Fixed Asset set up on already aquired assets

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Does anyone know how you create a fixed asset when you have already acquired it? I know how to follow the correct process but what do you do if you acquire something then at a later date decide it should be an asset

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Hasitha Jayasuriya 645 on at

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HI Nina,

What did you purchase the Fixed Asset as the first time ?

Regards,

Hasitha J

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We've just moved last week on to Nav and in our old system the fixed asset register wasn't linked so we could purchase assets code them to FA in the balance sheet then set the asset up seperately. (you can see why we've moved on!) unfortuntely a couple of assets slipped through the net on crossover and weren't set up so now I'm struggling to create then in nav as it keeps saying we need to aquire it

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tpupko 2,048 on at

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Hi Nina,

You can use one FA card with two depreciation book , one for accumulate cost amount and second one for accounting FA

or

use or two FA one for accumulate cost and another one to decide it should be FA.

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Hasitha Jayasuriya 645 on at

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Hi Nina,

The Good news is there is a solution. The bad news is i'm going to need more information and the process i'm about to suggest could be lengthy ..

I've got a couple of questions for now

1. Now is it correct if I assume that cost of the fixed asset is in the G/L account ?

2. Do you have separate G/l accounts to record the Acquisition Cost of Fixed Assets, Sales or Disposal of Fixed Assets and Accumulated Depreciation ?

3. Can you accurately find out the Acquisition Cost of the Fixed Asset and the Accumulated Depreciation for the Fixed Asset ?

4. Does the G/L account have "Direct Posting" disabled ?

Regards,

Hasitha J

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Thank you

1. Yes the cost is currently sitting in prepayments

2. Yes we have all 3 of those codes

3. Yes I have the cost value and as yet no depreciation has been charged as we only puchased in in June

4. Direct posting box has a tick in it

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Hasitha Jayasuriya 645 on at

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Hi Nina,

What do you mean the cost is sitting in the Prepayment Account ? Shouldn't the cost be in a Fixed Asset G/L account ?

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RobertasR 5,004 on at

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Hi Nina

I'ts not uncommon to purchase FA into G/L and then move the acquisition cost onto the FA Card. First of all, you have to have the FA card created, with all depreciation books, posting types, etc.

Then use 'FA G/L Journal' to move the cost from the G/L onto the FA, by putting 'Account Type' as 'Fixed Asset', 'Account No.' as your FA number, FA transaction type as 'Acquisition', the amount as the acquisition amount, and balance with your G/L Account.

Robertas

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tpupko 2,048 on at

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Hi Nina,

Do you have amount for couple of assets on GL account or on another FA?

You can create correct FA card and create 3 lines in FA GL journal with one posting date and one document number.

FA1 - acqusition cost amount

FA2 - acqusition cost amount

FA3 - acqusition cost - amount or GL account - amount

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Community Member on at

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This is exactly what I needed to do, thank you its worked perfectly

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