Ensuring your fixed assets are reported accurately as well as scheduled appropriately ensures your business can run smoothly. It can be, however, a complicated task. You have to make sure what you have on the books aligns with what’s in stock in real time. The numbers are moving at sometimes a fast pace, but you need an updated report at all times.
Keeping tabs and reporting fixed assets can seem like a daunting task, especially when assets can change almost daily. However, with Microsoft Dynamics® GP, the keeping fixed asset reporting current is a little easier.
It’s important to maintain good records on fixed assets, from acquisition to disposal, for financial, tax, and regulatory reasons. Keeping accurate records will also keep the overall balance sheet accurate so that you can keep an eye on the financial health of your company. Maintaining good asset records is one tool to help you make better informed business decisions.
Microsoft Dynamics GP offers flexible entry options so that users can keep up with entries quickly and easily. Fixed assets can be entered in groups and data can be sorted and selected based on common characteristics. Once entered, information can be easily changed for a single asset or a group of assets. As asset information is changed, multiple depreciation values can also be changed, as appropriate. Fixed asset depreciation can be calculated for historical, present, and projected for future periods. Any number of standard and customized reports can be used for general ledger posting.
Depending on how often fixed assets may change, a physical inventory should be completed periodically to align the books with real time stock. Business does not have to stop in its tracks for great lengths of time to complete an inventory. Microsoft Dynamics GP allows any number of users to track and locate assets listed on the books and easily eliminate ghost assets. With the bar code system, fixed assets can be located immediately with a physical location ID. Missing or misplaced fixed assets can then be reconciled in the software. Fixed assets can also be reassigned to a new ledger account, property tax location, physical location, or structure. Microsoft Dynamics GP also provides for the full or partial retiring of one asset or a group of assets.
Contact us to see how maintaining up-to-date fixed asset reports don’t have to be complicated or time consuming. Microsoft Dynamics GP can keep track of fixed assets as quickly as is needed so that your business can run smoothly and without interruption.
By Zeal Solutions, a Chicago Microsoft Dynamics GP Partner
Zeal Solutions is a leading Microsoft Certified Partner specializing in agile Microsoft Dynamics ERP Accounting Solutions and is specifically dedicated to the implementation, training and support of Microsoft Dynamics GP and CRM. Zeal Solutions offers the full suite of Microsoft Dynamics applications including: Financial, Distribution, Manufacturing, HR/Payroll and Customer Relationship Management (CRM).
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