Microsoft Dynamics GP Fixed Assets

Code: 8511
Course duration: 1 days

8511: Fixed Assets I in Microsoft Dynamics GP 9.0 (1 Day)

About this Course

The one-day Microsoft Dynamics GP Fixed Assets course delves into the accounting cycle and the processes required to enter, depreciate, and retire fixed assets. This course shows you how to perform additional functions such as changing asset information, mass changes, partial transfers, partial retirements, and retirement undo.

A thorough understanding of these topics allows you to keep accurate records and learn to use comprehensive reporting features to present data in different ways. This course also teaches you how to define default values that automatically populate data fields and gather the information you need to make better business decisions by exploring powerful inquiry and lookup functions.

Audience Profile

Customers wanting to learn the basic features and to develop a working knowledge of the typical day-to-day procedures required to effectively use Fixed Assets.

The class is targeted toward data entry clerks, administrators; office managers, CEOs, and consultants who need to understand the technical aspects of Fixed Assets and gain foundational knowledge of the application functionality.


Before attending students should have:

  • General knowledge of Microsoft Windows
  • Basic knowledge of accounting principles

At Course Completion

After completing this course, students should be able to:

  • Perform all Fixed Assets related data entry functions including creating asset records
  • Maintain asset records using transfers, changes, and retirements
  • Print detailed reports to verify data and financial analysis for audit trail purposes such as posting journals, depreciation registers, financial details and other asset reports
  • Identify the impact of the Fixed Assets module on other Microsoft Dynamics GP modules
  • Troubleshoot and correct input errors including an incorrect posting period and how to delete records

Course Outline

Module 1: Introduction

This chapter gives students a general overview of the features and benefits of using the Fixed Assets module in an integrated environment. It also focuses on how this module integrates with other modules in the Microsoft Dynamics GP application.


  • What is a Fixed Asset?
  • Fixed Assets Features and Benefits
  • Fixed Assets Overview and Roadmap
  • Integration

After completing this chapter, students will be able to:

  • Identify the features and benefits available when using Fixed Assets
  • Discuss integration that takes place between Fixed Assets and other modules within the Microsoft Dynamics GP system
  • Identify the navigation used to access the windows for transactions, reports, utilities, routines, and inquiries in Fixed Assets

Module 2: Setup Procedures

This chapter focuses on the setup procedures for the Fixed Assets module. You examine in detail the options available to customize this module to reflect the way your organization does business. You set up assets so you can track the information that is crucial in a company. Time is spent discussing how to use asset classes and asset books to organize and ease data entry. The last step is to enter Beginning Balances for each asset when first implementing the Fixed Assets module. Once your Fixed Assets set up has been defined, there are many reports available to document the selected preferences.


  • Fixed Assets Setup Checklist
  • Company and Financial Setup Procedures
  • Build Fixed Assets Fiscal Calendar File
  • Enter Quarter Records and Synchronize to Fiscal Years
  • Purchasing Interface Options
  • Account Groups
  • Post Accounts
  • Insurance Class Records
  • Class Records
  • Book Records
  • Book Class Records
  • Fixed Assets Setup
  • Lease Company Records
  • Location Records
  • Physical Location Records
  • Retirement Setup Records
  • Structure Records
  • Fixed Assets User Preferences
  • Fixed Assets Setup Reports
  • Entering Existing Assets

Lab : Create a New Account Group

Lab : Verify and Explain the Trigger Account for Payables Management

Lab : Add a New Class

Lab : Add a New Book

Lab : Add book-Class Records for the Existing Books and Classes

Lab : Modify and Verify the Company Setup for Fixed Assets

After completing this chapter, students will be able to:

  • Customize settings for the Fixed Assets module
  • Create Asset Classes and assign assets appropriately
  • Create Asset Records
  • Enter beginning balances for each existing asset

Module 3: Daily Procedures

This chapter defines the ways that assets can be added in Fixed Assets. We explore the Payables Management and Purchase Order Processing interface as well as how to import new asset additions using the Asset Import/Export window. The major focus of this chapter is the interface from Payables and Purchase Order to Fixed Assets.


  • Fixed Assets Daily Procedures Checklist
  • Asset General Information
  • Asset Account Information
  • Asset Book Information
  • Asset Book ITC Information
  • Asset Insurance Records
  • Asset Lease Information
  • Asset User Data
  • Payables Management Interface
  • Purchase Order Processing Interface
  • Purchasing Transactions Integration Issues
  • Fixed Assets Inventory Reports

Lab : Manually Add the New Asset in Fixed Assets

Lab : Verify the Posting Accounts for a New Asset

Lab : Manually Add the New Asset to an Existing Book

Lab : Add the ITC Cost Information for the Asset in the Federal Book

Lab : Enter invoice in Payables Management to "Trigger" the Addition of an Asset in Fixed Assets

