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FrontAccounting forum → Fixed Assets → There are no fixed assets that could be depreciated.
Hello everyone, I am getting this error whenever I want to process asset depreciation, I am getting this error saying "THERE ARE NO FIXED ASSET THAT COULD BE DEPRECIATED" yet I have created my fixed asset class, category, then inserted fixed asset, purchased it. but when I click process depreciation I get that error. what could be the problem? Maybe I am not doing it the right way!
Any help please!!!
Check if depreciation entries exist when the depreciable period is crossed.
Sorry what do you mean by depreciation entries?
I follow the procedures:
1. create fixed asset class
2. create fixed asset category
3. fixed asset location
4. Create Fixed Asset Item with straight line depreciation
5. chose depreciation beginning date, then purchased Asset
But when I click depreciation i get that message
follow this :
Setup >> Company Setup >> Fiscal Year
select the year of your depreaciaton period
for example if you buy asset on 2019 and your current active year is 2020
change active year to 2019
I did that, but nothing worked still same error
@apmuthu I have followed all steps, I have even set the fiscal year to the same year of the depreciation beginning date, nothing still.
same message. I am using a straight line depreciation methods.
Hi all,
Bit of a newbie to FrontAccounting here, but I have a "test" system setup I like to try these things on. I was able to setup a new fixed asset, and carried out the setup process without a problem. I was then able to depreciate the asset (posting in the current fiscal year as @apmuthu states).
However, I changed the fiscal year to a previous (closed) year, then attempted to depreciate the asset, and I got the error message.
I also tried to post in a previous (open) year, but couldn't post there either.
I hope this helps in some way.
Best Regards
Tom
I didn't get anything of what you just said. How were you able to process depreciation? what did you do?
Hi
Sorry it wasn't clear. Just sent you a PM.
Best Regards
Tom
Didn't get any PM from you.
why don't you post here for everyone .
OK. I was seeing if we could fix the problem and then post the solution after.
This is the process I would follow/check:
- Is this a new fixed asset or have you had depreciation entries processed against this before?
- If there are previous depreciation entries, do these total less than 100%, and will adding this new entry still total less than 100%?
- If this is a new fixed asset, have you set up all the necessary configurations (Locations, Categories, Classes etc)? I believe you have but always good to check again
- Check which fiscal year you are posting in (Setup --> Company Setup)
- Check which fiscal year you bought the fixed asset in? Is there a gap between you buying the asset the new depreciation entry you're trying to process? e.g. You bought the asset in 2018, but you need to possibly create a journal between 2018 and 2019?
A lot of these are possibly not relevant but just ideas I am suggesting.
I would recommend (if you haven't done so already) you run reports to check that all the locations, categories etc are in place. Anything that isn't should throw up an error message.
If you could give as much information as you can as to how you have the fixed asset setup I can try and copy it on to my demo system and see if I can get the same problem.
The only way I can copy your error at the moment was by doing what was suggested before about changing the fiscal year, or not having any fixed assets.
Lets start with this and we will take it from there.
I have created new assets, never had them before.
process the purchase, then later get this error when i want to process depreciation
What date did you put for the asset purchase?
2 periods back
OK. Have you processed the depreciation for every accounting period since? e.g. 2018, 2019 etc.
I found there was a problem if you missed a fiscal year, for example.
Wait a minute, does it matter if the depreciation starting date and the purchase date are different?
I didn't get to check that closely.
What i mean is for example:
I create create asset class, category and insert asset depreciation date as well. say 2017.
Now when i am purchasing the asset, i put purchase date 2018, will that bring confusion to the system?
Could that be the issue? Though I am not sure if that's what I did.
Yes I believe so. I tried purchasing another asset with a purchase date of today (10th January 2021), but a depreciation start date of 31st March 2020.
I managed to copy your error by trying to start the depreciation process from the purchase date, and using the current fiscal year.
I was able to stop the error by changing the fiscal year to the 2020 fiscal year.
Hope this helps.
great, i think we figure it out together well.
Hope this will help others to be careful when the register assets. a little tiny detail could make everything wrong.
I appreciate your time Boss!
Bless Up!
Excellent. Glad to help.
Best Regards
Tom
@tom.horton been a while since we last communicated,
I had also stopped using FA for a while, been doing other things, Now, i wanna setup a new company using FA, i have already created assets classes, locations and categories, Also i have just created and one asset including depreciation date, but i can't find it in a list.
the drop down menu that display the assets to either modify or delete it is not showing
Any help on how to fix it
Thanks
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