Another very useful information on setting up Fixed Assets in Microsoft Dynamics GP.
When you set up Fixed Asset Management in Microsoft Dynamics GP, follow these steps.
Step 1: Set up Fixed Asset Management before you add any kind of asset informationBefore you can add any kind of asset information to Fixed Asset Management, you must enter and then complete the required setup information. Other setup information is conditionally required, depending on the needs of the company. You enter setup information in several windows in Fixed Asset Management. To open these windows, use the appropriate method:
Required setup informationYou must enter setup information in the following windows:
Conditionally required setup informationYou may have to enter setup information in one or more of the following windows, depending on the needs of the company:
Step 2: Enter existing assetsTo enter existing assets in Microsoft Dynamics GP, we recommend that you use one of the following methods:
We do not recommend that you use another import tool, such as Dynamics Table Import for the following reasons:
If you add the assets at the end of a fiscal year, the year-to-date depreciation amount should be zero, and the depreciated-to-date information should be for the last day of the year. Otherwise, the life-to-date depreciation amount should include the year-to-date depreciation amount. And, the depreciated-to-date information should be the date through which depreciation was calculated. Also, be aware that the current fiscal year in the book setup record should be the current fiscal year.
Step 3: Review reportsReview reports such as the Depreciation Ledger report and the Depreciation Detail report to make sure that you entered all the assets together with the correct amounts. For more information, see Chapter 19, "Reports" in the FixedAssets.pdf document.
Balance the following totals against the balances from your previous system:
Optionally, you can run projected depreciation for the next periods. Then, you can review the periodic projection reports.
Step 4: Process the general ledger interfaceFor more information about how to process the general ledger interface, see Chapter 14, "General Ledger integration" in the FixedAssets.pdf document.
Fixed Asset Management automatically generates entries for the general ledger when you add assets. These entries are stored in the Financial Detail file. Review the report from the general ledger interface to make sure that the account numbers in the Asset Account records have been entered correctly.
If you previously posted the entries to General Ledger in Microsoft Dynamics GP, the financial entries that are generated by Fixed Asset Management should not be posted to General Ledger. You should create the batch in Fixed Asset Management and then flag the records in the Financial Detail file. The batch number, the transaction date, a date stamp, and a time stamp will be added to the records that were updated by the general ledger interface. Then, delete the FATRX batch.
Step 5: Delete the batch that is created when you process the general ledger interfaceWhen you process the general ledger interface, a batch is created. Do not post this batch to General Ledger in Microsoft Dynamics GP.