Period closing made easy with fixed asset roll forward report.

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About Fixed asset roll forward report

Fixed asset roll forward report is a schedule showing the opening balance, additions, write up\write downs, accumulated depreciation, transfers, disposal and ending balance for a given period.  Generally, the roll forward report is used for period close process to analyze the summarized information about the fixed asset movements. Such roll forwards are also used to prepare cash flow statements. In addition, financial statement auditors may use fixed asset roll forwards in their auditing procedures.

The clients I worked and provided the POC(Proof of concept) on fixed asset module in Microsoft Dynamics AX were keen to know and understand how fixed asset roll forward report looks like in AX. Unfortunately, there was no standard report before and they had to create report manually using Fixed asset transactions and other reports from AX

Good news is that, Microsoft Dynamics 365 for finance and operations has filled the gap by providing the capability to generate the Fixed asset roll forward report out of the box. Please read through post below to configure and generate fixed asset roll forward report in Microsoft Dynamics 365 for finance and operations.

Configure fixed asset roll forward report:

Fixed asset roll forward report in Dynamics 365 uses Electronic reporting framework to extract the report in an easy-to-read Microsoft Excel format.

Please note the following information from Microsoft for using Fixed asset roll forward report,

‘This report is available in Microsoft Dynamics 365 for Finance and Operations, Enterprise edition 7.3, or as a hotfix for Microsoft Dynamics 365 for Finance and Operations, Enterprise edition (July 2017). Three hotfixes must be applied to environments that have the July 2017 release:

  • KB 4041754:Electronic reporting (ER) configuration can’t be downloaded from LCS as not applicable for the current application version after applying the platform update package
  • KB 4056107:Electronic reporting (GER) cumulative update 5
  • KB 4056353:Fixed assets Statement and Notes reports don’t meet the requirements in GAAP and IFRS’

Import configuration through LCS

Download the Fixed asset model (ver 1.0) and Fixed asset roll-forward (ver 1.1) configurations from Microsoft Dynamics Lifecycle Services (LCS).

You can directly import the configuration from Electronic reporting workspace(click here to know more) or download the configuration from life cycle services separately. In this blog I will explain how you can download configurations from life cycle services separately and setup the electronic reporting.

Logon to Microsoft Dynamics Lifecycle Services (LCS).

  • From the shared asset library click on GER configuration,
  • Then download the Fixed asset model (ver 1.0) and Fixed asset roll-forward (ver 1.1) configurations and save the files in defined folders

FARF_06

Setup electronic reporting:

Once you have configurations ready, you can configure through Electronic reporting workspace

Organization administration > Workspaces > Electronic reporting

  • Click on ‘Reporting configurations’
  • On the Exchange > click on Load xml file
  • Select the fixed asset model configuration file first and repeat the steps to load the fixed asset roll forward configuration

FARF_02

Generate roll forward report:

Once the Electronic configuration is completed without any errors, you are all set to generate the report from the Fixed asset module

Fixed asset > Inquiries and reports > Transactions reports > Fixed asset roll forward

  • Enter the From and To date
  • Select the format mapping ‘Fixed asset roll forward’(Create from Electronic reporting)
  • On the records to include fast tab, specify any fixed asset group or other filters

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To access the sample report click here.

Please share your feedback, suggestion or if you have any questions write to me at namithhosmane@live.in

Thanks!

Namith Hosmane

Disclaimer:
This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the blog owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. All content provided on this blog is for informational purposes only. This blog makes no representations as to the accuracy or completeness of any information on this site.

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