Capital Assets - Using a long year to change the fiscal year date range

Changing fiscal year date range is resulting in a fiscal year with more than 12 months.  How is depreciation handled in this situation?

Capital Assets

Informational

Contact Enterprise ERP Assets and Civic Support for assistance with the following steps.  These steps should be fully tested in a non-PROD environment before making any changes in PROD:

1. Make sure depreciation has been taken on all assets for the 12-month fiscal year just prior to the long year
2. Make sure all assets are set to depreciate monthly
   1. If they're not, the Mass Update function in Adjustments and Retirements can be used to quickly update that field on a selected find set of assets
3. Run depreciation for the number of extra periods in the longer year over and above the regular 12 periods
   1. For example, if your fiscal year was 20 months, you'd run depreciation for 8 periods (20-12=8)
4. Support would then need to get involved to run a script to modify the last year and period of depreciation to push it back to the end of the prior fiscal year so that the system understands that there are 12 more periods of depreciation to be taken for the longer fiscal year
5. Run depreciation up through period 12 in the long fiscal year to take the remaining depreciation from the long fiscal year
6. If you needed to change your assets to monthly depreciation from yearly, they can then be changed back to yearly
7. Depreciation for the first 12-month fiscal year of the new date range should then be tested to make sure that it only takes 12 periods

Please refer to this article for more information regarding Changing the gl fiscal year date range from existing range to something new