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Dynamics 365 Community / Forums / Small and medium business | Business Central, N... / Project to Fixed Asset
Small and medium business | Business Central, N...
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Project to Fixed Asset

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Posted on by Ramesh Kumar 3,280
Hi Team,
 

I just wanted to check how to convert a completed project into a Fixed Asset. I know that on the project card, there’s an option to Sell/bill to the customer, but is there a way we can convert it into a Fixed Asset? I was considering creating a project, adding it to inventory, and then doing a reclassification to a Fixed Asset, but with projects, we can't even add them to inventory.

 
Thanks
Ramesh
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Dynamics 365 Business Central
  • Verified answer
    Ramesh Kumar Profile Picture
    Ramesh Kumar 3,280 on at
    Project to Fixed Asset
    Thank you. I think I working with Developer get this customize.
     
    Regards
    Ramesh
  • Ramesh Kumar Profile Picture
    Ramesh Kumar 3,280 on at
    Project to Fixed Asset
     

    Apologies, but you didn't answer the question I am looking for. I'm looking for a solution where, once a project is completed, it can be added to either Inventory or Fixed Assets. If customization is required, what would be the best approach?

     
    Thanks
    Ramesh
  • Suggested answer
    Jainam M. Kothari Profile Picture
    Jainam M. Kothari 5,891 on at
    Project to Fixed Asset
    Hello,
     
    Converting a completed project into a Fixed Asset in Business Central can be a bit tricky, but it's definitely possible. Here's a step-by-step guide to help you through the process:
    1. Create a Fixed Asset Card: First, you need to create a Fixed Asset card for the project. Go to the Fixed Assets module and create a new Fixed Asset. Fill in the necessary details such as the description, acquisition date, and any other relevant information.
    2. Post the Acquisition Cost: Once the Fixed Asset card is created, you need to post the acquisition cost. This can be done through the Fixed Asset Journal. Enter the acquisition cost and post it to the Fixed Asset.
    3. Transfer Costs from the Project: To transfer the costs from the project to the Fixed Asset, you can use the General Journal. Create a journal entry to transfer the costs from the project to the Fixed Asset. Make sure to use the appropriate accounts and dimensions.
    4. Depreciation Setup: After transferring the costs, set up the depreciation for the Fixed Asset. This can be done in the Depreciation Books section of the Fixed Asset card. Define the depreciation method, starting date, and other relevant details.
    5. Run Depreciation: Finally, run the depreciation process to start depreciating the Fixed Asset. This can be done periodically as per your company's policy.
    By following these steps, you should be able to convert a completed project into a Fixed Asset in Business Central.
     

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