MB-310: Microsoft Dynamics 365 Financial Consultant
Change Record
Version | Date | Change |
---|---|---|
1.0 | 13 Sep 2024 | Initial release |
Objective
When a fixed asset is sold, the ledger account is credited for the disposal value of the fixed asset. The corresponding debit entry is posted to an offset account. If a fixed asset is sold to a customer, the customer account is the offset account.
A new asset is acquired by using a purchase order.
Use the USMF company for the exercises in this lab.
During this lab you will sell a fixed asset and purchase a fixed asset.
Scenario
An accounting manager at Contoso, Ltd. needs to sell an LCD monitor that is activated in the balance sheet. The accounting manager also needs to purchase a laptop for a new colleague.
Exercise 1 Review the value of the fixed asset
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Navigate to Fixed assets > Fixed assets > Fixed assets.
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Select the fixed asset COMP-000003.
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Select Valuations in the Action Pane.
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Review the net book value of the asset.
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Close the form.
Exercise 2 Sell the fixed asset
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Navigate to Accounts receivable > Invoices > All free text invoices.
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Select New in the Action Pane.
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In the Customer account field, select US-011.
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Select the Line details FastTab.
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In the Fixed asset number field, select COMP-000003.
The main account field is automatically filled with the main account number that is set up in the posting profile.
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On the Invoice lines FastTab, in the Description field, enter LCD Monitor.
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In the Unit price field, enter 100.
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Select Post in the Action Pane.
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Select OK in the Post free text invoice pop-up screen.
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Close the form.
Exercise 3 Review the value of the sold fixed asset
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Navigate to Fixed assets > Fixed assets > Fixed assets and select the fixed asset COMP-000003.
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Select Valuations in the Action Pane.
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Check the Net book value of the asset. It’s now zero because you sold it.
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Close the form.
Exercise 4 Set fixed asset parameters
In Finance, you can acquire fixed assets in multiple ways. In this example, you purchase a fixed asset by using a purchase order. To acquire fixed assets by using a purchase order, it is important to configure fixed asset parameters.
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Navigate to Fixed assets > Setup > Fixed assets parameters.
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Expand the Purchase orders FastTab.
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Switch Allow asset acquisition from Purchasing to Yes.
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Switch Create asset during product receipt or invoice posting to Yes.
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Close the form.
Exercise 5 Create a new purchase order
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Navigate to Accounts payable > Purchase orders > All purchase orders.
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Select New in the Action Pane.
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In the Vendor account field, select vendor 1001 and select OK.
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In the Item number field, select value 1000.
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In the Site field, select value 1.
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In the Warehouse field, select 11.
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In the Quantity field, select 1.
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Select Save in the Action Pane.
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In the Line details, select the Fixed assets Tab.
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Switch New Fixed asset? to Yes.
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In the Fixed asset group field, select COMP.
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Select Purchase in the Action Pane.
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Under Actions, select Confirm.
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Select Receive in the Action Pane.
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In the Generate section, select Product receipt.
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In the Product receipt field, enter 1122.
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Select OK.
The fixed asset will be created and acquired when the product receipt is posted.
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Select Invoice in the Action Pane.
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In the Generate section, select Invoice.
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In the Number field, enter 4556.
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In the Invoice description field, enter Invoice 4556.
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In the Invoice date field, enter 07/11/2024.
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Select Update match status in the Action Pane. The match status changed to Passed.
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Select Post in the Action Pane.
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Close the form.
Exercise 6 Review the value of the purchased fixed assets
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Navigate to Fixed assets > Fixed assets > Fixed assets and select the fixed asset COMP-000008.
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Select Valuations in the Action Pane.
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Check the Acquisition amount of the asset.
Close the form. You’ve acquired and verified the asset.