Fixed Assets

Microsoft Dynamics NAV users receive a fully integrated asset management module that enables effective and efficient management of the company’s assets. With the help of Dynamics NAV software, you can track important information about fixed assets, such as maintenance costs and schedules, acquisition and maintenance costs.

The Fixed Assets module in the ERP system allows creating an unlimited number of depreciation books, which allows you to effectively track the depreciation costs. Some books may be integrated with the General Ledger to reconcile fixed asset transactions. However, non-integrated ones are used for internal calculations, which are not to be reflected in the general ledger. Depreciation books specify different depreciation rules. In addition to the usual depreciation methods, the Fixed Assets module allows you to create custom methods.

For each fixed asset you can record maintenance costs, as well as the date of the next service. Keeping track of maintenance costs is crucial in budgeting and in deciding to replace a fixed asset.

Insurance management in Microsoft Dynamics NAV includes defining general information about insurance, assigning fixed assets to insurance policies, monitoring insurance cover, updating insurance information and indexation of fixed asset insurance. Individual fixed assets can be assigned to one or several policies. This makes it easier to verify the compliance of policy amounts with the value of funds assigned to a given policy and, as a result, monitoring of annual insurance premiums.

Many companies, wanting to estimate the expected value of fixed assets and intangible assets, prepare a depreciation simulation for a period of one year. The ERP system includes the Annual depreciation schedule report showing the expected costs of depreciation of fixed assets in a given period.

The provisions of Polish law require the division of fixed assets according to the currently applicable classification. The official classification of fixed assets has three levels of grouping, such as a group – (for example, means of transport), a subgroup – (for example, motor vehicles) and type – (e.g. passenger cars). The Microsoft Dynamics NAV system gives the possibility of assigning a specific type consistent with the Classification of Fixed Assets to each fixed asset. In reports covering fixed assets sets in various configurations, the option of grouping data according to KŚT numbers assigned to fixed assets was added.

Microsoft Dynamics NAV allows you to post an invoice to purchase only the cost of acquisition and expenses for the operation of fixed assets. In addition, the ERP system makes it possible to service fixed assets and has been extended by the possibility of recording operations to increase the value of a fixed asset through a purchase invoice.