Inventory purchase moved to Fixed Asset

Hi.  

What is the proper way in GP to "purchase" an item out of our own inventory 
and bring in as a fixed asset?  For example, we have a workstation in 
inventory, an employee's workstation dies and needs replaced.  Need to "buy" 
the item and add to Fixed Assets.

Is there an easy way to do this in GP?

Thank you.
0
Utf
3/12/2010 4:27:02 PM
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Forgot to mention - since the item was originally brought in for resale, when 
it is moved to fixed assets, needs to have Use Tax added to it.

Thanks,

"Neil" wrote:

> Hi.  
> 
> What is the proper way in GP to "purchase" an item out of our own inventory 
> and bring in as a fixed asset?  For example, we have a workstation in 
> inventory, an employee's workstation dies and needs replaced.  Need to "buy" 
> the item and add to Fixed Assets.
> 
> Is there an easy way to do this in GP?
> 
> Thank you.
0
Utf
3/12/2010 4:31:02 PM
Credit to inventory for the value of the item.
Debit to Fixed Assets for the value of the item plus Use Tax
Credit to Tax Liability
-- 
Richard L. Whaley
Author / Consultant / MVP 2006-2008
Documentation for Software Users

Get our Free Tips and Tricks Newsletter and check out our books at 
http://www.AccoladePublications.com



"Neil" wrote:

> Forgot to mention - since the item was originally brought in for resale, when 
> it is moved to fixed assets, needs to have Use Tax added to it.
> 
> Thanks,
> 
> "Neil" wrote:
> 
> > Hi.  
> > 
> > What is the proper way in GP to "purchase" an item out of our own inventory 
> > and bring in as a fixed asset?  For example, we have a workstation in 
> > inventory, an employee's workstation dies and needs replaced.  Need to "buy" 
> > the item and add to Fixed Assets.
> > 
> > Is there an easy way to do this in GP?
> > 
> > Thank you.
0
Utf
3/12/2010 10:03:01 PM
So basically, Inventory Transfer out and then manually set up the asset, right?

In looking at the way the GL Posting (FA's) is set up, it appears we will 
need to debit the FA Clearing account (for the Inventory Transfer) instead of 
the FA account directly.  Then, when the GL Posting routine is run, it will 
clean up the clearing account.

Or am I missing something obvious? :-)


"Richard Whaley -- MVP 2006-2008" wrote:

> Credit to inventory for the value of the item.
> Debit to Fixed Assets for the value of the item plus Use Tax
> Credit to Tax Liability
> -- 
> Richard L. Whaley
> Author / Consultant / MVP 2006-2008
> Documentation for Software Users
> 
> Get our Free Tips and Tricks Newsletter and check out our books at 
> http://www.AccoladePublications.com
> 
> 
> 
> "Neil" wrote:
> 
> > Forgot to mention - since the item was originally brought in for resale, when 
> > it is moved to fixed assets, needs to have Use Tax added to it.
> > 
> > Thanks,
> > 
> > "Neil" wrote:
> > 
> > > Hi.  
> > > 
> > > What is the proper way in GP to "purchase" an item out of our own inventory 
> > > and bring in as a fixed asset?  For example, we have a workstation in 
> > > inventory, an employee's workstation dies and needs replaced.  Need to "buy" 
> > > the item and add to Fixed Assets.
> > > 
> > > Is there an easy way to do this in GP?
> > > 
> > > Thank you.
0
Utf
3/12/2010 11:43:01 PM
Take a look at my article "Moving Items out of Inventory and into Fixed 
Assets" at 
http://dynamicsgpblogster.blogspot.com/2010/03/moving-items-out-of-inventory-and-into.html

Best regards,
--
MG.-
Mariano Gomez, MIS, MCP, PMP
Maximum Global Business, LLC
http://www.maximumglobalbusiness.com
The Dynamics GP Blogster at http://dynamicsgpblogster.blogspot.com


"Neil" wrote:

