Use this screen to close the current accounting period for Costpoint Fixed Assets only and automatically open the next Fixed Assets accounting period. Because Costpoint Fixed Assets is designed so that only one period can be open and designated as "current" at any given time, when you close the accounting period for Fixed Assets, you cannot reopen it. Therefore, it is very important that you print the Current Period Depreciation Report and the Disposals Edit Report before closing the period, so you can review your records for errors and/or omissions and correct them while you can still access the period data.
If you discover that errors or omissions have occurred in a closed period (for example, depreciation was not calculated and posted for a specific asset), you can make corrections for past errors within the current fiscal year or purchase year and in the current accounting period. The system can calculate "catch-up" depreciation, either in the next current period or spread among the remaining periods in the current fiscal year or purchase year, based on the system-wide method you selected in the Fixed Assets Settings screen. You can also manually adjust the value in the Current Pd Depreciation field in the G/L Book Info subtasks of the Maintain Asset Master Info screen or in the corresponding field in the Maintain Asset G/L Book Info screen and post again for a specific asset record, if necessary.
If unposted depreciation for the G/L Book (Book 1) and/or disposals with a Selected for Posting status in the Maintain Single/Multiple Disposal Transactions exist for the current accounting period, these conditions will stop the close process during the test, and you will not be able to close the period until you either delete the entries or post the entries.
After the system validates that there are no unposted depreciation or disposal entries remaining for the current period, the system performs the following actions during the close process:
The system updates the FYTD Depreciation field (or FYTD Amortization field, as appropriate) for all books.
In the G/L Book, the system adds the value in the Amount Posted Curr Pd field to the value in the FYTD Depreciation field (or FYTD Amortization field).
In Books 2-10, the system adds the value in the Current Pd Depreciation (or the Current Pd Amortization field) field to the value in the FYTD Depreciation field (or FYTD Amortization field).
In all books, if the period closed is the last period of the fiscal year, the system also adds the value in the FYTD Depreciation field to the value in the Prior FY Depreciation field and then zeroes out the FYTD Depreciation field.
For assets using a Date of Purchase basis for depreciation (selected in the Depr Methods - Basis Setup screen), the system updates the value in the Amt Taken Purchase YTD field for all books.
In the G/L Book, the system adds the value in the Amount Posted Curr Pd field o the value in the Amt Taken Purchase YTD field.
In Books 2-10, the system adds the value in the Current Pd Depreciation field (or Current Pd Amortization field) to the value in the Amt Taken Purchase YTD field.
In all books, if the period closed is the last period of the purchase year, the system also zeroes out the Amt Taken Purchase YTD field.
In all books, the system decrements the value in the Pds/Days Remaining field and increments the value in the Curr Depr Yr field, if necessary, for assets using a Years basis (selected in the Maintain Asset Master Info screen). If the current depreciation year is incremented, the system also resets the value in the Pds/Days Remaining field appropriately.
In Books 2-10, the only depreciation basis available is Years.
In the G/L Book, for assets using a Lease Pds depreciation basis, the system decrements the number of Lease Payments remaining.
In the G/L Book, for assets whose depreciation is based on Units of Usage, the system adds the value in the Current Units Used field to the value in the Prior Units Used field.
In the G/L Book, for records for which the Auto Calculate Depreciation checkbox is selected, the system re-sets the values in the Current Pd Depreciation (Current Pd Amortization field), Amount Posted Curr Pd, and Current Units Used fields to zero.
In Books 2-10, for records for which the Auto Calculate Depreciation checkbox is selected, the system re-sets the value in the Current Pd Depreciation field to zero.
In the G/L Book, for assets whose depreciation is based on Units of Usage or Lease Pds, as applicable, the system re-totals the values in the Total Units Used, Accum Depreciation, Accum Amortization, and Book Value fields.
The system increments the current period (and fiscal year, if necessary) in the Posting Settings screen. (The subperiod contained in the Posting Settings screen always defaults as "1," but you can edit this field as necessary.)
In Books 2-10, the system writes the value in the Current Pd Depreciation field to the FA_DEPR_HS table. You can use the Other Books Depr History Inquiry screen to view monthly depreciation expense activity for your optional other books, as applicable, for any prior closed fiscal year(s), period(s), and subperiod(s). Alternately, you can print this data by running the Print Sequential Other Bks Depr History report.
Before closing the current Fixed Assets period, you should have already computed and posted depreciation for all active, depreciable assets, and posted any disposals with a Selected for Posting status. Although it is not a system requirement, you should also post transfers before closing the FA period. (Unlike depreciation and disposal postings, unposted transfers can cross accounting periods and future postings can include transfers entered in prior accounting periods.)
The values in the Current Pd Depreciation and Amount Posted Curr Pd fields in the G/L Book Info subtask of the Maintain Asset Master Info screen or the G/L Book Amt Posted Curr Pd and G/L Book Current Pd Depreciation fields in the Maintain Asset G/L Book Info screen must be equal before you can close the period. (For leases, the Current Pd Amortization and Amount Posted Curr Pd fields must be equal.)
We recommend that you also print and review the Current Period Depreciation Report and the Disposals Edit Report before closing because these reports can help you identify and correct any errors and/or omissions in the calculation of current period depreciation and recording of disposals. You can view transfer data in the Asset Change History Inquiry screen to determine whether changes to the Asset "ownership" Account, Organization, Project, and/or the Accum Depr Acct Code fields exist as unposted transfers by selecting the asset ("ownership") account, organization, and/or project fields or the Accum Depr Acct Code field.
