing process will not stop if both fields are equal to zero. If you did not calculate depreciation for an asset and there is no depreciation to post, both fields will be in balance at "zero." In this circumstance, and if the system does not encounter any unposted Selected for Posting disposals or transfers, you can close the period. Once the Fixed Assets period has been closed, however, it cannot be reopened. After the period is closed, you will not be able to return to that period to calculate depreciation, add additional data, or make any corrections to existing data.

The testing process also checks that disposals with a Selected for Posting status as well as all transfers have been posted. If the system finds any unposted selected disposals or transfers, the testing process stops and displays a message requiring that you post these disposals and/or transfers. Unposted disposals on On Hold status do not affect the closing process.

The system tests data only for the G/L Book (Book One), because this is the only book for which entries can be posted to the General Ledger. If the system finds unposted depreciation and/or disposals and/or transfers, you should post them (or zero depreciation and/or delete the disposal row for depreciation and disposals, respectively,) and then run Test Current Period again.

The testing process will fail if it cannot find the next accounting period in either the current fiscal year or the next fiscal year, or if the last posting has not been successfully completed.

Close Fixed Assets Acctng Pd

Click

drop-down and select Close Fixed Assets Acctng Pd on the toolbar to initiate the process of closing the Fixed Assets accounting period.