The fixed asset module in Business Central is more than just a place to book depreciation. With insurance, main asset components and tons of automation, Business Central’s feature set for fixed assets is a powerful mix of functionality and time saving. Long gone are the days when depreciation needed to be input in excel and monitored carefully to ensure the appropriate rate is being calculated. Business Central allows for an end user to set up many different depreciation methods to suit your business case.
Once a depreciation method is selected for a particular fixed asset, all entries are booked automatically. Should additional features be added to the depreciating asset, that can also be handled within Business Central. Within the Fixed Asset Card, there is a feature called Main Asset Components. With it, we can add other fixed assets to our original asset as a component. This can be very useful in cases where a large and expensive asset has its own useful life and depreciation method, but the components have a different way of being dealt with. Each component is its own fixed asset. Tracking supplies, maintenance and other costs related to fixed assets are covered in different areas.
Tracking maintenance, warranty and insurance can all be handled within the fixed asset module. How much an asset costs a business over time, can be a blind spot for businesses. Having an attitude of “this is the cost of doing business” is dangerous where an asset may consume more in maintenance, warranties, and insurance than the value it is adding to the business. In the maintenance tab of the fixed asset card, these costs can be tracked. Attaching all documents related to the asset is simple with the attachment feature present in most ‘cards’ within Business Central. The maintenance tab serves as a summary of all the activity contained within those supplier documents, providing fields to enter the next service date, original vendor, and more. Correct configuration of this structure will enable businesses to accurately record all data related to a fixed asset and supply more information than a simple depreciation table.