Dynamics 365 Business Central delivers a complete view of your fixed assets with key information in a single location. Not only can users enjoy the ease of reports and save time by maintaining data in one spot, but eliminating the need to enter data from one application to another significantly reduces the risk of data entry errors. Microsoft Dynamics 365 Business Central allows you to keep track of budgeted assets, main assets and components, maintenance costs, scheduled maintenance, warranty dates, and insurance policies to provide greater visibility and enable better business decisions.
Business Central allows you to add a budgeted asset in order to budget depreciation for planned purchases. When the item is purchased, you can assign the budgeted asset along with the purchased asset on the purchase line which will remove the asset from the budget. You can also delete the asset if it is no longer planned to be purchased. As a budgeted asset, the depreciation will show on the reports for the expected period.
Do you have multiple fixed assets that are related to one overall project? Business Central allows fixed assets to be linked together as one for reporting purposes. It’s as easy as setting up the fixed asset card for all fixed assets individually and then assigning the components to the main asset. Fixed assets can be acquired at different times and still have a main asset/component relationship.
This function allows companies to easily recognize fixed assets that are related one another, and determine the total cost related to an overall project. The report can be ran totaling the main assets and components as one or list each fixed asset separately, depending on your audience and needs.
The fixed asset card in Business Central allows you to keep track of key information regarding maintenance on the asset. It allows you to list the vendor number for the purchase, the maintenance vendor number for the company that provides maintenance, note whether or not the asset is under maintenance, the next service date, and the warranty date. The use of the maintenance register allows you to see all services and comments related to any service completed on the asset.
When entering a purchase invoice for maintenance costs, you can easily select the fixed asset and maintenance type. Assigning maintenance costs to the purchase invoice enables you to view total expenses related to a fixed asset by reviewing the statistics within the fixed asset card.
By setting up insurance policies within Business Central, you can assign a fixed asset to the policy. As fixed assets are acquired or disposed, you can easily see if your insurance policy coverage needs to be increased or decreased —limiting the risk of being under insured and avoiding the extra premium cost of being over insured.
When it’s time to renew your policy, you can quickly review the documents from your insurance company to ensure you are correctly insured – also, make sure you don’t forget to remove or add an asset to your coverage. Any changes to the policy can easily be updated on the insurance policy card within Business Central.
As you can see, the fixed asset functionality in Dynamics 365 Business Central enables more than recording acquired cost and depreciation for an asset. It allows you to track insurance policies, maintenance, and link multiple assets together. Decision makers within the company can see key information on current assets, budgeted assets, and insurance policies all within Business Central.
Watch this on-demand webcast to learn more about Dynamics 365 Business Central capabilities across Financials, Projects, Job Cost and many more business functions.