ERP Evaluation: Fixed Assets in Microsoft Business Central

When choosing your next or upgrading your existing ERP system, there are typically numerous key “must-have” business management requirements.  When we discuss ERP Evaluations, one of the more popular systems is Microsoft Dynamics 365 Business Central, formerly Microsoft Dynamics NAV “Navision”.  Microsoft Business Central is a true Enterprise Resource Planning System with vast business functionality including robust financial management capabilities.  This post will highlight ERP Functionality with Fixed Assets in Microsoft Business Central.

In Microsoft Dynamics 365 Business Central you can keep track of fixed assets such as buildings, machinery, and equipment. Furthermore, companies can post fixed-asset transactions such as acquisitions, depreciation, write-downs, appreciation, and disposal. Users can assign one or more depreciation books to define methods and conditions for calculating depreciation. Use depreciation books to meet managerial, internal accounting, and legal reporting requirements. Fixed Assets in Microsoft Business Central even allows you to register maintenance costs, insurance coverage, and cost allocations for assets.  Allocation, Insurance, and Maintenance are briefly explained below:

Allocation: Allocations are managed using allocation keys to distribute percentages of fixed asset transactions, such as acquisition cost and depreciation, to departments or projects.

Insurance: In regard to Insurance, companies can track insurance coverage and annual insurance premiums for fixed assets and easily determine whether they are under or over-insured. Attach assets to one or more insurance policies and index insurance amounts.

Maintenance: Record maintenance and service expenses for fixed assets. Get detailed information to analyze and make decisions about fixed asset renewal and disposal.

In Microsoft Dynamics 365 Business Central, managing fixed assets such as buildings, machinery, and equipment in addition to acquisitions, depreciation, write-downs, appreciation, and disposal is just one part of the broad financial management capabilities feature set.  These ERP features give businesses the tools they need to manage their financials, streamline their accounting, and share reporting and insights to make strategic decisions.

Next Steps:

Learn about Microsoft Dynamics 365 Business Central

Download the Microsoft Dynamics 365 Business Central Capabilities Guide 

Posted by iCepts Technology Group, Inc. A Microsoft Dynamics 365 Business Central Partner in Pennsylvania