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Dustin D

Asset Database

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Hello.  I am new to using Sage and have next to no notes left from my predecessor and no one else on my team seems to have much info, if at all, on the software.  I have noticed in some areas (although now I can't find it of course) where it mentions "Asset23" in a "Database" field I believe.  Do I need to change this to "Asset24" for the new calendar year of 2024?  Or is this like the "version" of Sage FA and only changes if I update the entire version?  Right now I'm on version 2023.1.

Is this something I need to do for January depreciation and adds, disposals, etc to work correctly?  And if so is that my job (as the accountant) or our company IT folks?  Or Sage themselves?  Or am I simply  reading too much into this :) ?

Thank you for your time and help with this matter, I greatly appreciate it!

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    Hello Dustin,

    It could be a couple of different things.

    If you have just the one database, then they could have been renaming it every year, but that is just renaming the database which has no effect on calculation, nor would the version of the program make a difference. Version differences are internal in the database.

    If you have a bunch of databases which would indicate prior year, they were probably keeping a prior year copy of the company. That process is: once all your assets, disposals, etc. have been entered depreciation ran to the FY end and the reports finalized, you would make a backup of the company, create a new database, and then restore the backup into the new database and continue 2024 activity in that new database.

    For now, you can continue January in the current database and not move everything over until depreciation is ran back to the year end to do your year-end activities.

    ~Delray

*Community Hub is the new name for Sage City