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Monday, November 11, 2013

Adding Fixed Asset from Payable Management

 

A step by step illustration on how to add a fixed asset from Payable Management, which is integrated with Fixed Asset Module. This post provide further details for Microsoft Support Article ID: 2761966. The whole process is shown below in the graph as it is applied on the system.

adding

It is a common mistake that the “Purchase” is directly applied on the system from Fixed Asset. The truth is, the AP invoice and specifically the distribution initiate the process. A prerequisite is to check the setup as provided in the support Article mentioned at the beginning of the post above.

AP Invoice

The first step to start with is the AP Invoice, in which all the usual invoice details are to be filled out. The acquisition cost value will be retrieved from the “Purchases” field in this window.

On the Payable Transaction Entry Distribution window, when the PURCH distribution type is debited for the “Purchase Posting Account”, the “Purchase” button will appear in the Fixed Asset General Information Window to allow adding the asset as entered on the AP Invoice as soon as the AP invoice is posted.

Helping Note !

The trigger account mentioned above should have already been defined in the Purchase Posting Accounts on the following path (Microsoft Dynamics GP > Tools > Setup > Fixed Assets > Purchasing Posting Accounts)

Payable

APDistribution

PUR

 

Fixed Asset – General Information Window

Now on the Asset General Information (Cards > Fixed Assets > Asset General Information) enter an asset ID, and then click on “Purchase Button” to select the document number originating from AP.

All associated details will be inherited into the newly added asset, such as acquisition cost and Asset Description.

PURCHASEButton

PURCHASEButton

Assetafter

 

Fixed Asset GL Posting

The next step now is to generate the records of this specific asset, and to be transferred into General Ledger. Go to Tools > Routines > Fixed Asset > GL Posting

Fill out the specific Asset ID created in step (2), and then click “Process”. The details of the generated Journal Entry will be shown before posting the Batch.

GL Posting

Important Note ! 
(For old Dynamics GP versions – Prior to GP2013)

The Fixed Asset GL posting window has been redesigned with the introduce of Dynamics GP 2013 as it is showing above. Prior to GP 2013, the screen included only the following fields:

  • Beginning Period
  • Ending Period
  • Transaction Date
  • Comment

Here is the old Fixed Asset GL Posting window:

Fixed Asset GL Posting

Suppose the asset is added in 22/04/2015, then you will have to include the beginning period as (2015004) and the ending period as (2015004), which is practically the year (2014)and the month (004). Then include the GL posting data in the transaction date and click continue.

Unfortunately, you will not be able to see the transactions or a validation report before that. After that, a batch will be immediately created in the General Ledger module, Journal entry window.

General Ledger Posting

On the General Ledger (Transactions > Financial > General), a batch will be created after the previous step is processed. Posting this batch will do the following;

  • Clear the Purchase Posting Account.
  • Posting the acquisition cost into the associated Asset Cost account

GL

 

 

Below is the posting Journal Reports generated after both (AP Invoice) and (General Ledger Posting) as a reference; 

  • AP Invoice Posting will generate the following Journal Entry

AP Posting

  • General Ledger Posting will generate the following Journal Entry

GL Journal

 

Best Regards,
Mahmoud M. AlSaadi

29 comments:

  1. Hi, I was wondering if you might be able to help me. In the Asset General Information window, no "Purchase" button appears on my screen. Do you know why that could be? Thanks.

    ReplyDelete
    Replies
    1. If the "Purchase" button is not activated in the asset general window, then it is mostly a setup issue.
      Have you checked the note mentioned in the post above:
      "
      The trigger account mentioned above should have already been defined in the Purchase Posting Accounts on the following path (Microsoft Dynamics GP > Tools > Setup > Fixed Assets > Purchasing Posting Accounts)

      "
      There should be an account configured as the purchase posting account, which is in turn included in the AP invoice.

      Delete
    2. Dear SIr, With the help of your post i was able to successfully reach upto "Fixed Asset GL Posting". now here the system shows me a different screen than yours , it shows me to enter beginning period, ending period, transaction date & comments. How i have to proceed now with the GL posting.
      Please help me in this , i will be very grateful to you.
      Thanks

      Delete
    3. Hello Rabia
      Thanks for your question, it sheds a light on an important point to be included in the article as related to old Dynamics GP versions (Prior to GP2013).

      I have added an "Important Note" under the Fixed Asset GL posting section, check it out and let me know if you still have any further concerns

      Best Regards,
      Mahmoud M. AlSaadi

      Delete
    4. thank you so much for your reply, sir you mention (2015004), which is practically the year (2014), here did you mean (2015) ?

      a batch number appeared but i couldn't locate that batch in the general ledger module as you specified. Why is it so ?

      Delete
    5. Hello again Rabia
      What is the acquisition date and place in service date of the asset you added ? Or what was the payable invoice date ?

      Delete
    6. Hi sir, acquisition date 10-05-2014 and place in service date 10-05-2014 of the asset and the payable invoice date 10-05-2014. Can you assist further on how to view my entries on this transaction

      Delete
    7. In your case, you should fill in the beginning and ending date as (2014005) referring to May, 2015.

      Fill in the transaction data as "10-05-2014" which will be the GL posting date for the generated Journal Entry.
      If you still can't see the batch, then we might need to dig in the database to retrieve specific data records from the Fixed Asset financial activity table.

