How to configure Fixed asstes Module in Ax2012

Flowchart: Configuring Fixed assets

Dynamics AX 4.0

2 out of 2 rated this helpful - Rate this topic

Fixed assets are items of value owned by an individual or corporation; these items include buildings, vehicles, land, and equipment. Fixed assets can be converted to cash.

In the Fixed assets module, you can set up and enter acquisition information for asset records, and then manage your assets by depreciating them, calculating adjustments, and also disposing of them.

When you use General ledger with Fixed assets, you can view the current value of all assets. Some features of Fixed assets are country/region-specific. You can use Fixed assets with Accounts receivable, Accounts payable, and Inventory management.

Prerequisites

• Set up the Administration module.
• In the Basic module, create and modify number sequences in the Number sequences form. These handle automatic allocation of voucher numbers, invoice numbers, and journal numbers.
• Set up the General ledger module.

Optional

If you want to use Fixed assets with Inventory management, Accounts receivable, or Accounts payable, you must set up those modules. For more information, see Flowchart: Configuring the Inventory management module, Flowchart: Configuring the Accounts receivable module, and Flowchart: Configuring the Accounts payable module.

For specific details about the relationship between modules, see Fixed asset integration.

Flowchart

See Fixed assets flowchart for print version.

The main setup forms of Fixed assets

The forms that a company must set up to use the basic functionality of the Fixed assets module are listed in the recommended order that you should set them up.

1. Create and manage templates for journals in the Journal names form. Each journal name contains a voucher series, offset account, and other information that is reflected in the journals that are created from those templates.
   For complete guidelines, see Journal names setup (Form).
2. Set up depreciation book journal names in the   form. This form is available only if the Fixed asset depreciation booksconfiguration key is selected.
   For complete guidelines, see Depreciation book journal name (form).
3. Create and modify depreciation profiles in the Depreciation profiles form. These contain the calculations that the value of depreciable fixed assets is reduced by over time.
   For complete guidelines, see Depreciation profiles (Form).
4. Create calendars to use for depreciating fixed assets in the Fixed asset calendars form.
   For complete guidelines, see Fixed asset calendars (form).
5. Create value models and attach them to fixed assets in the Value models form. Value models change the financial value of a fixed asset over time for various purposes, such as accounting depreciation, tax depreciation, revaluation, and disposal.
   For complete guidelines, see Fixed asset value models (Form).
6. Create depreciation books in the   form. Each depreciation book must have an ID that is unique from all value model IDs and depreciation book IDs. This form is available only if the Fixed asset depreciation books configuration key is selected.
   For complete guidelines, see Depreciation books (Form).
7. Set up the asset group that defines asset characteristics in the Fixed asset groups form. These are groups such as type, number sequence, default value models, and default depreciation books.
   For complete guidelines, see Fixed asset groups (Form).
8. Create a posting profile in the Posting profiles form. This includes the ledger accounts that fixed assets transactions are posted to.
   For complete guidelines, see Fixed asset posting profiles (Form).
9. Set up fixed asset parameters in the Parameters form. These include various types of functionality, default information to be used, and number sequences.
   For complete guidelines, see General ledger parameters (Form).

The optional setup forms of Fixed assets

The setup of the Fixed assets module includes a number of other steps beyond the basic functionality.

The additional setup forms are organized by functionality and are not required to be completed in a specific order.

Journals

• Create transaction text in the Transaction text form to use for automatic postings to the General ledger.
  For complete guidelines, see Transaction texts (Form).
• Set up inventory journal names in the Journal names, Inventory form to transfer inventory to fixed assets.
  For complete guidelines, see Journal names, Inventory (Form).
• Create, manage, and view the company’s general ledger accounts in a structured list in the Chart of accounts form. The general ledger accounts contain the financial data about the company's activities.
  For complete guidelines, see Chart of accounts (Form).

Depreciation

Set up bonus depreciation in the   form. This is used to calculate bonus depreciation amounts through the bonus depreciation proposal process. This form is available only if the Fixed asset depreciation books configuration key is selected.

For complete guidelines, see Bonus depreciation (form).

Consumption

• Set up units in the   form to use for unit prices and proposals for fixed assets. Examples of units include km, kg, and hour.
  For complete guidelines, see Consumption units (Form).
• Set up the consumption factors that you can select for value models in the   form.
  For complete guidelines, see Consumption factors (Form).

Other

• Set up the revaluation groups in the   form. These are used in the fixed asset journal for revaluation proposals and for individual value adjustments of revaluation transactions. This form is available only if the   configuration key is selected.
  For complete guidelines, see Revaluation groups (Form).
• Create identifiers for the locations of your fixed assets in the   form.
  For complete guidelines, see Fixed asset location (Form).
• Create sorting options in the   form. These options are then available from the Fixed assets form.
  For complete guidelines, see Fixed asset sorting (Form).
• Create the rows of the fixed asset statement and define the row type for each row that you create in the Fixed asset statement rows form.
  For complete guidelines, see Fixed asset statement rows (Form).
• Set up controls for ownership period in the Provision types form. The provision type is used to determine whether a provision for reserves should be generated during the disposal process for any profit amount. Then it is used to determine the maximum length of time that can pass before the provision reserve is transferred to a new asset or the profit must be recognized.