Asset Management – Functional location lifecycle states

This topic describes how to set up functional location lifecycle states and lifecycle models in Asset Management. Functional location lifecycle states define the states that a functional location can go through, for example, created, active, and ended. You are able to view all functional locations, regardless of their lifecycle state, in the All functional locations list page. You can change the state of a functional location by selecting it in the All functional locations list page and selecting Update functional location state.

Set up functional location lifecycle states

  1. Select Asset management > Setup > Functional locations > Lifecycle states.
  2. Select New to create a new functional location state.
  3. Insert the state ID in the Lifecycle state field and a name for the functional location state in the Name field. In the Lifecycle models field, you can see the number of functional location lifecycle models that uses the functional location state.
  4. On the General FastTab, select “Yes” on the Active toggle button if the functional location should be active at this state.
  5. Select “Yes” on the Create assets toggle button if it should be possible to automatically create an asset with the same name as the functional location and install it on the functional location at this state.

Note

This toggle button relates to the Asset type field on the General FastTab in the Functional location types form (Asset management > Setup > Functional locations > Functional location types). 6. Select “Yes” on the Rename location toggle button if it should be possible to change the name of the functional location at this state. 7. Select “Yes” on the New sub locations toggle button if it should be possible to add new sub locations to the functional location at this state. 8. Select “Yes” on the Install assets toggle button if it should be possible to install assets on the functional location at this state. 9. Select “Yes” on the Delete functional location toggle button if it should be possible to delete the functional location at this state. 10. Select an asset state in the Lifecycle state field if you want the asset lifecycle state for all assets installed on the functional location to be automatically updated at this state. Example: If you close down a functional location, and set the functional location lifecycle state to “Ended”, you may want to automatically change the lifecycle state of the assets installed on that functional location to “Not in use”.

Note

Functional location lifecycle states, lifecycle models, and types are related and used in the same way as work order lifecycle states, work order lifecycle models, and work order types.

Set up functional location lifecycle models

When you have created the lifecycle states required for your functional locations, they can be divided into groups. This is done to create the lifecycle model flow that may be used for different types of functional locations. As a minimum, one standard functional location lifecycle model should be created.

  1. Select Asset management > Setup > Functional locations > Lifecycle models.
  2. Select New to create a new lifecycle model.
  3. Insert the lifecycle model ID in the Lifecycle model field and a name for the lifecycle model in the Name field. In the Functional location types and Lifecycle states fields, you can see the number of functional location types that uses the lifecycle model and the number of states selected in the lifecycle model.
  4. On the Lifecycle states FastTab, select the states that should be included in the model. This is done by clicking on a state in the Lifecycle states remaining section and clicking the forward arrow button.
  5. If you want to select all the available states for a model, click the select all available stages button. All states are transferred to the Lifecycle states selected section.
  6. If you want to remove a selected state from the model, select the state in the Lifecycle states selected section and then select the back arrow button.
  7. Select Lifecycle state updates to define which lifecycle states can follow a selected state.

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Use Accounts receivable to track customer invoices and incoming payments

You can create customer invoices that are based on sales orders or packing slips. You can also enter free text invoices that are not related to sales orders. You can receive payments by using several different payment types. These include bills of exchange, cash, checks, credit cards, and electronic payments. If your organization includes multiple legal entities, you can use centralized payments to record payments in a single legal entity on behalf of the other legal entities.

Business processes

Business process

Set up Accounts receivable

Use Accounts receivable to track customer invoices and payments that you receive from customers. You can set up customer groups, customers, posting profiles, interest notes, collection letters, commissions, and parameters regarding customers, charges, deliveries and destinations, bills of exchange, and other types of Accounts receivable information.

Set up credit and collections

Accounts receivable collections information is managed in one central view, the Collections page. Credit and collections managers can use this central view to manage collections. Collections agents can begin the collections process from customer lists that are generated by using predefined collection criteria, or from the Customers page.

Credit and collections in Accounts receivable

Configure Accounts receivables and Credit and collections

Set up Credit and collections

Set up payments and settlements

Accept different types of payments from customers, such as bills of exchange, cash, checks, credit cards, and electronic payments.

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Asset management overview

Asset Management is an advanced module for managing assets and maintenance jobs in Dynamics 365 Supply Chain Management. Asset Management integrates seamlessly with several modules in Finance and Operations apps.

The image below is an illustration of the interfaces to other modules in Finance and Operations.

Overview of how Asset Management integrates

Asset Management enables you to efficiently manage and carry out tasks related to managing and servicing many types of equipment in your company, for example, machines, production equipment, and vehicles. Asset Management supports solutions across numerous industries.

