Utilizing the Split Fixed Asset function in Microsoft Dynamics AX 2012
Posted on: January 14, 2016 | By: Jarrod Kraemer | Microsoft Dynamics AX/365
One of the sentiments of the New Year is the notion of change and improvement. In a lot of companies, fixed assets may be neglected and their information poorly kept up to date. Also, an audit of your financials, including of your fixed assets, may be in your near future! In this blog, we will go through the steps of utilizing the function to split a fixed asset. This tool could become quite useful for you if you are looking to clean up your assets for 2016 and beyond. Please follow the steps below.
Firstly, travel to this address to find a list of your assets (depending on what company your assets reside in).
Before splitting your fixed asset, you must have another asset created. Ensure that you have all necessary fields filled out in creation. The reason will become clear in a few steps.
Double click on the asset you would like to split and then click the value models button at the top of the form.
At the top of the value models form, click the Functions button and then select Split fixed asset.
It will bring you to this form. In the To fixed asset field, select the asset in which you just created. Next, select the appropriate value model and transaction date. The percent field will determine what percentage of the book value of the original asset will be accounted for in the new, split off asset. Example: If the asset’s original book worth was $100K and you select 50%, then the new split asset’s book worth will be $50K. The original asset’s book value will now be 50% of its original value, or simply down to $50K as well. Select a fixed journal in the name field and click OK.
Once clicking OK, the Infolog will provide you with information on where to complete the transaction.
Travel to the address below and click on Fixed assets to access your fixed asset journal to complete the transaction.
Find your Split fixed asset journal and click the Lines to enter the journal.
Validate the journal and post. Note: This function accounts for any depreciation expense the previous asset may have incurred over its service life and adjusts for the new asset.
Travel back to your fixed assets list page to see the new book values for your assets.
We hope that this quick tutorial has provided you with knowledge on how you can improve the accurateness of your assets’ information.
For additional information please feel free to reach out to us at firstname.lastname@example.org or (312) 345-8817.
All the best!
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