Introduction to Fixed Assets in Microsoft Dynamics 365 Business Central

In our latest training demo, Tensoft provides a quick introduction to fixed assets and its capabilities in Microsoft Dynamics 365 Business Central.

Below is a partial transcription of this training video:

“Business Central comes with a full fixed asset module here. We look at an asset, adding them, we can have multiple books, for example, you know book that post versus tax books and an unlimited number of books that you can have. I’ll pull up an existing asset and we will kind of go through some of the things that are system defined versus some of the things that you can also define as user-defined tags and pieces of information you may want to track for your asset.

You can set up the assets in a card, you can also purchase assets through the purchasing module as well. So, in general that’s done through a clearing account. So, if you know you’re buying an asset, you don’t know the cost yet, it does integrate with purchasing POs and purchase invoices as well.

So, for today, we’re just kind of in the fixed asset management module.

Fixed assets themselves, I’m letting the system number them but if you have an internal numbering convention for the assets that can be manually done as well, and you can set up your own numbering sequence in here.

So, if you have some internal alphanumeric characters or just numeric characters you have, you can set. The system is flexible enough to handle user defined numbers, manual overrides, as well as what the system will come with. A couple of important things think we’re all probably familiar with Assets in general is, we have some codes, a ‘Class Code’ that we can put in here. I have two- TANGIBLE and INTANGIBLE. These are user defined lists. So, if there are other groupings that you’d like to put here, other ways that you describe your assets or just kind of tag them, again that’s used refined.

The ‘Subclass Code’ is as well. So, within a class code, you know, what type of assets do we group things by- furniture, land, computers, servers, things for your shows. So again, just kind of putting some tags user defined. So, no limit to the tags that we can add and assign to our assets. So, we’re not stuck to some system defined lists for these.

You can have main assets and components. I don’t have that turned on today. But if you have, if you’re buying a bunch of small pieces and they’re going to be maybe put together and grouped into a main asset, you can set an asset as the main asset, where there’s components under it and maybe each one of those components, maybe some of them have different lives for different maintenance periods, right that they need to be swapped out and then added to the main asset. So, the system does have the capability of classifying an asset as a main asset and linking what would be considered component assets to that asset.

Under the book area, this is where we can define our depreciation codes. Books are also user defined. I happen to call one company TAX BOOK. You may call it internal and then maybe federal taxes, state taxes or whatever you would like to define the books as but the books is what carries our depreciation rules…”

Other demo videos to watch:

• Overview of Accounts Payable in Dynamics 365 Business Central
• How to Create a Journal Entry in Microsoft Dynamics 365 Business Central
• How to Use GL Categories for Financial Reporting in Microsoft Dynamics 365 Business Central