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Use of Catch-Up System-Wide Configuration for Depr Calculations

On the Configure Fixed Assets Settings screen, you can specify whether the system should "catch up" the calculation of any delayed current year depreciation in the remaining periods of the purchase or fiscal year (as applicable with your depreciation methods) or in the current period.

Note: Regardless of your selection, this configuration option is NOT designed for historical "catch-up" calculations during the initialization of your asset records. It is designed to help you on an ongoing basis for new records, in cases when you were not able to begin depreciation at the proper time in the current fiscal year or purchase year.

"Catch-Up" depreciation calculations in the current depreciation year (Purchase Year or Fiscal Year) will correctly compute the current depreciation amount on a "catch-up" basis in the current accounting period, based on the Depr Start Date entered for the Asset Master record. For new records, the system will automatically increment the value in the Days/Pds Remaining field on a "catch-up" basis when depreciation is first calculated for the record.

Example 1

Your current accounting period is April, and the asset record should have been added two periods ago in February. If you use the "catch-up" configuration add option, you should initialize the Depr Start Date with the date in the February period when depreciation should have begun. (If you are using no other methodology, we recommend using the first day of the current accounting period.) When you compute depreciation for the first time for this record, the system will insert the correct data in the Current Depr Yr and Days/Pds Remaining fields, just as if the asset had been added correctly in February, but effective as of the current period. For this example, the system will compute the amount of depreciation for February, March, and April (the current period) and will display the three-month total in the Current Pd Depreciation field. In this manner, the system will "catch up" previously missed amounts beginning with the period associated with the Depr Start Date in the current year (Purchase Year or Fiscal Year) through the current period, all at once, in the current accounting period. The system will compute depreciation only for a single period the next accounting period, because the record has already been "caught up" and is back on track.

Note: If you find that the "catch-up" depreciation amount is an unexpectedly large amount, you can always override the system-wide "catch-up" calculation on an asset-by-asset basis so that the missed periods are spread over the remaining periods in the purchase year or fiscal year.

Example 2

Your current accounting period is April, and the asset record should have been added two periods ago in February. If you use the "catch-up" configuration spread option, you should still initialize the Depr Start Date with the date in the February period when depreciation should have begun. When you compute depreciation for the first time for this record, however, the system will still insert the correct data in the Current Depr Yr and Days/Pds Remaining fields as of February, just as if the asset had been added correctly in February. For this example, however, when you compute depreciation, the system will evenly spread the missed depreciation amounts for February and March among the remaining periods in the purchase year or fiscal year and will display this amount in the Current Pd Depreciation field.

Note: The system default for this configuration option is to spread missed depreciation among remaining periods in the current Purchase Year or Fiscal Year, as applicable; this option is the most conservative depreciation expense for the remainder of the year.

Make changes to configuration options after initialization with extreme caution. If you change this option once you have begun computing and posting depreciation, the system will compute annual depreciation correctly, but the spread of the total annual depreciation may be affected, however, and extensive editing of the individual asset records may also be required.