Fixed Assets Ian Richardson CGA Cale Tanguay CGA

Fixed AssetsIan Richardson CGACale Tanguay CGA

Fixed AssetsAre 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

QuestionsSetup

Depreciation and

reporting PostingNew Asset

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 GenerateNext 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 AssetClearing

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.

DemoMy beautiful new

computer

Fixed AssetDepreciation 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

DepreciationReports

- Depreciation reports can print as of specific periods of time

DepreciationForecast

Depreciation Projection- First run the depreciation projection

Forecast Report

Depreciation Projection- Then the projection report

Demo

Where AreMy Assets

- Make use of physical location ID’s to know exactly where your fixed assets are

Where AreMy 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

QuestionsSetup- Depreciation Books- Fixed asset calendars- Auto generate asset ID

numbers- Asset defaults from asset

classes

Depreciation and

reporting- Depreciation Report- Depreciation Forecast- Where are my assets –

smartlist- Continuity

PostingPosting to the general ledgerNew Asset

- Purchase Order link to fixed assets

- Accounts Payable link to fixed assets

Questions?Slides will be available athttp://www.prophet.ca/user-group-2014-presentations/ Password: UserGroup2014