Information about the Economic Stimulus Act of 2008 and how Fixed Assets can handle bonus depreciation in Microsoft Dynamics GP

View products that this article applies to.

RAPID PUBLISHING

INTRODUCTION

MORE INFORMATION

Note Make a backup of the company database. You can restore this backup to a test database if you want to test these steps in a test environment first.

For more information about how to set up a test company, click the following article number to view the article in the Microsoft Knowledge Base:

871973 How to set up a test company that has a copy of live company data by using SQL Server 7.0, SQL Server 2000, or SQL Server 2005

To handle the Economic Stimulus Act of 2008, use the Special Depreciation Allowance field in the Asset Book window. To do this, follow one of these methods:

Method 1: Change one asset

1.	On the Cards menu, point to Fixed Assets , and then click Book .
2.	Click an asset in the Asset ID list, and then click a book in the Book ID list.
3.	Click Yes in the Special Depr Allowance list.
4.	In the Special Depr Allowance field, type 50% .
5.	Click Save . If you are prompted to continue, click Yes .
6.	When you are prompted to select a Reset option, click Year .

Method 2: Change a group of Assets

To change a group of assets, use the Mass Change feature in Fixed Assets. To do this, follow these steps:

Create an Asset Group ID

1.	On the Transactions menu, point to Fixed Assets , and then click Select Assets .
2.	Click New Group , type a name in the Group Name field, and then click OK .
3.	In the Current Group pane, click the group you created in step 2.
4.	Click to select the Asset ID check box for each asset you want to include in the group. Additionally, you can create a asset restriction to limit the number of assets displayed. To create an asset restriction, type the beginning asset ID in the From Asset ID field, and type the ending asset ID In the To Asset ID field.
5.	Click OK .

Fixed Assets Mass Change

1.	On the Transactions menu, point to Fixed Assets , and then click Mass Change .
2.	In the Asset Group ID list, click an asset group.
3.	Click Book .
4.	In the Book ID list, click a book.
5.	Click to select the Special Depr. Allowance check box, and then click Yes in the Special Depr. Allowance list.
6.	Type 50% in the Special Depr. Allowance field.
7.	Click Reset Year .
8.	Click Apply Changes . When you are promted to apply the changes, click OK .

Note If the Tax Book has been closed for 2008, select Reset Life instead of Reset Year in step 7. If you select Reset Life , the system recalculates depreciation from 2008 through the current depreciation run.

Additional information

When you run the Reset process, the system recalculates existing depreciation based on the changes that you have made. These adjustments are recorded in the Financial Detail Master (FA00902) table. This table is located in your company database. You can also view these adjustments by using the Financial Detail Inquiry window.

To run the Reset Process, follow these steps:

1.	On the Inquiry menu, point to Fixed Assets .
2.	Click Financial Detail

If GL Posting is run, the system looks in the Financial Detail Inquiry window (FA00902) for records that have a blank batch ID. These records are then correlated with General Ledger by using the FATRX batch. To run GL Posting, follow these steps:

1.	On the Microsoft Dynamics GP menu, point to Tools .
2.	Point to Routine .
3.	Point to Fixed Assets .
4.	Point to GL Posting .

Because running the Reset process creates new records for adjustments in FA00902, you have the option to create adjusting entries to General Ledger to correct the account balances. You can do this only if this process has been run prior to the Reset process, and also if you do not want to post the FATRX batch. If you do not want to make adjusting entries to General Ledger, you have the option to post the FATRX batch to update the accounts.

↑ Back to the top

REFERENCES

↑ Back to the top

DISCLAIMER

MICROSOFT AND/OR ITS SUPPLIERS MAKE NO REPRESENTATIONS OR WARRANTIES ABOUT THE SUITABILITY, THE RELIABILITY OR THE ACCURACY OF THE INFORMATION THAT IS CONTAINED IN THE DOCUMENTS AND THE RELATED GRAPHICS PUBLISHED ON THIS WEB SITE (THE “MATERIALS”) FOR ANY PURPOSE.

THE MATERIALS MAY INCLUDE TECHNICAL INACCURACIES OR TYPOGRAPHICAL ERRORS AND MAY BE REVISED AT ANY TIME WITHOUT NOTICE. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, MICROSOFT AND/OR ITS SUPPLIERS DISCLAIM AND EXCLUDE ALL REPRESENTATIONS, WARRANTIES, AND CONDITIONS WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING BUT NOT LIMITED TO REPRESENTATIONS, WARRANTIES, OR CONDITIONS OF TITLE, NON-INFRINGEMENT, SATISFACTORY CONDITION OR QUALITY, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE MATERIALS.

↑ Back to the top