It's almost that time—year-end! And making sure all your data has been correctly entered and depreciated for the year end can be a hectic, stressful, and time-consuming task. Thankfully, Sage Fixed Assets—Depreciation has several features to help you pinpoint trouble areas in your data that may otherwise have gone unnoticed or overlooked. By properly utilizing these features, Sage Fixed Assets—Depreciation will help guide you through ensuring your assets have been entered or modified properly and that your system operates efficiently at the start of the new fiscal year. Read on for more suggestions that, if added to your year-end process, can make thing easier:
Once depreciation has been run at year-end, the most common report referenced is the Depreciation Expense report. One way to make sure the Depreciation Expense report is accurate is to verify the Prior Thru Date column. The Prior Thru Date column should always have the date of the next-to-last depreciation calculation.
For example, if the company is depreciated on a monthly basis and is on a calendar year, after running depreciation through 12/2012, the Prior Thru Date column should have 11/2012. If the Prior Thru Date is inaccurate then the Depreciation This Run column will be inaccurate as well. If the Prior Thru Date does happen to be incorrect, the easiest way to correct the date is to run depreciation for the date the Prior Thru Date should actually have and then run depreciation again to the date the assets should be depreciated through. So if the previous example had a Prior Thru Date of 8/2012, then to correct the date, depreciation will need to be run for 11/2012 and then again for 12/2012.
After an accurate Depreciation Expense report has been run, the next step is to make sure all the transactions during the year have been entered properly.
The Annual Activity report shows assets that have been added, disposed, and transferred, thus giving a comprehensive report on activities that have been executed in the company for that fiscal year. For more detailed information on disposals and transfers, the Disposal and the Transfer reports can also be run.