Unlike most not-for profit accounting software packages, Microsoft Dynamics GP includes a Fixed Assets Module in the standard license. Surprisingly, though, many Dynamics GP users do not take advantage of this. If you are one of those organizations, think again. The benefits of an integrated Fixed Assets module are many even if you only have a few assets to manage. For example:
- The Dynamics GP Fixed Assets module is fully integrated with Account Payable and Purchase Order Processing. As such, if you purchase a capital asset and distribute it to a General Ledger Fixed Assets Account (e.g. Furniture & Fixtures), the asset will automatically show up in Fixed Assets. This saves time and increases internal controls to ensure that your capital purchases are properly captured and depreciated.
- The Fixed Assets module is also fully integrated with General Ledger. This simplifies the reporting of your depreciation and ensures that your depreciation is properly recorded. In addition, the integration with the General Ledger module allows you to quickly and accurately record your depreciation expense on a monthly basis rather than just once a year.
- The Fixed Assets module does much more than just calculate and report depreciation. It also tracks where your assets are located and who is responsible for them, among other things.
- An integrated Fixed Assets module can help lower your accounting fees. Many non-profits have their accounting firms maintain their fixed assets and calculate the related depreciation at the end of the year. By using your built-in Fixed Assets module, you will no longer need your accounting firm to handle that for you and you will save on their fees accordingly.
The preceding are just a few of the benefits of an integrated Fixed Assets solution like the one in Dynamics GP. Fixed Assets is a hidden gem of Dynamics GP. If you’re not using it, we encourage you to take a look at it. If you have any questions on it, please feel free to e-mail me at firstname.lastname@example.org.
Maner Costerisan – a Michigan-based CPA firm and technology consulting firm specializing in helping Not-for-Profits improve operations and support their mission through financial accounting, CRM and productivity software solutions. We are Certified Partners for Microsoft Dynamics GP, Intacct and Avectra Social CRM. For more information on how we can help you excel in these challenging economic times, please contact us or visit our website.