Fixed Assets Setup NAV 2009

Introduction

Microsoft Dynamics NAV 2009 Fixed Assets Provides a fully integrated Fixed Asset management functionality. This functionality helps a company to keep track of all information relevant to Fixed Assets, such as maintenance costs and schedules, acquisition costs, and related insurance information.

Fixed Assets has unlimited depreciation books, in addition, all of the ordinary depreciation methods are available, including the ability to create custom depreciation methods.

Preparation

Before processing with Fixed Assets, in NAV 2009, the following areas must be set up:

• Fixed Assets Card
• Fixed Assets Posting group
• Depreciations Books
• Depreciation Tables
• Fixed Assets Journals

Other features are possible in Fixed Assets:

• Main Assets with Asset Components
• Recording opening transactions
• Duplicate entries to the Depreciations Books
• Copying for fixed assets and Fixed Assets ledger entries

Fixed Assets Setup

Use the Fixed Assets Setup page to specify the default settings for the Fixed Assets. To access the Fixed Assets Setup page, from the Navigation Pane click Administration > Application Setup > Financial Management > Fixed Assets > FA Setup.

This Window contains two FastTabs :- General and Numbering

General FastTab

This tab contains the basic setup fields for Fixed Assets.

The Default Depr. Book field contains the default depreciation book. Notice that having a default does not prevent the existence of multiple depreciation books.

If the asset is split into main assets and components, you can keep track of the components by posting directly to a main asset. Select the Allow Posting to Main Assets option to post to a main asset.

If the configuration includes insurance facilities, enter a code in the Insurance Depr. Book field to enable the posting of insurance coverage ledger entries. This code is the Default Depreciation Book. The Default Depreciation Book must be set up before the Insurance Depreciation Book. The code in this field is also used when a fixed asset is sold and the values from insurance policies changes.

If the Automatic Insurance Posting field is selected, the program allows for the acquisition costs posted to fixed assets to automatically post to the insurance coverage ledger.

Number FastTab

The Numbering FastTab has two fields:

• Fixed Assets Nos.
• Insurance Nos.

Both fields are used to assign a number series for the fixed assets and the insurance policies that cover them.

Fixed Assets Posting Groups

Fixed Assets Posting Groups must be set up to relate transactions to the fixed assets. This positing groups is set up in the FA Posting group page.

To open the FA Posting Groups page, in the Navigation Pane: click Departments > Administration > Application Setup > Financial Management > Posting Groups, and then select FA Posting Groups.

FA Posting Groups

Enter a code for each group of assets and specify the following G/L accounts for different types of expenses and costs:

• Acquisition costs
• Accumulated depreciation amounts
• Acquisition costs on disposal
• Accumulated depreciation on disposal
• Gains on disposal Losses on disposal
• Maintenance expenses
• Depreciation expenses

Allocation

The Allocation option shows an overview of the allocated percentage on the different types of expenses and costs with an asset.

To set up allocation keys, select Related Information, point to Posting Gr., click Allocations, and select the type of expense to allocate to.

Select an allocation type to open the FA Allocations page.

Use the FA Allocations page to specify the account number and general ledger to post to, and allocate the percentage for that particular asset.

To use Global Dimensions, select Related Information, point to Line and then select Dimensions. Set up the Dimension Code in the fields in the lines.

NOTE: When you use the allocation of posting types in posting groups, the program produces one G/L ledger entry for each allocation and for each asset. This depends on how many assets you have linked to it.

All types of asset transactions are listed with the total allocation percentage amount.   

To view the detailed allocations for each transaction type, click each type to view it's capability in the FA Allocations page.