Depreciating back-dated expenditures

In the Asset Valuation module, there is a new option to include back-dated capital expenditures when you calculate depreciation.

Work orders are sometimes not closed until after depreciation has been calculated for the period in which the work was completed. Because depreciation has already been calculated, the capital costs from the back-dated work orders are never included in the valuation.

The solution is to recalculate the depreciation adjustments going back to the close date of the work order. Use the new Prior Periods to Check for Expenditures field on the asset valuation book to specify the number of prior periods to consider.

New field in Add Asset Valuation Book

You must also add a formula to the AfterUpdate event of the WorkOrder object in the Workflow Manager to calculate depreciation for back-dated expenditures. A new snippet called BackdatingAssetValuation is provided for this purpose.

Note: The initial release of this functionality targets agencies using a custom workflow formula to generate journal records. While the out-of-the-box journal run process will generate journal records for depreciation adjustment records, these journal records would require additional workflow to follow accounting best practices. We do not recommend using the back-dated functionality with the out-of-the-box journal run process until additional improvements are made to the process in a future release.

For more information see the Infor Public Sector Asset Valuation User Guide.