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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Combining Ongoing Cost...
Microsoft Dynamics GP (Archived)

Combining Ongoing Costs into one Fixed Asset Record for Buildings

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Posted on by PaulaP

Hello everyone - I'm an IT person, not an accountant, so forgive me if I'm not getting the terminology or accounting parts exactly correct.  We are a municipality using GP2013, and are implementing the Fixed Assets Module.  We are using Purchase Order Processing for our purchasing.  From there, any purchase with a main account signifying a possible asset gets a clearing entry.  After that, when an asset card is added, the option becomes available to pull in the items from purchasing.  Does anyone know of a way to add these purchases to an existing asset card?  The example here would be our main Town Building that already has an Fixed Asset Card - we purchase new windows for that building.  We don't want to create a separate asset card for the windows, but instead add the value of the windows to the original asset card for the building.  Does anyone have any ideas/suggestions?  I hope I've explained that well enough!  Thank you!

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  • PaulaP Profile Picture
    PaulaP on at
    RE: Combining Ongoing Costs into one Fixed Asset Record for Buildings

    Thank you Leslie for this suggestion - it makes sense.  I will share with my team.  

  • PaulaP Profile Picture
    PaulaP on at
    RE: Combining Ongoing Costs into one Fixed Asset Record for Buildings

    Thank you Mahmoud - very helpful!  Our Deputy Comptroller is asking me to summarize what the purpose of the Master Asset ID does - can you elaborate on it's purpsose?  Thank you so much!

  • Verified answer
    L Vail Profile Picture
    L Vail 65,271 on at
    RE: Combining Ongoing Costs into one Fixed Asset Record for Buildings

    Hi Paula,

    You did a fine job of explaining! You have lots of good answers here, let me give you one more. I normally want to keep track of all of the capital improvements I make to assets. For one, the depreciation start dates will be different from that of the actual building. What I use is the suffix to the asset number. For instance, if the building is Asset Number 1000, it will have a suffix of 1, so its real asset number is 1000-1. I would add my windows using a new asset card, but the number would be 1000 with a suffix of 2. So my windows would be 1000-2. Using the asset suffix in this way forever binds these two assets together. The Master Asset ID does not do that. It's really just a preference item, but for those permanent non separable additions, I use the asset suffix.

    Kind regards,

    Leslie

  • Suggested answer
    Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at
    RE: Combining Ongoing Costs into one Fixed Asset Record for Buildings

    Another possible option is to consider the "Master Asset ID", that means you can simply add the asset through the purchase order processing module as usual (this is fully illustrated on Adding Fixed Asset from Purchase Order Processing (Multiple Assets per Shipment), then in the "Master Asset ID" field, add the original building so that this asset will be considered as a component of the building.

    Your feedback is highly appreciated,

  • Suggested answer
    Redbeard Profile Picture
    Redbeard 12,931 on at
    RE: Combining Ongoing Costs into one Fixed Asset Record for Buildings

    Paula's answer is a good one.  I would recommend the folks in finance, with your assistance, model this process in a test system.  The GL interface will also create transactions for the addition of the new costs in the form of transactions with the FACHG transaction type.

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Combining Ongoing Costs into one Fixed Asset Record for Buildings

    Hi Paula,

    You can add cost to existing asset. Select asset id, select purchase (just like you would when you create new asset) and you will see that your acquisition cost changed now reflecting total of previous amount plus purchase. Next, you need to correct it manually on all of the asset book records. Once you change cost basis to reflect the new cost in asset book record system will prompt you to recalculate existing depreciation. After this step is complete run GL Posting routine and system will credit this purchase from your clearing account.

    Now, it would be up to your accounting department to evaluate if such cost should be added and when.

    Marlena

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