      Your feedback is highly appreciated,

      Delete
    8. wow sir with your help i have been able to add the asset successfully. i have 3 questions more please

      1- if i have 5 assets to be added in the same date, when i will go for the FA GL posting and enter the details as above, all of them will be created in the GL journal
      2-if i have 5 assets to be added in the same month say May 2014, but the transaction dates for all the 5 are different ?? then how it will work. Does it fetches the data to be posted from the acquistion date, so i have to create the GL posting separately for each by the transaction date.
      3-In my GL posting created, the account credited was different than the one i want to set off. i have changed it manually for this transaction. Can i fix the posting account to be the desired one.

      i would appreciate your reply on the same.

      Very thanks to you sir.

      Delete
  2. i have an invoice of 10000000 which is for 10 chairs. i want to capitalize each an every chair but all the cost is tied to a single invoice. which is the best way to do go by.

    ReplyDelete
    Replies
    1. The best way is to add the assets through the Purchase Order Processing module. Check this out on

      http://mahmoudsaadi.blogspot.com/2014/09/adding-fixed-asset-from-purchase-order.html?showComment=1452148625929#c8004632145611052451

      Best Regards,
      Mahmoud M. AlSaadi

      Delete
  3. On occasion a vendor invoice that is linked to the FAS account is voided. How do we clear out the FAS suggestion from the Purchasing box on the Asset General Information setup screen?

    ReplyDelete
    Replies
    1. If it is not added to Fixed Asset, then it must be manually cleared from FA01100.

      Best Regards,
      Mahmoud M. AlSaadi

      Delete
    2. I dont know how to add Fixed asset module into GP 2010, please help !

      Delete
    3. Hello Le
      The article provides detailed and comprehensive steps on how to add fixed assets from the payable module. Please provide further specific inquiry in order to provide sufficient assistance.

      Best Regards,
      Mahmoud M. AlSaadi

      Delete
  4. I have a client that is having the issue every time they add an asset from AP when they bring the invoice down the acquisition cost grays out and the currency ID goes away. Any ideas?

    ReplyDelete
    Replies
    1. Hello Lorei
      After picking the asset purchase from the purchase button, the acquisition cost is automatically filled and will gray out. You can click on the arrow next to the field in order to add or remove cost lines

      Best Regards,
      Mahmoud M. AlSaadi

      Delete
  5. Are there any Vietnamese here? Help me with GP 2010 please

    ReplyDelete
    Replies
    1. Hello Le
      Dynamics GP Essentials supports only English Language, please let us know if there is any special inquiry that I help with.

      Best Regards,
      Mahmoud M.AlSaadi

      Delete
  6. Mr. Alsaadi, I need your help:
    My fixed assets are in the cards, but when I go to Tools > Routines > Fixed Asset > GL Posting and filled out the specific Asset ID ,then click “Process”, details of the generated Journal Entry will is not populated: the AssetID, Source Doc, Account, Debit, Credit fields are all empty. When I Click the Process button, it says “There are no transactions matching these restrictions. Modify your restrictions and prcess the batch again” . However, my fixed assets are in the cards. What did I missed?
    Thank you
    Fay

    ReplyDelete
    Replies
    1. By saying that your fixed assets are in the cards, do you mean that you have added them through the AP process illustrated in this article ?

      Have you tried to check the "All" option instead of picking a specific asset id and process the GL posting in order to check any pending journals ?

      Your feedback is highly appreciated,

      Mahmoud M. AlSaadi

      Delete
    2. Mr. Alsaadi
      I loaded the fixed assets into card by using an ETL tool: eOne's SmartConnect, not via the AP process you illustrated here.
      Thank you again for your help.
      Fay

      Delete
  7. Thanks for you help and support Mahmood. Suppose I forgot to use the FA Clearing account in Purchasing when posting the invoice. This will lead to the invoice not populated to the FA Asset General Information window. Is there a way to link the Asset back to the original AP invoice after the fact? I noticed that you can click on the arrow next to Acquisition Cost to get to the Asset Purchase window but there doesn’t appear to be a way to lookup Invoices in AP. Do I have to enter the information manually in this case? Another question is the "Attach" button that appears on the Purchasing windows – why there isn’t one on the Asset General Information window? We want to be able to attach a picture for example with each Asset. Thanks for your help.

    ReplyDelete
    Replies
    1. I found the answer for the attach button as there is a small icon next to the Asset ID that looks like a white paper - if you click on it, you can attach a file (longer way, but acceptable) but I can't figure out how to lookup an invoice. I was able to enter the Vendor ID and Voucher Number and this essentially linked it to the original invoice but I think it would make more sense to be able to lookup an AP transaction and pull the info from AP in the event you forgot to use the clearing account.

      Delete
    2. Hello there

      Apologies for the encountered delay, so glad you've been able to handle it the right way.

      Best of Luck
      Mahmoud M. AlSaadi

      Delete
    3. but I can't figure out how to lookup an invoice. I was able to enter the Vendor ID and Voucher Number and this essentially linked it to the original invoice but I think it would make more sense to be able to lookup an AP transaction and pull the info from AP in the event you forgot to use the clearing account.

      Delete
    4. That is a valid option, you may throw a suggestion on MSConnect so that Microsoft Support team may consider such suggestion for further releases.

      Best Regards,

      Delete
  8. Once I have an asset in GP, how can I show procurement against the asset. Example being a truck as the asset, and the procurement of parts and services associated.

    ReplyDelete
  9. Question - If I am using the purchasing drop down, I cannot seem to use the same Asset ID with a different suffix if I am breaking down an invoice in multiple assets but want to use the same asset ID but different suffix. Why is that?

    ReplyDelete