The Fixed Assets module in Dynamics GP is pretty easy to use. There are basically two screens that contain the asset and depreciation information. The General Information screen contains the descriptive information about the asset. The Asset ID is a unique key field in the database. It needs to be manually entered. You can specify location and custodian information if you want. There are 15 user defined fields available from the “Go To” button where you can record additional information about each asset.
You should set up Class ID’s to improve data entry speed and accuracy. You can also link Account Groups to Class ID’s and set your system up so that a default depreciation method and length of service are also defined when you add a new asset.
The asset book screen contains the depreciation information for each asset. You can specify as many depreciation books as you want. You will have at least one for your internal accounting needs. This one will link to your general ledger.
I recommend that you use the Book Class Setup screen to assign a default depreciation method and length of service for new assets when they are entered into the system.
The Fixed Asset module integrates with both the Purchase Order Processing and the Payables Management modules in Dynamics GP. If you plan on using Payables Management to enter fixed assets, you can set up one or more fixed assets clearing accounts to tie the payables invoice record to the fixed assets record. This will make the payables information for each new asset available to be turned into a fixed asset.
The Fixed Assets module is easy to use, and if you don’t already use it, you should try it out.