Most companies do not realize that Dynamics GP Fixed Assets is included in every instance of Dynamics GP 2013 and beyond. Not only is it free for customers, but it’s quite a powerful module. Fixed Assets is fully integrated to purchasing so assets can be added and depreciated as soon as they are bought, and it’s integrated to the General Ledger for depreciation and other purposes. The module is free, powerful and has many great features.
Below are a few tips for using Dynamics GP Fixed Assets.
Setting up a Fixed Asset Account Group ID
Once your company’s basic Account Group IDs have been established, you can create variations of them in order to identity an account group by department or cost center:
Account Group ID: 100-Vehicles Dept 100
Account Group ID: 200-Vehicles Dept 200
Account Group ID: 300-Vehicles Dept 300
Similarly, the associated depreciation accounts would follow the numbering convention used in the Account Group ID:
Depreciation Expense 100-6230-00 Dept 100 Vehicles
Depreciation Expense 200-6230-00 Dept 200 Vehicles
Depreciation Reserve 100-1535-00
Depreciation Reserve 200-1535-00
Setting up a Fixed Asset Class ID
When setting up a Fixed Asset in GP, it is important to remember that there is a 1-to-1 relationship between the asset’s Account Group ID and Class ID. Since the account group ID sorts by account number – but class IDs sort by description – it is important to not only begin the class ID with an actual description for the asset class, but to also include a portion of the account number from the account group ID:
Example: 2014 Honda Accord
Account Group ID: 100-Vehicles
Class ID: Auto-100
Purchasing a Fixed Asset
When purchasing a fixed asset (payables transactions), always remember to override the purchasing account line within the payables transaction distributions window from an expense account to the Fixed Asset Clearing Account xxx-1590-xx.
Posting Fixed Assets to the GL
Selecting the “FA GL Posting” button will not automatically post the fixed asset transaction/batch to the GL; it only functions to place the batch temporarily under “Financial Batches”. Therefore, you must do a 2nd post in order to effectively post the transaction/batch to the GL.
Depreciation in Asset Book Card
If you are depreciating an asset using the 125%DB depreciation method, it is important to remember to select “switchover” in the drop-down box so that the depreciation method switches to SL in the final year of depreciation. If this selection is not made, the asset will never depreciate down to $-0-.
Dynamics GP Fixed Assets is a fabulous tool for users; allowing for better fixed asset tracking, detailed depreciation reporting, and tighter inventory control. Be sure to explore all of the features of this multifaceted Dynamics GP module – you’ll be glad you did! Contact us if you have questions or need more information!
