From Setup to Retirement: Getting More Out of GP’s Fixed Asset Module

As budgets get tighter, it’s more important than ever to make the most of the business systems and tools you already have in place.

One area where even experienced Microsoft Dynamics GP users fail to get the most out of the platform is in the underutilized world of fixed asset management.

This module in the system allows users to set up tools to manage their products, equipment, and other inventory. For manufacturers and distribution companies in particular, this module can be vital.

Asset Classes and Account Groups

Asset Classes are set-up tools that allow businesses to group similar assets such as machinery, vehicles, leasehold improvements, or IT equipment together, and apply consistent rules in the system to each of those categories.

This means that when entering a new asset that falls under that category, the rules governing those items will auto-populate in the system.

This works in tandem with Account Groups, which work similarly, governing account setup and other details. Many businesses set up only one Account Group for all of their assets, which fails to maximize the impact this module can have on their business.

By creating different Account Groups for different asset types, businesses can streamline account setup, both saving time and lowering the risk of errors being introduced into the system.

Physical Inventory Integration

The ability to integrate physical inventory represents another underutilized facet of GP's asset management capabilities.

Many companies manually compare physical inventory, such as equipment lists or item stock, to system data, instead of importing the information directly into GP.

GP uses tools such as barcode scanning, enabling direct linkage of physical counts and the data system, simplifying and speeding up the identification of discrepancies. This is a powerful tool for creating audit trails and generating reports by keeping more refined records, all contained within the main data system.

This functionality is part of the core GP system, it does not require any integrations or add-ons. However, it is often underutilized in favor of manual cross-checking and inefficient division of labor.

Tracking Retired and Discontinued Items

Any business that manages fixed assets will inevitably run into items or equipment that are sold out, out of date, or otherwise no longer required. GP utilizes a retirement/transfer workflow to track and deal with these assets.

Many businesses will remove an asset from the system entirely when it is retired or discontinued, which can cause serious problems for record keeping and audit trails. Through the retirement/transfer workflow, these items can instead be marked as "retired", keeping them out of the live inventory while keeping them in the system for proper record keeping. This is because removing an item from the system also removes any historical mentions of it, leaving gaps in previous transactions or other records.

This tool can also be used to track the movement of inventory or equipment from location to location, equally important for record keeping in larger, multi-site businesses.

Make the Most of the Tools Available

By utilizing these three often underutilized functions in the equally underutilized fixed asset module of GP, businesses looking to maximize their time left on the platform can optimize their account setup and track their inventory, both current and retired, more quickly and with fewer mistakes.

Get more tips like these by watching our GP Survival Guide webinar on-demand