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Fixed Assets Packages Now Updated!
Recently the Fixed Asset and Fixed Asset Depreciation packages have been updated. The latest releases contain minor bug-fixes and several improvements based on continuous improvement and feedback from users.
In particular the Depreciation package has a number of new features requested by customers.
- Support for U.S. Section 179 single depreciation. This law allows for small business to expense a single amount at the time of purchase of the asset then start applying depreciation to the residual value of the asset from that point. We have implemented this feature as a single ad-hoc depreciation that can be applied to an asset.
- Annual Depreciation. Previous releases applied depreciation monthly however there were calls to apply the depreciation on an annual basis. Straight line and Diminishing Value depreciation methods can now be applied on a monthly or annual basis with the annual calculation based on the Financial year-end in xTuple.
- Apportionment of depreciation in the first period. Depreciation now calculates in the first period and is apportioned based on when in the period the asset was purchased.
- Automatic posting of depreciation expense. The previous release created the depreciation expense entries in an un-posted state and needed manual posting to the General Ledger. The current release now allows you to specify whether you want to create and post directly to the G/L. This also improves the ability to automate depreciation transactions using xtConnect. Depreciation can be scheduled using xtConnect thereby removing the need for staff to remember to post depreciation.
Both the Fixed Asset and Fixed Asset Depreciation packages are marked as release candidate status. The new packages include the full RC package as well as the Beta to RC upgrade package. The Depreciation package includes an updated User Guide.
The Fixed Asset Package can be downloaded from http://www.xtuple.com/xchange/product/fixed-assets.
The Fixed Assets Depreciation package can be purchased from the exchange here: http://www.xtuple.com/xchange/product/fixed-assets-depreciation . For customers who have previously purchased the Depreciation extension, this is a free upgrade.
Sat, 04/23/2011 - 04:27#1
Hi there, New assets purchase is straight-forward but migrating an existing asset register can be tricky.
Is there provision in the Fixed Asset Depreciation package to enter existing assets and their accumulated depreciation (no mention in FA User Guide)?
Wed, 04/27/2011 - 03:42#2
The answer depends on GL entries
Entering existing Fixed Assets is relatively simple and done the same way you would take on any master data. The main asset table holds most of the information about the assets including its current book value.
The issue with initial asset take-on lies in what you want to do with the G/L entries. Typically an existing user of xTuple would have manually calculated depreciation entries and posted journals to reflect that so in taking on assets we would not want to reproduce those entries. The Depreciation package allows you to create all historic depreciation entries and then choose whether to post these to the G/L or delete them. In the case of an existing system you would just delete the unposted entries from the asset transaction table (or mark them as posted). If you want to post these entries, they are calculated historically and will post into the historical periods in the G/L.
Thanks for the question, I will update the User Guide to make the initial take on clearer.