Exercise - Budget a fixed asset

  • 12 minutes

This exercise uses the CRONUS sample company from the US version of Business Central. You might need to adjust the steps if you use the sample company from your country or region.

Scenario

The company plans to purchase a new fixed asset: a warehouse lift for warehouse 1. You're asked to register the budgeted fixed asset in the program, post the budgeted acquisition, and then run the FA Book Value 01 report to review the projected depreciations for 2021.

The information for the budgeted asset is as follows:

  • Description: Warehouse lift 

  • FA Location: Warehouse 1 

  • Depreciation method: Straight-line 

  • Depreciation starting date: March 1, 2021 

  • No. of depreciation years: 8 

  • Vendor: Fabrikam Inc. 

  • Maintenance vendor: Fabrikam Inc. 

The budgeted acquisition cost is LCY 9,500.00.

Tasks

  • Create a fixed asset card for the budgeted asset.

  • Post the Projected Acquisition Cost.

  • Run the FA Book Value 01 report to review the projected depreciation for 2021.

Steps

  1. Select the Search for page icon in the upper-right corner of the page, enter fixed assets, and then select the related link.

  2. Select New.

  3. In the Description field, enter Warehouse lift.

  4. In the FA Class Code field, enter TANGIBLE.

  5. In the FA Subclass Code field, enter EQUIPMENT.

  6. In the FA Location Code field, enter Warehouse 1.

  7. Select Budgeted Asset.

  8. Expand the Depreciation Book FastTab.

  9. In the Depreciation Method field, select Straight-line.

  10. In the Depreciation Starting Date field, enter March 1, 2021.

  11. In the No. of Depreciation Years field, enter 8.

  12. Return to your role center page.

  13. Select the Search for page icon in the upper-right corner of the page, enter fixed asset journals, and then select the related link.

  14. In the FA Posting Date field, enter 03/01/2021.

  15. In the FA No. field, select the fixed asset for the warehouse lift.

  16. In the Amount field, enter 9500.

  17. Select Process > Post.

  18. Select Yes.

  19. Close the Fixed Asset Journals page.

  20. Select the Search for page icon in the upper-right corner of the page, enter FA book value 01, and then select the related link.

  21. In the Depreciation Book field, enter COMPANY.

  22. In the Starting Date field, enter January 1, 2021.

  23. In the Ending Date field, enter December 31, 2021.

  24. Select the Print per Fixed Asset field.

  25. Select the Budget Report field.

  26. Select Preview.

  27. Notice the projected 2021 depreciation on the report, including the budgeted warehouse lift.