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Chris-W

Beginning YTD and Year-End Cutover

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Fiscal year end for a company is 12/31/2019. 

They've been keeping their books in another system.

They want to import assets with depreciation already taken through 12/31/2019.

Is it necessary to import into the Beginning YTD field?

The documentation says this:

"If the beginning date is any date other than the end of a fiscal year, this field must

contain the YTD depreciation to get correct results when you run depreciation for the

current fiscal year." 

To me, that means it doesn't need to be imported.  But the next sentence is:

"If this field is blank, the application assumes no depreciation for the

fiscal year as of the beginning date has been taken."

This statement makes me wonder if the system is going to try to catch up depreciation because it sees a whole year with zero taken.

Is the only thing it's used for current year depreciation, or if it's not imported will something else be a problem later?

Thanks.

  • 0
    verified answer

    Hi, Chris,

    You wrote, "They want to import assets with depreciation already taken through 12/31/2019.  Is it necessary to import into the Beginning YTD field?"

    The answer is no.  In fact, take a look at the answer I provided to Kody just a few days ago.  The post is just below under the headline "Import Assets from a newly acquired company."

    Trying to simulate Kody's situation, I performed an import and I included a Beginning Date and a Beginning Accum column in my spreadsheet,  but I did not include a Beginning YTD column, and therefore, that field wasn't included in my map.  No problem.  I still successfully created my asset record in the program.

    Unless the asset is fully depreciated, the SFA Depreciation program will calculate the YTD figure for the current year of 2020 and add it to the figure in the Beginning field.  Let me explain.

    Let's suppose, Chris, you haven't calculated depreciation since last December.  Yet, you successfully create the asset records from the custom import with the values entered into the beginning fields, i.e., Beg Date & Beg Accum.  The program will accept the beginning date of 12/2019 and the figures that you import.  Now, you depreciate these new assets through May 2020.  Essentially, you will be calculating depreciation from Dec 31, 2019 through May 31, 2020.  Each asset record will reflect a YTD figure for the first 5 months of this year.  Furthermore, each asset record will also reflect a new Current Accum figure which will equal the sum of the accum figure, as entered in the beginning field, and the YTD figure as calculated for this year in the Depreciation program (Beg Accum + YTD = Curr Accum).

  • 0

    Thanks Bob.  I really appreciate the time you put into giving me a thorough answer!

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