MSD FAM posting issue - only 1 book integrated with GL finance

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Posted on by foucsfei

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We are in GP2010, and now we are implementing FAM(Fix asset management) modules;

we set up 2 book, 1 book for Corporate that keep assets more than 1000 AUD, and another book called LVPbook(Low value pool book) to keep assets under 1000 AUD; all setup are good, and I have imported all Asset General infor and Book information to FA00100 and FA00200; Then we run deprecation for the 2 books work well, and when go to GL posting, we found only 1 book is posted successfully; the other book LVPbook did not posted at all;

I have talked with GP support consultant, they advised that GL only integrated to 1 book, you can not integrated to 2 books; You know in Australian and US , it is very common that we have set up 2 books to hold different assets ,both book need to be posted to GL;

Who can give advise if this is design and how we can include these assets into 1 book or any workaround can think of;

Thanks

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mpolino on at

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That is the way the module is designed. You can put them all into a single corporate book and us a field to separate regular and low value assets. Class I'd is one option and FA has número use user defined field options. One of those could work as well.

Mark

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Community Member on at

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To supplement what Mark has posted.

The reason to have two books is not to segregated assets by value or type, this would be more appropriate use of classes as Mark suggests.

The most typical use of two books is for Internal reporting vs. Income Tax reporting. All assets are assigned to both book and , for example, you might want to use straight line method for Internal reporting and use double declining balance for Tax.

Hope that helps clarify what the intended use of books are.

Warren

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foucsfei 100 on at

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Hello MPOLINOl

Thanks for your quick response:

I have run quite lots of testing but failed; My workaround is try to use class ID to separate LVP and regualr assets, My steps;

1. Setup a book called CORPORATE; this book will include both LVP (under 1000 AUD) and reguar assets(>1000 AUD)

2. Define Regular class and LVP Class

3. LVP is activated with 1000 AUD amount and define LVPMETHOD and link LVPMETHOD with book CORPORATE

4. define class/book , setup CORPORATE with regular class combination; however it will default to LVPMETHOD

5. add general assets or import general assets to FA00100 and FA00200; it is good for LVP assets

6. when I add asset with value more than 1000 AUD to this book, the error is that 'you can not transfer assets to low value asset group,the cost basis must be less than 1000 AUD;

This is the dilemma I am facing with;

By the way that we are not assign all assets to both book, we just have regualr assets in one book, LVP assets in another book;

Thanks

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PGS 1,150 on at

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Hi All,

I too have the same issue. The setup of LVP requires a LVP book that cannot be the existing Corporate book. One a new book is created for LVP obviously it cannot post to the GL, I incorrectly assumed that the LVP module setup would make it post to the GL. Just using the existing corporate book and using a class and depreciation method to simulate LVP doesn't depreciate assets correctly, that is what the LVP enhancement is for. It appears that there is no way yo post the LVP book to the GL, it needs to be done manually.

If anyone has any other thoughts please let us know.

Cheers

David

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foucsfei 100 on at

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Hi David,

You are right, Manual is the only way to make LVP post successfully, I remember that if you have set default book LVP in company setup, it will automatically post to LVP, but you will manually change for other books;

This is functionality design of GP2010, They will include this function in new release;

Cheers,

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