Fixed Asset Data Migration

Fixed Asset Data Migration

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Description:

Migrate Fixed Asset Data from Legacy system.

  • Cut off Date = 4/1/2024
  • Journal cannot be posted into previous month / previous fiscal year
  • Acquisition and Accumulated Depreciation (Fixed Asset History) should not impact current Trial Balance

Details

Configuration

Fixed assets parameters
Fixed asset posting profiles
Books: Service Life
Depreciation profiles: Depreciation Method
Fixed Asset Groups
Fixed Asset Group Books
Fixed Asset Depreciation: Depreciation Convention

Data Preparation

  • Data Entity Template: DMF Fixed Asset
    Fixed Assets v2
    Fixed Asset Book V2
  • Columns need to be cautious
    Default Dimension
    Fixed Asset ID should be same in both templates
    Acquisition Date = 4/1/2024
    Place In Serivce = real Acquisition date (e.g. 8/1/1990)
  • (extra column) Accumulated Depreciation amount as of 04/30/2024
    Depreciation Remaining periods as of 4/30/2024

Data Migration

Import Fixed Assets / Fixed Asset Book

Acquisition
  • Change [[Fixed asset posting profiles]] Type of Acquisition: Offset Account = Main Account
  • (verification) screenshot of Current Trial Balance of Asset Accounts
  • Fixed Asset Acquisition Proposal and post journal
  • Acquisition date = 4/1/2024
  • Acquisition Amount = Amount in Legacy system
  • (verification) Trial Balance of Asset Accounts
  • Closing balance should NOT be changed
  • Increment of Debit side = Increment of Credit side
  • Change [[Fixed asset posting profiles]] Type of Acquisition: Offset Account to be correct account (e.g. Retained Earning / Fixed Asset Clearing Account)
  • Update Place in Service using Excel add-in
Depreciation
  • Change Fixed asset posting profiles Type of depreciation: Offset Account = Main Account
  • (verification) screenshot of Current Trial Balance of Accumulated depreciation Accounts
  • Fixed Asset Depreciation Proposal and post journal
  • To date = 4/1/2024
  • Summarize depreciation = Yes
  • sum of Depreciation Amount = sum of accumulate depreciation Amount in Legacy system; if not see manual Depreciation
  • (verification) Trial Balance of Accumulate depreciation Accounts
  • Closing balance should NOT be changed
  • Increment of Debit side = Increment of Credit side
  • Change [[Fixed asset posting profiles]] Type of Depreciation: Offset Account to be correct account (e.g. depreciation Expense account)
Manual Depreciation
  • Big gap between system-calculated accumulated depreciation with Accumulated depreciation amount from legacy system. Customer wants to reflect the amount from Legacy system into FinOps
  • Prepare Fixed Asset depreciation journal template
  • Fixed asset journal V2 entity
  • Fixed Assets Journal >>> Open In Excel
  • Columns need to be cautious
  • Date = 4/1/2024
  • Account Type = Fixed Asset
  • Account = Fixed Asset ID
  • Transaction Type = Depreciation
  • Credit = Accumulated Depreciation Amount
  • Offset Account = Accumulated Depreciation Account + Financial Dimension
  • (verification) screenshot of Current Trial Balance of Accumulated depreciation Accounts
  • upload prepared fixed asset depreciation journal and post
  • (verification) Trial Balance of Accumulate depreciation Accounts
  • Closing balance should NOT be changed
  • Increment of Debit side = Increment of Credit side
  • Change [[Fixed asset posting profiles]] Type of Depreciation: Offset Account to be correct account (e.g. depreciation Expense account)

  • Update Depreciation periods remaining using Excel add-in
Validation

run Depreciation Proposal for next month to see the system-calculated amount correct

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