There may be a scenario in Dynamics GP where you would like to add assets to the fixed asset module, but do not want it to affect your general ledger (no GL postings to be generated). There are various reasons you might want to do this, but the main reason would likely be that you want to use the Fixed Asset module in GP and all its functionality, instead of tracking the assets another way, such as in excel – which could be a very manual process and prone to data entry error.
Assets you want to just track and not record to GL could be for example; equipment that you don’t own, but that are being used by your construction staff. You only want to track the location of the assets. There could be other reasons as well, depending on your company processes/requirements.
There are some setup steps that need to be done first. You’ll notice that how assets are entered in the Cards window is slightly different than usual.
The following are the steps to accomplish the setup:
- Go to your Fixed Asset setup to see what your default Book is:
- Microsoft Dynamics GP > Tools > Setup > Fixed Assets > Company
- The Corporate Book that shows in the window is your default Book where, if used, will post to the GL. This is important to remember in the future steps below.
- Take note of the name of the book, then close the window
- Now you need to create a new Corporate Book by going here:
- Microsoft Dynamics GP > Tools > Setup > Fixed Assets > Book
- Press Clear
- Give the new book a Book ID, can be whatever you like
- Check mark the box ‘Auto Add Book Info’
- Next, I suggest creating a new Class ID for these assets you don’t want hitting the GL. To create a new class, go here:
- Microsoft Dynamics GP > Tools > Setup > Fixed Assets > Class
- Name the new class however you like (ie. CONST MGR TOOLS), and add a description
- Leave the other fields blank
- Now setup the Book Class to link the newly created Book ID and Class ID:
- Microsoft Dynamics GP > Tools > Setup > Fixed Assets > Book Class
- Book ID, choose newly created Book from Step 2
- Class ID, choose newly created Class from Step 3
- The rest of the information, enter how you would like
- Now you are ready to add assets. It is similar to how you currently add them, with one added step in bold below:
- Cards > Fixed Assets > General
- Class ID, choose your newly created Class from Step 3 above
- Enter everything as normal, using a naming convention that you want for Asset ID (ie. Tool1, Tool2)
- **ADDED STEP** Before pressing save, make sure the box ‘Auto Add Book Info’ is unchecked:
** If you leave this box checked and then hit save, it will be added to all Books, including the one in Step 1, therefore it will create a GL posting.
- Once you hit save, go to the Book screen:
- On the dropdown menu for Book ID, choose your newly created Book from Step 2 above
- Then press Save button
Now if you do your GL Posting step, and hit Process, you should NOT be seeing GL entries for the assets you added to the FA module above. This is verification that it has worked – assets are now in the FA module without being recorded in the GL.
You can now track the assets, even depreciate them and run reports for them, without hitting the GL. If you would like assistance with setting this up, feel free to contact us at Encore and we would be happy to give you some guidance and best practices to follow.
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