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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Cash receipt from sale...
Microsoft Dynamics GP (Archived)

Cash receipt from sale of fixed asset

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Posted on by Eric Young 1

Using Fixed Asset Management, I have retired an asset and put cash proceeds of $295.  I completed the retirement (i.e., clicked 'retire') and performed the FA GL Posting routine.  What do I need to do to record the actual cash receipt?  Does FA do this somewhere?  Do I enter a receipt through Bank Transaction and just offset the 'cash suspense' account?

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  • Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at

    On the Retirement Maintenance Window;

    • You need to choose the retirement type (Sale), and the associated Retirement Code (SOLD).
    • Check the option on which the retirement will be calculated; quantity, cost or percentage. Lets say 100%
    • On the Cash Proceeds filed, fill out the sales value of the asset being retired.
    • Retire.

    On the GL Posting,

    • Fill out the ending period
    • Transaction Date
    • The cash will be recorded usually in a "Cash Suspense Account"
    • Finally, record a deposit for the sales amount in the Banking module.

  • Eric Young Profile Picture
    Eric Young 1 on at

    Mahmoud, thank you for your reply.  However, I am looking for a little more.  I had alraedy completed all of the steps you outlined above.  My question surrounds your very last statement of, "Finally, record a deposit for the sales amount in teh Banking module."  How do you get a cash receipt to deposit?  I thought the FA module might create the cash receipt for you, that you would then need to deposit, but from what I can tell it does not.  After running all of the FA retirement and GL Posting routines, when I go to Financial>Bank Deposits, there is no cash receipt transaction to deposit.  

    Is the FA module supposed to create the cash receipt transaction?  If not, what is the recommended method?  

  • Verified answer
    Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at

    On the Fixed Asset Module, The Fixed Asset General Ledger Posting will create the required journal entries in you GL by putting the (Sales Amount) into the Cash Suspense Account.

    Once you receive the amount later on and the payment is made, you enter a cash receipt for the amount (Sales Amount, which is originally recorded on the Cash Suspense Account) . Posting the Cash receipt will record the cash amount in your cash operating account As follows;

    Account                                    Dr                 Cr

    Cash/ Operating Account          200               0

    Cash Suspense                          0                    200

    After posting the cash receipt, you will have to record the Bank Deposit in you Financial Banking Module, Go to (Transactions > Financial > Bank Deposit Entry). Choose the type (deposit with receipt) to record the cash amount on the selected checkbook.

    Hope this helps,

  • Retail send batch Profile Picture
    Retail send batch 42 on at

    Hi Mahmoud,

    After following the process and create the cash receipt attached with customer then conduct the Bank Deposit the sales amount pending as it's not attached with any invoice, so what we will do as this amount is available to apply again with any sales invoice

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