Fixed Assets
Ian Richardson CGA
Cale Tanguay CGA
Fixed Assets
Are you tracking your fixed assets in a spreadsheet?
Do you wish you could go into a room and know which
assets are there?
Is your depreciation / amortization journal entry a tedious
monthly, quarterly, or annual process?
Come to Fixed Assets to find out how you too can track
fixed assets in Great Plains.
In this session we will show the link between purchase
order and fixed assets, accounts payable and fixed assets,
and how to maintain asset records.
Agenda
Setup
-
Depreciation Books
Fixed asset calendars
Auto generate asset ID numbers
Asset defaults from asset classes
Book Setup
.
- You can have as many asset books as you want to
set up.
- If your depreciation method is different for
accounting and taxation you can keep track of
both books.
- After depreciation has been run the current fiscal
year in the book setup is locked down.
Calendars
Use the Fixed Assets Calendar Setup window to create
multiple calendars in Fixed Asset Management. When
you create a calendar, you can base the calendar on
the Fiscal Period Setup window, the calendar year, or
an existing calendar year. You also can create quarters
for all of the years.
Calendars
Mark the Short / Long Year check box if your year is
shorter or longer than a twelve month period.
Indicate what percentage of depreciation should be
taken for this shorter or longer year.
Auto Generate
Next Asset ID
You can set default values that will automatically
increment when a new asset is entered
Defaults
Quickly assign defaults from asset classes
Fixed Asset
Clearing
The fixed asset clearing account will identify
new assets within fixed assets that come from
the accounts payable module.
New Assets
- Purchase Order link to fixed assets
- Accounts Payable link to fixed assets
Purchase Order
- Mark the capital item check box on the
purchasing item detail entry window to allow
fixed assets to automatically add the new asset
to fixed assets when you receive the purchase
order
Receipt add detail
- As you receive your capital item you can
complete the fixed asset class and other asset
information
Add new asset
- In the asset general information you can now
pick up the received asset
Accounts Payable
- If you are not using purchase orders use the
fixed asset clearing account in accounts
payable to identify an accounts payable invoice
as a fixed asset.
Add New Assets
- After posting the accounts payable invoice the
asset is now available in fixed assets.
Demo
My beautiful new computer
Fixed Asset
Depreciation and Reporting
-
Depreciation Report
Depreciation Forecast
Where are my assets – smartlist
Continuity
Depreciation
- Depreciate one or more asset books
- Depreciate asset groups or all assets
- Reverse depreciation against asset groups or all
assets
- Set the depreciation target date
- This date cannot be later than the last day
of the current fiscal year in the book set
up window
Depreciation
Reports
- Depreciation reports can print as of
specific periods of time
Depreciation
Forecast
Depreciation Projection
- First run the depreciation projection
Forecast Report
Depreciation Projection
- Then the projection report
Demo
Where Are
My Assets
- Make use of physical location ID’s to know
exactly where your fixed assets are
Where Are
My Assets
- Make use of GP reporting tools
such as smart list
Demo
Continuity Report
Activity Reports can be used to produce a
continuity report
Demo
Posting
- Posting to the general ledger
Post in Batches
- Review and edit transactions in a batch before
posting.
- Includes options for filtering.
- You can print an edit listing prior to posting.
Posting Options
- Option to allow posting in detail to the
General Ledger
Demo
Conclusion
Posting to the general ledger
-
Depreciation Books
Fixed asset calendars
Auto generate asset ID
numbers
Asset defaults from asset
classes
-
Purchase Order link to
fixed assets
Accounts Payable link to
fixed assets
-
Depreciation Report
Depreciation Forecast
Where are my assets –
smartlist
Continuity
Questions?
Slides will be available at
http://www.prophet.ca/user-group-2014-presentations/
Password: UserGroup2014