Fixed Assets: Integrating Asset Book ITC information into an Asset Book record.

This article explains how you can integrate Asset Book ITC information into an Asset Book record using the Fixed Assets Import/Export functionality inside Microsoft Dynamics GP.

Data in the Asset Book ITC window include Section 179 amounts, TEFRA, and ITC amounts:

The data entered in this window could affect the Cost Basis on the Asset Book window and if the Cost Basis is changed, this is a depreciation sensitive field, and you will be asked to “recalculate” depreciation.

This information is possible to integrate into Fixed Assets using the Fixed Assets Import/Export functionality inside of Dynamics GP, however, there are a few things that you need to know when bringing this information in.

1. If the ITC Cost information causes the Cost Basis amount on the Asset Book window to change, this is a Depreciation sensitive field and you will be asked to Reset Year, Reset Life or Recalculate.
2. An import cannot handle this “recalculate” message because it doesn’t have the capability to choose 1 of the 3 options.

To avoid running into this message and to have a successful import of an Asset Book and Asset Book ITC information you will want to follow these recommendations.

A. The Cost Basis on the Asset Book record will need to be the Cost Basis when taking into consideration the amounts in the Asset Book ITC window.

For example, if an Asset Book record is being integrated with the following Asset Book ITC information:

B. The Asset Book record associated with the information above must be imported using a $700.00 Cost Basis.

This is because with a 'Sec. 179 Exp. Ded. amount' of $500.00 the asset’s Net Cost Basis is now $700.00. The Net Cost Basis from the Asset Book ITC window becomes the Asset Book’s Cost Basis and if these are different you will be required to reset year, reset life or recalculate.  By integrating the Asset Book with a Cost Basis of $700.00 you bypass the recalculation of depreciation message.

NOTE: The functionality of integrating Fixed Assets with eConnect and Integration Manager currently does not allow for integrating Asset Book ITC cost information, although it is an option to integrate. This functionality is currently being reviewed.