how2fa01.htm

How can I create Back-Dated Fixed Assets?

First of all, let's make sure we're talking about the same thing. A "back-dated" fixed asset is an active asset that you purchased a while ago but now want to enter into the fixed asset module with old dates. Because the system calculates depreciation by date, this can be tricky to understand.

Best Method - "Forward" looking

1. Create the first part of the fixed asset as you normally would, entering the purchase date as it originally was.
2. When you get to the life span, type the number of months as you normally would.
3. When you get to the "life left" field, type the number of months that are left to depreciate as of the current G/L period. You will likely have to calculate this manually. Example: If you bought something in January of 2003 and it's March of 2004, you've already used up 15 months of depreciation. If its life span is 60-months, that means there are 45 months left.
4. When you get to the "depreciation start date" enter the YYYYMM date as the date the system is to begin depreciating this item. This must be either the current G/L period or a future date; it cannot be in a prior period. When you enter it, the system will calculate the "ending" date.
5. Complete the other fields (purchase price, vendor, other info, etc.) as normal.
6. Be sure to save the record.

Alternate Method - "Backward" looking
This assumes that you want to enter assets in a prior month during the current fiscal year and have the system generate the monthly journal entries to bring the depreciation up to date for both the assets and the general ledger. Note that his method works ONLY if you have NO fixed assets whatsoever in your fixed asset database and are creating them for the first time. If you have any prior fixed assets in the system, you cannot use this method.

1. This is very, very tricky. Be careful. It is EXTREMELY IMPORTANT that NOBODY use Club Office until you're done. 
2. Start G/L configuration and change the current G/L period to the current year's period you need it to be, then save the change.
3. Change your computer's date to be a date compatible with the G/L period to which you just set the general ledger.
4. Start the fixed asset module, enter the assets as if they were being entered in the G/L period you set the system to be. You may or may not have to calculate the months left as described above, depending on when you purchased the asset.
5. Enter the depreciation start date as of the G/L period you set the system to be.
6. After all the assets have been entered and your reports run, click FILE - POST ALL DEPRECIATION NOW. The system will calculate the depreciation for the current month for each asset and make appropriate journal entries.
7. Exit fixed assets and go to G/L configuration. Change the current G/L period to the NEXT period.
8. Change your computer's date to be a date compatible with the G/L period to which you just set the general ledger.
9. Restart fixed assets and select to POST ALL DEPRECIATION again.
10. Repeat steps 7 through 9 until your G/L is again current with the correct ("actual") G/L period and the date on your computer is the correct calendar date.

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