Fixed Assets I in Microsoft Dynamics GP 10.0

Course 8691: One day; Instructor-led

Introduction

The one-day Microsoft Dynamics GP Fixed Assets course delves into the accounting cycle and the processes required to enter, depreciate, and retire fixed assets. This course shows how to perform additional functions such as changing asset information, mass changes, partial transfers, partial retirements, and retirement undo.

A thorough understanding of these topics allows companies to keep accurate records and learn to use comprehensive reporting features to present data in different ways. This course also teaches how to define default values that automatically populate data fields and gather the information you need to make better business decisions by exploring powerful inquiry and lookup functions.

Audience

Customers wanting to learn the basic features and to develop a working knowledge of the typical day-to-day procedures required to effectively use Fixed Assets.

The class is targeted toward data entry clerks, administrators; office managers, CEOs, and consultants who need to understand the technical aspects of Fixed Assets and gain foundational knowledge of the application’s functionality.

At Course Completion

Course completion objectives are:
• Perform all Fixed Assets related data entry functions including creating asset records
• Maintain asset records using transfers, changes, and retirements
• Print detailed reports to verify data and financial analysis for audit trail purposes such as posting journals, depreciation registers, financial details and other asset reports
• Identify the impact of the Fixed Assets module on other Microsoft Dynamics GP modules
• Troubleshoot and correct input errors including an incorrect posting period and how to delete records

Prerequisites

Before attending this course, students must have:
• General knowledge of Microsoft Windows
• Basic knowledge of accounting principles

Microsoft Certified Professional Exams

No Microsoft Certified Professional exams are associated with this course currently.

Course Materials

The student materials include a comprehensive workbook and other items necessary for this class.

Course Outline

Chapter 1: Overview and Setup Procedures

This chapter provides a general overview of the features and benefits of using the Fixed Assets module in an integrated environment. It also examines in detail the options available to customize this module to reflect the way your organization does business. You set up assets to track crucial information in a company. Time is spent discussing how to use asset classes and asset books to organize and ease data entry. The last step is entering Beginning Balances for each asset when first implementing the Fixed Assets module. Once the Fixed Assets set up has been defined, there are many reports available to document the selected preferences.

Main Topics
• What is a Fixed Asset?
• Fixed Assets Features and Benefits
• Fixed Assets Setup Checklist
• Company and Financial Setup Procedures
• Build Fixed Assets Fiscal Calendar File
• Enter Quarter Records and Synchronize to Fiscal Years
• Purchasing Interface Options
• Account Groups
• Post Accounts
• Insurance Class Records
• Class Records
• Book Records
• Book Class Records
• Fixed Assets Setup
• Lease Company Records
• Location Records
• Physical Location Records
• Retirement Setup Records
• Structure Records
• Fixed Assets User Preferences
• Fixed Assets Setup Reports
• Entering Existing Assets

Labs
• Create a New Account Group
• Verify and Explain the Trigger Account for Payables Management
• Add a New Class
• Add a New Book
• Add book-Class Records for the Existing Books and Classes
• Modify and Verify the Company Setup for Fixed Assets

The goals for completing this chapter are for students to:
• Customize settings for the Fixed Assets module
• Create Asset Classes and assign assets appropriately
• Create Asset Records
• Enter beginning balances for each existing asset

Chapter 2: Daily Procedures

This chapter defines the ways that assets can be added in Fixed Assets. It explores the Payables Management and Purchase Order Processing interface and how to import new asset additions using the Asset Import/Export window. The major focus of this chapter is the interface from Payables and Purchase Order to Fixed Assets.