Lab : Create Purchase Order for Asset

Lab : Receive the Item into Inventory

Lab : Set Up Assets in Fixed Assets

After completing this chapter, students will be able to:

  • Add assets in Fixed Assets using various methods
  • Create book and class records in Fixed Assets and assign appropriate characteristics to an asset
  • Understand the interface from Payables and purchase Order to Fixed Assets

Module 4: Maintaining Records

This chapter examines the functionality available to maintain your Fixed Assets records. The process to perform depreciation projections, asset transfers, and asset retirements is covered in detail in this section. You look at the utilities that are used to ensure the integrity of your data such as file maintenance, reconcile, and deleting assets. Retrieving information is also a big focus of this chapter. Time is also spent discussing the inquiry windows and reports that can be generated from the Fixed Assets module.


  • Select Assets
  • Depreciation Projections for a single asset or group of assets
  • Changing Asset Information
  • Changing Asset Book Information
  • Mass Change
  • Transferring Assets
  • Mass Transfer
  • Retiring Assets
  • Mass Retirement
  • Retire Undo
  • File Maintenance
  • Deleting Assets
  • Reconcile
  • Retrieve Information
  • Fixed Assets Projection, Transaction, and Utility Reports

Lab : Create a New Asset Group

Lab : Project Depreciation for Group of Assets

Lab : Perform Inquiry and Print Projection Reports

Lab : List Choices Available When Changing a Depreciation Sensitive Field for an Asset

Lab : Apply Change to all Assets in a Specific Class

Lab : Transfer Assets from one Location to Another

Lab : Retire an AssetLab : Verify Quantities after Retirement

Lab : Undo the Retirement an Asset

Lab : Verify Quantities after undo Complete

After completing this chapter, students will be able to:

  • Select a group of assets
  • Perform depreciation projections for assets Change asset information
  • Transfer or retire assets
  • Inquire and report on asset transactions

Module 5: Period-End Procedures

This chapter examines the processes that are completed at the end of the month, period, calendar, and fiscal year. This chapter focuses on the errors that may cause Fixed Assets to be out of balance with the General Ledger.
You look at the reports and that should be printed prior to performing the closing process. Time is spent examining what actually takes place during the closing process and the two types of closings: calendar year and fiscal year.


  • Fixed Assets Period-end Checklist
  • Calculate Depreciation
  • General Ledger Posting
  • Reconcile Fixed Assets to General Ledger
  • Purge Purchasing Transactions
  • Fixed Assets Year End Checklist
  • Year-End Reports and Routine
  • Rebuild Fixed Assets Fiscal Year Calendar File
  • Purge Inactive Asset Records
  • Fixed Assets Period-end & Year-end Reports

Lab : Run Month-end Depreciation for All Assets

Lab : Post Month-end Fixed Assets Transactions to General Ledger

After completing this chapter, students will be able to:

  • Complete the processes that are performed at the end of an accounting period
  • Complete the processes that performed at the end of a calendar or fiscal year
  • Perform the Year-end closing process

Module 6: Appendix: SmartList

This appendix discusses the use of SmartList to access financial data. There are also optional exercises that can be completed by students if time permits.


  • Using SmartLists
  • Creating Objects
  • Using the Search Button
  • Saving New Objects as Favorites

Lab : Create a Sorting Option for the Default Fixed Assets Object

Lab : Modify an existing Fixed Assets Books Inquiry

Lab : Save Queries as Favorites

Lab : Create a Fixed Assets Purchase Inquiry

Lab : Export Data to Microsoft Excel

After completing this chapter, students will be able to:

  • Use SmartLists to access valuable financial data
  • Create new SmartList objects
  • Use the Search button to manage the information in a view
  • Explain the various options that are available when using SmartLists

Module 7: Appendix: Case Study

This case study is a comprehensive lab used to reinforce the learning that has occurred throughout the Fixed Assets class.


  • Close the year
  • Enter the Payables Invoice
  • Add Assets
  • Create an Asset Group
  • Transfer assets to a new GL Account
  • Depreciate your assets and post to General Ledger
  • Create a SmartList query
  • Export data to Microsoft Excel

After completing this chapter, students will be able to:

  • Understand the necessary processes to set up and manage their Fixed Assets module
  • Have more confidence in their ability to use Fixed Assets in their company

Guaranteed to Run

2020-11-02 09:00 to 2020-11-06 17:00
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2020-09-24 09:00 to 2020-09-25 17:00
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2020-08-25 09:00 to 2020-08-28 17:00
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2020-08-24 09:00 to 2020-08-28 17:00
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2020-08-18 09:00 to 2020-08-21 17:00
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2020-08-17 09:00 to 2020-08-21 17:00
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Greenwich, Connecticut (Virtual Instructor-Led)
2020-08-06 09:00 to 2020-08-07 17:00
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