Importing FAM - Alternate Depreciation Method for Tax Reporting

Users can do a CSV Import to record Alternate Depreciation Method for existing Fixed Assets. First, prepare a CSV file with the following fields:

FIELD	MANDATORY	Values
External ID	Yes	Text
Parent Asset	Yes	Asset Name (Internal ID)
Alternate Method	Yes	Alternate Method Name
Depreciation Method	Yes	Depreciation Method Name
Convention	No	None / Half-Year / Mid-Quarter / Mid-Month
Asset Life	Yes	Numeric
Residual Value	No	Currency
Cumulative Depreciation	No	Currency
Last Depreciation Amount	No	Currency
Book Value	No	Currency
Forecast Amount	No	Currency
Financial Year Start	No	Month
Period Convention	No	12 months of 30 days each / Exact number of days in month, year has 365 days
Original Cost	No	Currency
Current Cost	No	Currency
Annual Method Entry	No	Anniversary / Fiscal Year
Depreciation Start Date	No	Date
Last Depreciation Date	No	Date
Tax Method Status	No	New / Depreciating / Fully Depreciating / Disposed
Last Depreciation Period	No	Numeric

 

Then, follow these steps:

1. Navigate to Setup>Import/Export>Import CSV Records
2. Select Record Type = Custom Records, Record Type = FAM - Alternate Depreciation then select the CSV file and hit Next.
3. Select Data Handling = Add then hit Next.
4. Map the fields. (NOTE: If you use the same fields as columns then these will be automatically mapped). Go to the line for Parent Asset then click the Pencil icon and select Choose Reference Type = Internal ID then hit Done.
5. Hit Next.
6. Enter a Name for the Import and hit Save and Run.

Once an Alternate Depreciation Method is defined on the Fixed Asset then when you run the Depreciate Asset task on year-end the system will automatically create the Depreciation History. Alternatively, you can also add Depreciation History transactions by following the steps provided in SuiteAnswers (ID# 25562): Import Fixed Asset Alternate Depreciation History Records.