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Fixed Asset Management In Microsoft Dynamics GP

A Surprising Tip for Fixed Asset Management in Dynamics GP

Microsoft Dynamics® GP has strong fixed asset accounting functionality. Using Dynamics GP, you can easily calculate depreciation, import asset information from other sources, assign assets to groups for easier management, transfer an asset to a new general ledger account or property tax locaton or retire an asset our group of assets either partially or fully.

Where Dynamics GP must be augmented, however, is where the assets themselves are tracked with regard to location and custodianship. That is why a barcode scanning extension for fixed asset management becomes essential. This type of extension will update Dynamics GP in real time to:

  • Associate the asset. Easily associate a new barcode asset tag to your existing assets. Filter the asset list by location, class assignment, or serial number to quickly locate and assign barcode tags.
  • Add a new asset. Tag it, scan it, and record key details about your new asset. Easily add the serial number, description, starting location, and more. Automatically create the corresponding receiving transaction if using a GP purchase order.
  • Update the asset. Access important asset details with a simple scan of the barcode. Quickly assign or re-assign who has it and where it’s located. With support for GP’s user-defined fields, you can tailor what information can be updated.
  • Validate the asset. Like a “physical inventory” for your assets, confirm that you have accurate location information for every asset. Find an asset out of place? Easily update the location on-the-fly and automatically log the exception.

Yes, Panatrack offers software to handle all of these tasks, updating asset data in Dynamics GP in real time. However, it may surprise you to know we suggest you get started on effective asset control even before you implement PanatrackerGP for fixed asset management.

The software that feeds asset data into Dynamics GP from barcode scanning is the core tool that ensures the fixed asset register is current. But the asset tag placed on each asset by itself plays an important role in your fixed asset management program because it uniquely identifies each asset. Panatrack recommends purchasing pre-printed serialized asset labels made of material that will last as long as the asset itself. Include your company name on the label for anti-theft and security identification.

You don't need our software to get started with a more controlled approach to fixed asset management. Labeling each asset and recording the tag number in an ad hoc system like a spreadsheet will be a good first step. We'll even help you find labels or the right label material, if you prefer to print your own labels. It may seem counter-intuitive for us to help you begin managing our assets even before we have established a business relationship. But we know that by undertaking this excercise now, you will be that much further ahead once we do start working together to implement a seamless and effective fixed asset management control program in your organization!

This is just one of the tips you'll find in our new executive brief, 3 Fixed Asset Management Tips for Microsoft Dynamics GP. Download this quick read today and start your journey towards fixed asset control and management that will inspire confidence in the contents of your fixed asset subledger.

 

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