Skip to main content

Top 6 Mainly using Features of Fixed Assets

Introduction:

In this series of Fixed Assets aka FA, I will be teaching you through a lifecycle of the Fixed Assets. How to create and acquire these fixed assets, how to appreciate or depreciate the FA, and how to post transactions on Fixed Assets in Microsoft Dynamics Business Central.

Pre-requisites:

  • Microsoft Dynamics Business Central(ERP)
  • Understanding of Fixed Assets

Demonstration:

1. Creation of Fixed Assets:
To create Fixed Assets search Fixed Assets and open the Fixed Asset List.
Click on New (+), automatically FA No. is set up from No Series.
Enter the FA Name, FA Class Type, FA Subclass Type, FA Location if you have multiple FA Locations.

Creation of Fixed Asset
Setup the FA Depreciation Book, by default we have COMPANY.
Also set up the Depreciation Start Date and End Date or Start Date and No. of Years.
Book value is the current value of the Fixed Assets. This value increases or decreases depending on your Appreciation or Depreciation of FA.

2. Acquire Fixed Assets:
There are two ways you can acquire Fixed Assets
i. Using Acquire Button on the Fixed Asset Card
In Order to acquire the fixed asset, click on the 'Acquire' action on the
Fixed Asset Acquire Action

This will open a Wizard to get the Data from the User and convert into Fixed Asset G/L Journal Acquisition Entry
Wizard to take the Data from the User.

Entering the Acquisition Cost and Posting Date

Entering the Balancing Account for Acquisition Amount

Finish the wizard.

Acquisition Entries in FA Ledger Entries

ii. Posting a Purchase Order for Fixed Asset:
To acquire FA using Purchase Order, insert the FA Purchase Lines. Once you post the Purchase Order, an acquisition entry will be created in FA Ledger Entries.
Fixed Asset Acquisition through Purchase Order

Fixed Asset Acquired through Purchase Order

3. Post Salvage Value:
To post a Salvage Value, goto Fixed Asset Journal. Insert the Entry to based on the FA No., FA posting type as Salvage Value and Amount that will be received back when Fixed Asset is disposed off.
Post Salvage Value - Fixed Asset Journal
You will find the Salvage Value in Statistics.
According to rule Depreciable Basis  = Acquisition Value -  Salvage Value
FA Statistics after Salvage Value is posted

4. Setup Depreciation: 

To setup depreciation, you will need to insert the Depreciation Method, Depreciation Start Date, Depreciation End Date and No. of years.
Setting up Depreciation
5. Calculate Depreciation:
To create a depreciation, make use of Calculate Depreciation Report where you can set the Document No., Posting Date, you can even put the No. of depreciation days etc.
Calculate Depreciation


This report will create depreciation entries in FA G/L Journal.
Calculate Depreciation - FA G/L Journal

Depreciation Entry

6. Disposing of a Fixed Asset:
To dispose of a Fixed Asset, you need to create a Disposal Entry in FA G/L Journal
FA G/L Journal Disposal

After Disposing the Fixed Asset
Disposal should be done on the end date of Depreciation. After Disposing the Salvage Value is posted to Sales Account andFA Book Value becomes 0.

Conclusion:

In this way, I have shown you the Lifecycle of a Fixed Asset. It is relatively easier to deal with Fixed Asset as it doesn't contains any inventory and accounting is much more simpler.
In my next blog I will be inclining towards advance version of Fixed Asset Understanding

Comments

Popular posts from this blog

Creating APIs in Business Central - 1

Introduction:
While writing a blog on Automated Testing in Business Central, I was going through sample apps provided by Microsoft and realized that the complexity is nowhere close to what examples Microsoft has provided on docs.microsoft.com. In this blog, I will try to explain how APIs work and how to be creative with the implementation. Also, an API which were in beta are finally out with version V1.0 in the April 2019 release let's see some important key things from development aspects.
This blog is going to be theoretical one kindly bear with me.


Pre-requisites:
Microsoft Dynamics Business Central (SaaS)VS Code(https://code.visualstudio.com/download)AL Language Extension(https://tinyurl.com/yyvzxwkb)API V1 from Business Central On-Premise DVD
Books & References:
API V1 from Business Central On-Premise DVDAPI(V1.0) for Business Central (Click Here)API(Beta) for Business Central (Click Here)
Solution:

Key Requirements:
API source table must have an Id(GUID) field per record for m…

How Business Central Modern Client Reverse Compatibility With NAV Can Help You Improve Your Work.

Introduction: Today, I was playing around with Business Central Modern Client (Windows App).
Out of curiosity I was trying to login to one of my NAV 2017 through SSO.
Pre-requisites: Microsoft Dynamics NAV with SSO configured
Microsoft Dynamics Business Central
Demonstration: 1. Business Central App - Main Page:

Clicking on locally hosted service and putting in the credentials configured for NAV 2017 SSO, we get.
Still skeptical when Business Central login into NAV.

2. Business Central App - Reverse compatible with NAV 2017:


Well well well...
Look whose here.
NAV disguised as  Dynamics 365 for Financials.

I think we all agree that Business Central Modern Client is a WebApp version of Busines Central Online. Basically just like browser in an App.
The difference is that it can connect to NAV as it is just like a browser.

3. Does Business Central Modern Client follow DynamicsNAV protocol?:
Well, it simply does not.
It would be amazing  if it did, as it would mean that we could deal with runni…

Generic way of Attaching Documents on any Record of the Page in Microsoft Dynamics Business Central - Template Code

Problem Statement: In Microsoft Business Central, there is a way to attach attachments only on Documents or Master Table records. But, what if this requirement is for other tables such as Opportunities, custom tables, etc. Introduction: I have seen many developers afraid to touch the attachment-related customization as it seems complicated.
Well, I have found a solution and here it goes.
In this blog, I'm attempting to create a generic template for code that needs to have an attachment feature on any table that you like using AL Code.
This means that you simply cannot copy-paste the same code for all the tables but a simple change in variable sub-type will ease your work significantly
Pre-requisites:Microsoft Dynamics Business CentralVS CodeAl Language ExtensionSource Code:https://github.com/olisterr/Generic-Attachment-Template Demonstration:1. How it works:
Document Attachment is a table which stores a few things that help in tracking information related to the attachment

The main u…