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Dynamics F&O - Fixed Asset Statuses/Transfers

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Posted on by DanielGarcia

I need to know how I can create a fixed asset from an expense account (or other) while still keeping it in the not acquired status. I have tried creating the fixed asset manually (outside of the PR/PO process) and then moving the balance with a journal entry however the movement of the balance simultaneously places the asset in the acquired status. Can do this while keeping the status as not acquired? Or can I change the status back to not acquired? Currently if I manually try to change the status back to not acquired I get an error saying "The status of the fixed asset cannot be changed to Not yet acquired."

Reason for needing this is sometimes my company will buy, receive, and pay for an asset however due to reasons, it is not able to be placed in service immediately so it is essentially stored until it is ready to be used and then is placed in service.

Let me know if more detail is needed to provide a response.

Thanks

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Frank Hamelly | MVP... 4,034 Super User 2024 Season 2 on at

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RE: Dynamics F&O - Fixed Asset Statuses/Transfers

1. You can reverse the Acquisition transaction in the Fixed asset book. Note that ths creates a reversing journal and also places the status of the asset back to "Not yet acquired".

There's an out of the box inquiry for Fixed assets not acquired.

2. I would post a journal entry to reclass the asset from Expense to a "Fixed asset clearing" GL account. Then, manually create the asset record in Fixed assets and leave it unacquired. When you acquire the asset, make sure the offset account in the Acquisition journal = Fixed asset clearing.
DanielGarcia 16 on at

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RE: Dynamics F&O - Fixed Asset Statuses/Transfers

1. Reverse the acquisition as in reverse the transaction that was just put in or only the acquisition?

2. For example, say a fixed asset was procured incorrectly and not identified as a fixed asset thus leading it to be fully expensed immediately (or placed in any account just not a fixed asset). I want to know how to move the balance from the incorrect account and create a fixed asset from that balance while keeping it in the not acquired stage and not placing it in service to being depreciation.
DanielGarcia 16 on at

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RE: Dynamics F&O - Fixed Asset Statuses/Transfers

That does make sense. The only concern is that we would like to track and maintain assets not yet placed in service in the not acquired status to know what is not being depreciated yet. Is there a report or filter to only see assets not yet placed in service? This may resolve our issues even if we need to manually remove the placed in service date when posting to a fixed asset if not ready yet.
André Arnaud de Cal... 291,458 Super User 2024 Season 2 on at

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RE: Dynamics F&O - Fixed Asset Statuses/Transfers

Hi Daniel,

When posting a balance to the fixed asset the status will change. This is not an indication if the asset is placed in service. On the asset book, you can set the placed in-service date and manage the start date of the depreciations. When you don't have a start date yet, disable the option to allow for depreciations.
Frank Hamelly | MVP... 4,034 Super User 2024 Season 2 on at

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RE: Dynamics F&O - Fixed Asset Statuses/Transfers

1. You can reverse the Acquisition transaction in the asset book, which should put it back to non-acquired.

2. When you say you want to create an asset from an expense account, what does that mean?
DanielGarcia 16 on at

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RE: Dynamics F&O - Fixed Asset Statuses/Transfers

Addition: I know we have some non out of the box modifications to our set up so let me know if something doesn't make sense.