The GP functionality of adding the appropriate sales tax and freight to the matched invoice document in POP does not take into consideration adding the value of those additional costs to the fixed asset that is being purchased when using the Fixed Asset module.
The steps below will get those costs into the fixed asset module as well into the individual assets that they are associated with.
1. First, create a purchase order with one line and a quantity of more than one for assets, generate a shipment record with the Create Multiple Fixed Assets checkbox checked in the FA PO Additional Information window and post the document.
2. Next, create a matched invoice record against the shipment document and modify the extended cost of each line item with the appropriate amount of tax and or freight and delete the amounts from the Freight and Tax fields at footer of the document.
3. A warning message will appear telling you that there is a difference and asks if this is correct, select “yes.”
4. In the Distribution window, use the fixed asset clearing account for the difference and post the document.
5. In the Asset General Information window type in your next asset ID and suffix number, then click on the “Purchase” button at the top of the window. Now you should see the number of assets from the shipment with the cost from the original PO and you should also see the added value for the sales tax and freight as one separate transaction.
6. Check the box associated to the first asset document and the tax/freight document, then click “select” at the top of the window.
7. Click on the blue arrow next to the Acquisition Cost field and modify the Acquisition Cost amount associated to the tax/freight entry (only one asset worth).
8. The acquisition cost of the first asset is accurate and the balance of the modified tax/freight document amount will remain in the Purchase window once the first asset record is completed and saved.
9. Follow steps 5 – 8 until all asset records have been selected and the tax/freight document has a zero balance and is no longer available in the Purchase window.
If you have any further questions regarding Microsoft Dynamics GP, please feel free to contact FMT Consultants at (760) 930-6400 or email us at firstname.lastname@example.org.
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