Fixed assets acquisition scenario in Dynamics AX

In this post, i am going to describe how to acquire or capitalize fixed assets in Dynamics AX.
For creating Fixed assets, you will have to first create Fixed Assets group and then create Fixed Assets of that group. Below Fixed Assets hierarchy diagram is showing the sequence in which Fixed Assets are managed in Dynamics AX.

I am using COM demo dataset here.

Go to Fixed Assets > Setup > Fixed asset groups

Click New

Set Fixed asset group = BUIL

Set Type = Tangible [It means physical in nature]

Checked = Autonumber fixed assets

Set Number sequence code = Fixe_1

Close the form

Now, creating Fixed assets of Fixed assets group "BUIL"

Go to Fixed assets > Common > Fixed assets > Fixed assets

Click New > Fixed assets button

Set Fixed asset group = BUIL

Fixed Asset Number is generate automatically from number sequence code AFIX000010

Close the form

Fixed asset AFIX000010 is not acquired yet so it's status is "Not yet acquired"

You can check the status of Fixed assets on Value model form as well as there is also a separate list page of Fixed assets that displays the list of Fixed assets has the status "Not yet acquired"

Value model form:

Select the required Fixed assets and then click Value model button on action pane

Go to Fixed asssets > Common > Fixed assets > Fixed assets not acquired

Fixed assets not acquired list page:

This display the list of Fixed assets with status "Not yet acquired"

In order to acquire fixed assets, you have to create and post Fixed assets journal of that particular Fixed asset with transaction type "Acquisition"

Go to Fixed assets > Journals > Fixed assets 

Click New button on the top

Set Name = FAA

Click lines button on the top

Set Transaction type = Acquisition

Set Account = AFIX000010

Value model "BUIL" populates automatically because Fixed asset group "BUIL" is associated with the value model "BUIL".

Value models track the financial value of a fixed asset over time for various purposes, such as accounting depreciation, tax depreciation, revaluation, and disposal. Each value model represents an independent financial life cycle, and each fixed asset can have several value models assigned to it.

Main accounts(originated or source accounts) and offset accounts(destination accounts) are populated automatically from Fixed asset posting profile form.

Set Debit = 100 (I am setting debit amount here as this is expense transaction.)

Click Post > Post button at the top

Close the form.

After successfully posted the Fixed assets voucher, now check the fixed asset AFIX000010 status.

Go to Fixed assets > Common > Fixed assets > Fixed assets

Select Fixed asst AFIX000010

Click Value models button on action pane

You can see on the above screenshot that the Fixed asset status has now changed to "Open" means that the Fixed asset is now part of company.

There is also a separate list page available in Dynamics AX that displays the list of Fixed assets that are acquired.

Hope, you will learn from this blog post.

Happy Daxing!

My email addresses are mentioned below:

uzi_sag@hotmail.com

uzairshah50@yahoo.com

Sales tax payable account automatic entry in dynamics AX

In this post, I am going to describe the functionality of sales tax tax payable account in dynamics ax

I am using COM demo data set here.
First you will have to set the posting type as "Sales tax" on Main account form to cater the Sales tax account entries.
Go to General ledger > Common > Main accounts
I am setting posting type "Sales tax" on Main account "24210"
Select "24210" and click Edit button on action pane or double click

Click Edit
Set Posting type = Sales tax [Make sure the account type should be set as "Liability" as this is payable account]

Go to General ledger > Setup > Sales tax > Ledger posting groups
Set Sales tax payable = 24210 

Go to Accounts receivable > Common > Free text invoices > All free text invoices
Click New > Free text invoice button on action pane
Set Customer = RCUS000001
Set Billing classification = General [This field is only available if Public sector license key is enabled. You don't need to set the value of Billing classification if you don't have Public sector license key enabled]
Click Add line button
Set Main account = 45999 [Use revenue account here as this is Accounts receivable invoice]
Set Item sales tax group = SalesTxItm
Set Sales tax group = US
Set Unit price = 100

I will discuss Sales tax payment setup in my next post. In my next post, i will discuss in detail about sales tax codes, sales tax groups, item sales tax group and sales tax settlement periods because without setting up these things you will not be able to perform sales tax payments and your accounts will not reflect sales tax entries on Subledger journal and General ledger.
Click on Subledger button on action pane

You can see on the above screenshot that automatic entry of Sales tax payable "24210" account with credit entry of "5" is shown on Subledger journal form of Free text invoice. As "24210" is Liability account, that's why it is showing credit entry which is a correct behavior.
"24210" is adding 5 to the total invoice amount because 5 percentage is the amount that is set on the Sales tax code and that Sales tax code is associated with the Sales tax group and Item sales tax group that we are using on Free text invoice line here.
5% of 100 is 5 that's why it is showing credit entry of 5 on Sales tax payable account
You will have to associate the Sales tax code with both Sales tax group and Item sales tax group otherwise entries will not be reflected on Sales tax form, Subledger form and General ledger.
You can also verify the sales tax amount by clicking on Sales tax button on action pane at the top.

In this way, you can get the automatic entries of Sales tax payable account.
Hope, you will learn from this blog.
For any issues or concerns, you can contact me on my email addresses given below:
uzi_sag@hotmail.com, uzairshah50@yahoo.com