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Best approach to track CIP invoices and move to a fixed asset

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Posted on by Michael agostini

Dear Microsoft Finance Community

Some of you have been responding to my previous ticket about fixed assets and I have decided to open a new ticket and try and be as clear as possible with the clients requirement. At this point I am stating the requirement and am open to solutions.

Please note the projects module is not in scope.

BASIC REQUIREMENT

The client is currently doing all Fixed Assets in Excel including depreciation
They currently book all assets to a CIP account and move to a fixed asset manually via journal entries
Note both these points are how they do it in there old ERP
They do not want to use D365 PO fixed asset functionality
They are apprehensive about using an invoice journal with a fixed asset record because they have concerns AP may make errors.

Question is how do we do the following:

Process normal assets not part of a project (CIP). They will be paid using an invoice journal.

Process invoices to be booked to a (CIP) account and moved to a fixed asset when project is complete. In this scenario they want a record of all invoices that are associated with the new asset. I cannot use the split functionality because it just copies over one amount.

Thanks

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brjo Microsoft Employee on at

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Sorry, I'm not sure I understand the nature of the question(s) overall.

When you say the client doesn't want to "use D365 PO fixed asset functionality", are you just referring to the creation / acquisition of the asset?

What is meant by "process normal assets"?

Is the entire scope of this thread about the creation of assets?

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Frank Hamelly | MVP... 46,627 Moderator on at

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The most elegant method would be to use Project accounting and create an investment project which stores all the relevant costs associated with the asset while it is in process, then when you complete the project, the fixed asset gets created with all the underlying project details available. Other than that, you're looking at some manual work-around.

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Michael agostini on at

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Dear Brandon,

The client requirement is evolving.

As mentioned they have multiple internal projects and need to track the costs of these projects and them move them to a fixed asset.

They do not want to use projects module.

I believe one good approach would be to create a CIP fixed asset for each STORE they build and just book the invoices to that asset (using an invoice journal).

When the project is done we an transfer from the CIP asset to the regular depreciable asset.

Thoughts...

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Michael agostini on at

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Project module is not in scope.

Thanks

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