Once the Fixed Assets period has been closed, it cannot be reopened. You will be able to make adjustments in the next period (or in subsequent future periods as each in turn becomes "current"), but you will not be able to correct any errors in the closed period.
Close the Fixed Assets period before running the Close Periods screen in Costpoint General Ledger. The Close Periods process in Costpoint General Ledger must verify that the Fixed Assets period is closed before it can close the G/L accounting period. If the Fixed Assets period is still open, the G/L period closing will fail, and you must enter this screen and close the Fixed Assets period. In addition, if the testing process does not find the next accounting period in the current fiscal year or in the next fiscal year, you will not be able to close. Accounting periods are defined in the Maintain FA Fiscal Years and Maintain FA Accounting Periods screens. You can copy existing FY/Pd data from the G/L by using the Update FA FY/Pd Info from GL FY/Pd Info option from the FA FY/Pd Settings menu.
The current fiscal year from the Posting Settings screen displays in this non-editable field. Because only one period at a time can be open and designated as "current," you cannot close any other periods.
The current accounting period from the Posting Settings screen displays in this non-editable field. Because only one period at a time can be open and designated as "current," you cannot close any other periods.
Select this radio button to test the data in the current period to make sure that the period can be closed. If you do not select the Test/Close Pd radio button, you must select the Test radio button to test the data before you close the period. Until you test, the Close Pd radio button remains disabled.
If you select this radio button, the system checks that the Current Pd Depreciation and Amount Posted Curr Pd fields in the G/L Book Info subtask of the Maintain Asset Master Info screen or the G/L Book Amt Posted Curr Pd and G/L Book Current Pd Depreciation fields in the Maintain Asset G/L Info screen are equal. (For leases, the Current Pd Amortization and Amount Posted Curr Pd fields must be equal.) If these two fields are not equal, the system stops the process and displays a message requiring you to post any unposted depreciation.
The testing process also checks that disposals with a Selected for Posting status have been posted. If the system finds any unposted, selected disposals, the testing process stops and displays a message requiring that you post these disposals. Unposted disposals on On Hold status do not affect the closing process.
The system tests data only for the G/L Book (Book One) because this is the only book for which entries can be posted to the General Ledger. If the system finds unposted depreciation and/or disposals, you should post them (or zero depreciation and/or delete the disposal row) and then run Test again. You will not be able to close the period until you have first tested the condition of the data to be closed.
The testing process will fail if it cannot find the next accounting period in either the current fiscal year or the next fiscal year, or if the last posting has not been successfully completed.
Unposted transfer entries do not affect the testing or closing process.
Select this radio button to close the period after you have used the Test radio button to test the period for unposted depreciation and/or disposals. Until you test the period data, this radio button remains disabled. If the testing process locates any unposted depreciation or selected disposals, this radio button remains disabled until you post and run Test again.
Select this radio button to test data and to close the period at the same time. If the test encounters unposted depreciation or selected disposals, it stops the closing process. After you post the depreciation and/or disposals, you must test the period data again before you can close.
Asset (ASSET): This table stores information from the Maintain Asset Master Info screen and many of its subtasks. When you run the Close Period process, the system updates the values in the Amount Posted Curr Pd, Current Pd Depreciation, Current Pd Amortization, Current Units Used, Prior Units Used, Lease Payments Remaining, FYTD Depreciation, FYTD Amortization, Amt Taken Purchase YTD, Curr Depr Year, and Days/Pds Remaining fields according to the steps outlined in the Summary. These fields display in the G/L Book Info subtasks of the Maintain Asset Master Info screen.
(In the Maintain Asset G/L Book Info screen, the values in the G/L Book Amt Posted Curr Pd, G/L Book Current Pd Depreciation, Current Units Used, Prior Units Used, Lease Payments Remaining, G/L Book FYTD Depreciation, G/L Book Amt Taken Purchase YTD, G/L Book Curr Depr Yr, and G/L Book Days/Pds Remaining columns display updated data.)
Asset Other Books (ASSET_OTH_BK_DEPR): Although depreciation is never posted to the General Ledger for Books 2-10, the Close Fixed Assets Accounting Period process updates the values in the Current Pd Depreciation, FYTD Depreciation, Amount Taken Purchase YTD, Current Depr Year, and Days/Pds Remaining fields. You can view this information in the Other Books subtask of the Maintain Asset Master Info screen (and in the Maintain Asset Other Books Info screen).
(In the Maintain Asset Other Books Info screen, the values in the Book x (or your label) Current Pd Depreciation, Book x (or your label) FYTD Depreciation, Book x (or your label) Amt Taken Purchase YTD, Book x (or your label)Curr Depr Yr, and Book x (or your label) Days/Pds Remaining columns display updated data.)
Fixed Assets Settings (FA_SETTINGS): The Fixed Assets Posting Settings are stored in this table. When you run the Close Fixed Assets Accounting Period process, the system increments the current period and fiscal year, if necessary, stored in this table. Fixed Assets Settings also stores the subperiod that displays in the Posting Settings screen. The subperiod defaults as "1" during the close and is not automatically incremented by the system. (You can edit the Subperiod field in the Posting Settings screen, if necessary.)
Other Books Depreciation History (FA_DEPR_HS): For Books 2-10, the value in the Current Pd Depreciation field is written to and stored in the FA_DEPR_HS table when you run the Close Fixed Asset Accounting Period process. You can use the Other Books Depr History Inquiry screen to view monthly depreciation expense activity for your optional other books, as applicable, for any prior closed fiscal year(s), period(s), and subperiod(s). Alternately, you can print the Sequential Other Books Depreciation History Report.