Fixed Assets Retirement in Dynamics GP: Step 1
Setting up Dynamics GP Fixed Assets
This video offers a basic walk through on how to setup and add a fixed asset in the Dynamics GP Fixed Assets Module. If you are already familiar with the basics of creating fixed asset entries, you can skip ahead to Step 2 below where we see how to run Fixed Assets Retirement:
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The fixed assets module in Dynamics GP is an easy way to record and manage your fixed assets. The Fixed Assets module allows you to record a whole or partial retirement of a fixed asset, and allows you to easily record a retirement transaction and automatically creates all relevant accounting entries.
Fixed Assets Retirement in Dynamics GP: Step 2
A normal part of fixed assets is fixed assets retirement in Dynamics GP. You might retire a fixed asset for several reasons:
The Retirement Maintenance screen allows you to specify the type of event related to the retirement and allows you to further identify the transaction with user defined values if you wish:
After you enter and post the retirement transaction you will want to run the GL Posting routine to create the general ledger entry.
Video Demo Fixed Assets Retirement in Dynamics GP
Benefits of using the Dynamics GP Fixed Assets module:
- Integrated purchasing functionality reduces data entry time and mistakes, and increase internal control to make sure that new fixed assets are properly recorded
- Basic reporting is list based which makes it easy to quickly produce reports for various compliance and audit requirements
- Fixed assets transaction types provide a good audit trail of fixed asset movement and disposition
- Unlimited depreciation books allow users to track separate depreciation schedules for several taxing jurisdictions if desired
- Depreciation sensitive values can be changed to easily correct for changes in asset values and length of service estimates
- Tight integration with the general ledger significantly reduces the amount of time needed to reconcile detailed asset information with the general ledger
- Fixed assets information is stored in the Dynamics databases so that it is automatically backed up as part of your regularly backup policy
- Asset level account assignment allows asset related transactions to be posted to various organizational entities as commonly requested
- Various user defined fields allow additional asset-specific data to be stored with each asset
- Custodian and physical location attributes allow assets to be easily tracked by physical location and individual responsibilities assigned
- Common user interface makes it easy for users to adopt