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Configure Accounts payable overview

Prerequisites for Accounts payable setup

Before you can set up Accounts payable, you must complete the following setup:

  • In General ledger:
    • If you plan to use payment journals, set up payment journals.
    • If you plan to run exchange rate adjustments, set up currency codes on the Currencies page, set up exchange rate types on the Exchange rate types page, and set up currency exchange rates on the Currency exchange rates page.
  • In Cash and bank management, set up bank accounts to use with methods of payment.

Setup pages for Accounts payable

Use the following pages to set up the basic functionality of Accounts payable for each legal entity. The pages are listed in the recommended order of setup. To make the setup process easier, you can create templates from the first records that you create. In a template, values are typically entered in many fields to reflect the features that the organization wants to implement for a particular type of vendor.

  1. On the Terms of payment page, define the terms of payment that you assign to sales orders, purchase orders, customers, and vendors, and that determine invoice due dates. For more information, see Define vendor payment fees.
  2. On the Methods of payment – vendors page, create and maintain information about how the organization pays its vendors.
  3. On the Vendor groups page, create and maintain groups of vendors that share important parameters for posting, settlement and payment, reporting, and forecasting.
  4. On the Vendor posting profiles page, define how vendor transactions are posted to the general ledger.
  5. On the Accounts payable parameters page, set up default settings that are applied if a more specific setting isn’t specified, parameters for various kinds of functionality, and the various number sequences for Accounts payable.
  6. On the Form setup page, define the format of various documents that are related to vendors, and that the organization uses to keep track of receipts from vendors and enter reasons for the flow of payments to vendors.
  7. On the Vendors page, create and maintain vendor accounts, and also the tax authorities that your organization reports sales taxes to.

Optional setup pages for Accounts payable

In addition to the basic functionality, Accounts payable has other functionality that you can set up.

The additional setup pages are organized by functionality.

Policies

  • On the Vendor invoice policy page, set up vendor invoice policies.

Invoice matching

  • On the Invoice totals tolerances page, set up tolerances for invoice totals.
  • On the Matching policy page, set up two-way and three-way matching policies.
  • On the Price tolerances page, set up tolerances for unit prices.
  • On the Item price tolerance groups page, set up tolerance groups for item prices.
  • On the Vendor price tolerance groups page, set up tolerance groups for vendor prices.
  • On the Charges tolerances page, set up tolerances for charges.

Workflow

  • On the Accounts payable workflows page, set up workflow configurations for journal approvals and purchase requisitions.

Reasons

  • On the Vendor reasons page, set up reason codes.

Charges

  • On the Charges code page, set up codes for the charges that are used in purchase orders.
  • On the Vendor charges group page, create and maintain charges groups for vendors.
  • On the Item charge groups page, create and maintain charges groups for items.
  • On the Auto charges page, define the charges that are automatically assigned to orders.

Supplementary items

  • On the Supplementary item groups – Vendor page, create and maintain supplementary item groups for vendors.
  • On the Supplementary item groups – Inventory page, create and maintain supplementary item groups for items.

Distribution

  • On the Terms of delivery page, create and maintain the conditions for an item’s transfer from seller to buyer.
  • On the Modes of delivery page, create and maintain the methods of transport that are used when an order is delivered from the seller to the buyer.
  • On the Destination codes page, create and maintain identifiers and descriptions for delivery destinations.

Forms

  • On the Form notes page, create the standard text that appears on various pages.
  • On the Form sorting parameters page, set up the sorting order for requisitions, receipt lists, packing slips, and invoices.
  • On the Print management setup page, set up print management information for originals and copies of pages.

Payments

  • On the Cash discounts page, set up and manage the terms for obtaining cash discounts. The cash discount codes are linked to vendors and are applied to purchase orders.
  • On the Payment schedules page, set up the payment schedules that are used to manage installment payments to vendors.
  • On the Payment days page, define the payment days that are used to calculate due dates, and specify payment days for a specific day of the week or month.
  • On the Payment fee page, create and maintain the payment fees that are associated with vendors.
  • On the Payment instruction page, create and maintain payment instructions.

Statistics

  • On the Aging period definitions page, set up user-defined intervals that are used to analyze the maturity distribution of vendor accounts.
  • On the Line of business page, create the line of business (LOB) codes that are assigned to vendors.

Tax 1099

  • On the 1099 fields page, verify and update the minimum amounts that must be reported to the Internal Revenue Service (IRS), based on the latest IRS requirements.

Optional setup for other modules

Organization administration

  • On the Number sequences page, set up number sequence groups for invoice numbers.
  • On the following pages, set up address information:
    • Address setup
    • NAF codes
    • Import ZIP/postal codes

General ledger

  • On the Financial dimensions page, set up financial dimensions.
  • On the following pages, set up tax information:
    • Sales tax codes
    • Sales tax groups
    • Item sales tax groups
    • Account group
    • Sales tax exempt codes
    • Sales tax jurisdictions
    • Sales tax authorities
    • Sales tax settlement periods

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