In Dynamics GP Fixed Assets, once a process is run, the accounts are written to the tables. One might think if you change the fixed asset accounts on the fixed asset card it would automatically change in the GL posting accounts; but actually, it doesn’t. Changing these accounts can be done, if you understand how this works and which windows to use to make those changes.
Here are some rules to remember:
- When the process is run, that is when your accounts are written to the table.
- When an asset is added, the Asset Cost and Clearing accounts are written when the Corporate book is saved.
- If the posting is incorrect, you can change it manually on the GL posting routine window or reverse the process, fix the accounts on the asset card, then rerun the process.
Methods of Changing Accounts
Enter the correct account on the asset card. Cards > Fixed Assets > Accounts. Select/Enter the Asset ID and enter the correct accounts.
Then go to Cards > Fixed Assets > Book. Enter/Select the Asset ID and the Corporate Book ID and click Delete. Enter/Select the Corporate Book ID again and click save.
NOTE: This method can only be used if there is no activity on this asset. No depreciation, and the addition has not been posted.
Fix the account before posting:
- Cards > Fixed Assets > Accounts. Select/Enter the Asset ID and enter the correct accounts.
- Then run the GL Posting routine.
- Highlight the wrong account and manually change it.
NOTE: The accounts window needs to be changed to accommodate future transactions (Retirements, transfers, etc.)
Reverse the original process if depreciation process has already been run. NOTE: This works for Retirements too.
Reverse the depreciation. To reverse multiple assets that were depreciated using the wrong account, Go to Routines > Fixed Assets > Depreciate:
- Select Reverse depreciation
- Select Depreciate all assets. Note: You can also create an Asset Group to reverse several specific assets.
- Enter the date you want to reverse back to.
- Insert the Corporate book
- Click Depreciate
To reverse one asset, Go to Routines > Fixed Assets > Depreciate One Asset:
- Enter/select the Asset ID and highlight the Corporate Book.
- Enter the Depreciation Target Date you want to reverse to.
Change the accounts on the Asset Card. Go to Cards > Fixed Assets > Accounts, Enter/Select the Fixed Asset ID and fix the required accounts.
Rerun the depreciation process on all assets that were reversed.
Use the Transfer Maintenance window if you need to reverse any process:
- Transactions > Fixed Assets > Transfer
- Enter the asset that requires changing and date of change.
- Click the blue go-to arrow beside the G/L Accounts field.
Change the required accounts. Note: These accounts may not be the same as what is on the asset card. Make sure the remaining accounts match the asset card. You cannot leave them blank.
Click to transfer. This will back out and correct all transactions using the date of transfer.
Use the Mass change. Note: Used to change the accounts going forward. This will not change anything that has already been processed.
Transactions > Fixed Assets > Mass Change. Note: This will require an Asset Group. I would create one and include one asset at a time (or multiple if you need the same changes for more than one asset). You can reuse this Asset Group by changing the assets in the group.
Enter/select the Asset Group ID. Select the Account tab.
Make Account changes as required. Click Apply Changes.
Run the GL Posting Routine.
Scenario #1 You have added the assets using an account group. Auto add book is selected so as soon as you click ‘Save’ on the asset card, the book information is saved.
Scenario #2 Depreciation routine has been run, but not posted to the General Ledger.
Scenario #3 Posting has been done to the General Ledger.
When To Use Each Method
- To fix the accounts before running the GL Posting Routine after an addition
- To fix accounts once depreciation has been run but not posted.
- To fix accounts once depreciation has been run and posted.
|Scenario||Method to Use||Notes|
Assets have been added and the Corporate book has been saved.
|Method #1 Method #2||This will ensure the correct accounts are used when adding an asset and when retiring or transferring an asset.|
Depreciation has been run but G/L Posting Routine has not been run
|If you use Method #3, when you run the G/L Posting routine, you will see the original depreciation posting and then it will back it out. If you are posting in Summary, there will be no posting, as it will zero itself out. You should also see the corrected entries.|
Depreciation has been run and G/L Posting Routine has been run and batch saved.
|Delete the G/L Routine posting batch then use Method #2 or Method #3||It is the same routine, whether you have run the G/L Posting Routine or not. You just need to ensure you have not saved the original batch. If you have, the journal entries will show the original depreciation posts and then the backouts in the new batch. The results are still the same.|
Posting has been done to the General Ledger using incorrect accounts.
|Transferring to new accounts will move everything from the wrong account to the new account. Ensure you enter the correct date, to include everything.|
|Accounts need to be changed going forward. Existing accounts were correct.||Change the account on the card, or use Method #5||You can change the asset card if you only need to change one asset. If you need to change multiple assets, use the Mass Change method.|
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