I love challenging customers (and partners) to use their Microsoft Dynamics GP system in very innovative ways. I like hearing things like 'this cannot be done' or 'there isn't a way to do that'. If there is a way, trust me, I will find it! One of these ways came in the form a simple question: how would you take an item that is already in inventory and move it to Fixed Assets?
Right off the start gate, I can think of 3 different ways to do this, but the solution I like the most because of its elegance and simplicity is as follows:
1. Setup an inventory site called FA and one called VIRTUAL or I/O (typically you will already have one of these setup if you have been using Inventory Control for a while).
2. Use the In-Transit Trasfer Transactions to transfer from your warehouse to the FA site using VIRTUAL as via site. Click on the Ship button to initate the 'transfer' to a Fixed Assets. In turn, this should create and in and out to your Inventory account -- so far good!
3. Open the Receiving Transaction Entry window in GP and perform an In-transit Inventory receipt type.
4. Select the In-Transit Transfer number and select the item to be transferred to a Fixed Asset.
5. Open the Receiving Item Detail Entry window then mark the Capital Item option.
6. When you click the Capital Item checkbox, click on the expansion button (blue arrow) to open the FA PO Additional Information window to add the asset information.
7. Post the receipt.
Since the Purchase Order Processing module uses a Fixed Assets clearing account to capitalize an item, you should be fine (accounting wise) once the asset is created in FA and you run your FA GL posting routine. There you go! No need to create additional vendors or customers or perform extra gimmicks.
Until next post!
Mariano Gomez, MVP
Maximum Global Business, LLC