Main Topics
• Fixed Assets Daily Procedures Checklist
• Asset General Information
• Asset Account Information
• Asset Book Information
• Asset Book ITC Information
• Asset Insurance Records
• Asset Lease Information
• Asset User Data
• Payables Management Interface
• Purchase Order Processing Interface
• Purchasing Transactions Integration Issues
• Fixed Assets Inventory Reports

Labs
• Manually Add the New Asset in Fixed Assets
• Verify the Posting Accounts for a New Asset
• Manually Add the New Asset to an Existing Book
• Add the ITC Cost Information for the Asset in the Federal Book
• Enter invoice in Payables Management to “Trigger” the Addition of an Asset in Fixed Assets
• Create Purchase Order for Asset
• Receive the Item into Inventory
• Set Up Assets in Fixed Assets

The goals for completing this chapter are for students to:
• Add assets in Fixed Assets using various methods
• Create book and class records in Fixed Assets and assign appropriate characteristics to an asset
• Understand the interface from Payables and purchase Order to Fixed Assets

Chapter 3: Maintaining Records

This chapter examines the functionality available to maintain Fixed Assets records. The process to perform depreciation projections, asset transfers, and asset retirements is covered in detail. The utilities that ensure the integrity of data such as file maintenance, reconcile, and deleting assets are examined. Retrieving information is also a big focus of this chapter. Time is spent discussing the inquiry windows and reports that can be generated from the Fixed Assets module.

Main Topics
• Select Assets
• Depreciation Projections for a single asset or group of assets
• Changing Asset Information
• Changing Asset Book Information
• Mass Change
• Transferring Assets
• Mass Transfer
• Retiring Assets
• Mass Retirement
• Retire Undo
• File Maintenance
• Deleting Assets
• Reconcile
• Retrieve Information
• Fixed Assets Projection, Transaction, and Utility Reports

Labs
• Create a New Asset Group
• Project Depreciation for Group of Assets
• Perform Inquiry and Print Projection Reports
• List Choices Available When Changing a Depreciation Sensitive Field for an Asset
• Apply Change to all Assets in a Specific Class
• Transfer Assets from one Location to Another
• Retire an Asset
• Verify Quantities after Retirement
• Undo the Retirement an Asset
• Verify Quantities after undo Complete

The goals for completing this chapter are for students to:
• Select a group of assets
• Perform depreciation projections for assets Change asset information
• Transfer or retire assets
• Inquire and report on asset transactions

Chapter 4: Period-End Procedures

This chapter examines the processes that are completed at the end of the month, period, calendar, and fiscal year. This chapter focuses on the errors that may cause Fixed Assets to be out of balance with the General Ledger.

The chapter examines the reports that should be printed prior to performing the closing process. Time is spent discussing what actually takes place during the closing process and the two types of closings: calendar year and fiscal year.

Main Topics
• Fixed Assets Period-end Checklist
• Calculate Depreciation
• General Ledger Posting
• Reconcile Fixed Assets to General Ledger
• Purge Purchasing Transactions
• Fixed Assets Year End Checklist
• Year-End Reports and Routine
• Rebuild Fixed Assets Fiscal Year Calendar File
• Purge Inactive Asset Records
• Fixed Assets Period-end & Year-end Reports

Labs
• Run Month-end Depreciation for All Assets
• Post Month-end Fixed Assets Transactions to General Ledger

The goals for completing this chapter are for students to:
• Complete the processes that are performed at the end of an accounting period
• Complete the processes that performed at the end of a calendar or fiscal year
• Perform the Year-end closing process

Appendix A: Job Aids

This appendix is a collection of tools designed to help users perform work in Fixed Assets in Microsoft Dynamics GP.

Main Topics
• Straight Line Depreciation Comparison
• Asset Import Utility
• Financial Detail File Activity
• Physical Inventory
• Available Reports
• Checklists

The goals for completing this chapter are for students to:
• Use the job aid tools to perform the associated tasks

Appendix B: Case Study

This case study is a comprehensive lab that reinforces the learning throughout the Fixed Assets class.

Main Topics
• Close the year
• Enter the Payables Invoice
• Add Assets
• Create an Asset Group
• Transfer assets to a new GL Account
• Depreciate your assets and post to General Ledger
• Create a SmartList query
• Export data to Microsoft Excel

The goals for completing this chapter are for students to:
• Understand the necessary processes to set up and manage their Fixed Assets module
• Have more confidence in their ability to use Fixed Assets in their company

For more information or to give feedback, send e-mail to info@OneApex.com or call 949-597-2100