How to: Update an Asset’s Fixed Asset Group and Books in D365

Posted on: July 21, 2021 | By: Lauren Yang | Microsoft Dynamics AX/365, Microsoft Dynamics Manufacturing

In the Dynamics 365 community, a general rule of thumb is that once the system is configured with specific intentions, it can sometimes be difficult to deviate from the logic derived by those configurations. This is especially true once transactions have been posted. However, where there is a will, there is a way! Below are two methods that demonstrate how to change an asset’s fixed asset group and book (one prior to posted transactions and one after transactions have been posted). 

  1. First, travel to Fixed assets > Fixed assets > Fixed assets to find a list of your assets. 
  2. From the list of assets in the grid, select the fixed asset you would like to update. From there you can update information in any of the fast tabs (General, Technical Information, Insurance, Location, etc.). Just make sure you click the Edit button in the top left-hand corner to change the fields. 
  3. Click Change fixed asset group. 
  4. In the New group field, enter or select your new fixed asset. Select the option for New fixed asset number to assign a new number for the asset. 
    • The Fixed asset number field is available if you select the New fixed asset number option. If automatic numbering is set up for fixed assets, this field shows the next available fixed asset number. You can change the number. If manual numbering is set up, this field is blank and you must enter the new fixed asset number. 
  5. Click OK. 
  6. Click Yes.

Please note that you will now have to change the books to match the new fixed asset group. This can easily be done if the asset is yet to be acquired in the fixed asset journal (no posted transactions). 

  1. Go to the Books form of the asset and select the current Book. 
  2. Then click Delete, and then click Yes to confirm the deletion.
  3. Now, click the New button at the top of the screen and select the updated book for the fixed asset group.
  4. Update acquisition price and date in the general tab. Update any depreciation dates and useful lives in the depreciation tab.
  5. Finally, update your financial dimensions in the financial dimension tab.
  6. Close out of all forms and click refresh at the top of the screen to see your updated asset.

There is an alternative method for changing an FA group if the fixed asset already has a couple of months of transactions (acquisition, depreciation, adjustments). This is probably more applicable to a real-life issue you may encounter. Please follow the directions below on how to complete this type of situation. 

  1. First, you must create a new fixed asset under the new fixed asset group name. Fill out all the necessary information (acquisition date, acquisition price, depreciation start date, depreciation last run date). 
  2. Secondly, go to the books of the asset you are changing (or eliminating per se). A very important step- click the check box to allow the netbook value to be negative.
  3. Next, go to your fixed asset journal and use the fixed asset journal you use to acquire assets, and click the lines at the top of the form. 
  4. In the lines of the journal, enter the transaction type acquisition adjustment for the first line and choose the asset you would like to eliminate. The amount should be the initial book value of the asset and in the credit field. In the second line, enter the transaction type acquisition and choose the asset you newly created. Debit the same book amount as you credited. Also, be sure to delete any values in the offset account. Validate and post the journal, then close out the form.
  5. In the fixed asset journal, create a new journal and select the journal you use to adjust depreciation. Click Lines. 
  6. In the lines, choose the transaction type Depreciation adjustment and select the asset you are eliminating. Next, type in the accumulated depreciation the asset has in the debit field. Enter to a new line below and change the transaction type to Depreciation adjustment. Choose the new asset you recently created and enter the same amount as before in the credit field. Ensure that all values in the offset accounts have been deleted. Validate and post the journal then close out of all forms. 
  7. Go back to your list of assets and find the asset that was recently created. Go into the books of that asset and enter the correct amount of depreciation periods remaining and the date when depreciation was last run (the depreciation adjustment does not automatically change these fields and it must be done manually to be in line with the remaining depreciation). Close out of this form when you are finished. 
  8. Finally, find the asset you want to eliminate and go its books. In the general tab, change its status to Closed so no additional transactions can take place on the asset. 

Next Steps  

If you are interested in learning more about fixed asset groups as well as maximizing the use of Microsoft Dynamics 365 for Finance and Supply Chain Management contact us here to find out how we can help you grow your business.  You can also email us at info@loganconsulting.com or call (312) 345-8817.



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