> So basically, Inventory Transfer out and then manually set up the asset, right?
> 
> In looking at the way the GL Posting (FA's) is set up, it appears we will 
> need to debit the FA Clearing account (for the Inventory Transfer) instead of 
> the FA account directly.  Then, when the GL Posting routine is run, it will 
> clean up the clearing account.
> 
> Or am I missing something obvious? :-)
> 
> 
> "Richard Whaley -- MVP 2006-2008" wrote:
> 
> > Credit to inventory for the value of the item.
> > Debit to Fixed Assets for the value of the item plus Use Tax
> > Credit to Tax Liability
> > -- 
> > Richard L. Whaley
> > Author / Consultant / MVP 2006-2008
> > Documentation for Software Users
> > 
> > Get our Free Tips and Tricks Newsletter and check out our books at 
> > http://www.AccoladePublications.com
> > 
> > 
> > 
> > "Neil" wrote:
> > 
> > > Forgot to mention - since the item was originally brought in for resale, when 
> > > it is moved to fixed assets, needs to have Use Tax added to it.
> > > 
> > > Thanks,
> > > 
> > > "Neil" wrote:
> > > 
> > > > Hi.  
> > > > 
> > > > What is the proper way in GP to "purchase" an item out of our own inventory 
> > > > and bring in as a fixed asset?  For example, we have a workstation in 
> > > > inventory, an employee's workstation dies and needs replaced.  Need to "buy" 
> > > > the item and add to Fixed Assets.
> > > > 
> > > > Is there an easy way to do this in GP?
> > > > 
> > > > Thank you.
0
Utf
3/13/2010 2:24:01 AM
Thanks for the EXCELLENT write-up Mariano!  Much appreciated.

"Mariano Gomez" wrote:

> Take a look at my article "Moving Items out of Inventory and into Fixed 
> Assets" at 
> http://dynamicsgpblogster.blogspot.com/2010/03/moving-items-out-of-inventory-and-into.html
> 
> Best regards,
> --
> MG.-
> Mariano Gomez, MIS, MCP, PMP
> Maximum Global Business, LLC
> http://www.maximumglobalbusiness.com
> The Dynamics GP Blogster at http://dynamicsgpblogster.blogspot.com
> 
> 
> "Neil" wrote:
> 
> > So basically, Inventory Transfer out and then manually set up the asset, right?
> > 
> > In looking at the way the GL Posting (FA's) is set up, it appears we will 
> > need to debit the FA Clearing account (for the Inventory Transfer) instead of 
> > the FA account directly.  Then, when the GL Posting routine is run, it will 
> > clean up the clearing account.
> > 
> > Or am I missing something obvious? :-)
> > 
> > 
> > "Richard Whaley -- MVP 2006-2008" wrote:
> > 
> > > Credit to inventory for the value of the item.
> > > Debit to Fixed Assets for the value of the item plus Use Tax
> > > Credit to Tax Liability
> > > -- 
> > > Richard L. Whaley
> > > Author / Consultant / MVP 2006-2008
> > > Documentation for Software Users
> > > 
> > > Get our Free Tips and Tricks Newsletter and check out our books at 
> > > http://www.AccoladePublications.com
> > > 
> > > 
> > > 
> > > "Neil" wrote:
> > > 
> > > > Forgot to mention - since the item was originally brought in for resale, when 
> > > > it is moved to fixed assets, needs to have Use Tax added to it.
> > > > 
> > > > Thanks,
> > > > 
> > > > "Neil" wrote:
> > > > 
> > > > > Hi.  
> > > > > 
> > > > > What is the proper way in GP to "purchase" an item out of our own inventory 
> > > > > and bring in as a fixed asset?  For example, we have a workstation in 
> > > > > inventory, an employee's workstation dies and needs replaced.  Need to "buy" 
> > > > > the item and add to Fixed Assets.
> > > > > 
> > > > > Is there an easy way to do this in GP?
> > > > > 
> > > > > Thank you.
0
Utf
3/15/2010 2:06:01 PM
Reply:

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