Tridea Partners had a successful Networking Event in Boston two weeks ago. We wanted to thank everyone who came out to our event! The Frost Ice Bar was a great venue to have our first event in Boston, MA. We wanted to share some pictures from our successful event! Cheers to more growth!
When procuring fixed assets, it is frequently the case that multiple purchases will made over a period of time, and that only once all purchases have been completed and assembled will an asset actually be placed in service. The purchases that have not yet been placed in service are referred to as “Construction In Progress” or “Capital Work in Progress” (commonly referred to as CIP). There are several ways to handle CIP in Dynamics AX.
For longer-term and complex capital projects, the project management and accounting module allows us to create “Investment” type projects. All of the costs associated with the investment project can be controlled and tracked using project accounting functionality, and can be broken down into various categories. The accumulated value of the project is stored in Work in Progress accounts until we are ready to place the asset in service, at which time the costs are transferred over to a fixed asset in the fixed assets module.
For smaller projects that don’t warrant setting up and using all of the features of project accounting there is a simpler approach that is still very effective for tracking CIP. It involves setting up a “CIP” value model to be linked to each asset group in addition to setting up the standard value models that normally dictate the depreciation convention to use for each asset group. The CIP value model will be the default value model, and will be the one that is automatically updated to an “acquired” status upon performing invoicing in AP. When an asset is placed in service, a user closes out the CIP value model for the asset and performs an acquisition transaction for the standard value model.
- CIP will be a non-depreciating value model. It should be linked to a CIP account. For all other value models, that same CIP account should be the offset account that is credited when performing an acquisition transaction.
- Each time an AP invoice is processed for a given asset, the system records a fixed asset acquisition for the “CIP” value model associated with that asset (AX allows multiple acquisitions associated with the same asset). The system will debit the CIP account associated with the combination of the asset group and value model, with an offsetting credit to AP.
- We will now have an asset with a status of “acquired” for the value model “CIP”. For the standard value model, the status = not yet acquired. We will be able to see all invoice transactions linked to the CIP value model on the asset by looking at the Value Model, and clicking “Transactions”.
- When an asset is ready to be placed into service, a user changes the status of the CIP value model to “closed”, copies and pastes the “acquisition cost” from the CIP value model to the standard value model, and then books an “acquisition” transaction for the standard value model. This will produce a debit to the fixed asset account associated with the standard value model and a credit to the CIP account (the offset account assigned to the standard value model/asset group).
- To reconcile CIP accounts to a sub-ledger, the user runs the asset balance report, with Value Model = CIP and Status = Open. To reconcile fixed asset accounts, the user runs the asset balance report where Value Model = Standard and Status = Open.
This article was written by Matthew Boese, Partner at Tridea Partners, a Gold Certified Microsoft Dynamics Partner.
Tridea Partners, Microsoft Gold ERP provider of Dynamics AX, GP and CRM invites our clients, professional colleagues and friends to this special Microsoft Dynamics networking event.
We encourage those of you that aren’t current customers to attend and learn more about Tridea Partners and the Microsoft products in this friendly, open-forum. This is a great opportunity to meet and speak to other users as well as Tridea and Microsoft staff.
Join us for appetizers, drinks and access to the Frost Ice Bar!
TRIDEA PARTNERS would like to invite you to attend this informative webinar!
What if expense reports could write themselves?
Event Details: Wednesday, February 24, 2016 10:00 AM – 10:30 AM (PST) Presenters: Andy Collins – Tridea Partners & Russ Reininger – Concur
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This post will help you view Dynamics AX name change history. Business partners (vendors & customers) occasionally change names which can generate questions internally on how to handle, either changing the name in the existing vendor and maintain history, or create a new vendor with the new account and start fresh. If you choose the former option you might be concerned about losing history with the vendor’s prior name. You should note that Dynamics AX does have the ability to see the history of business partner names changes.
You can inquire on the history by:
- Navigating to the master file, either Customer or Vendor
- Accounts payable/Common/Vendors/All vendors
- Accounts receivable/Common/Customers/All customers
- Select and open a particular business partner record. Note, it is not necessary to “Edit” the record.
- In the form, right click on the name field and choose “History”.
The screen that opens provides a name history for the record in addition to providing the name of the user who made the change and the date of the change.
This post was written by Matthew Caffrey, AX Application Consultant at Tridea Partners. Tridea is a leading Microsoft Dynamics provider.