You should set up general information about an insurance policy on the insurance card. You can create one insurance card for each insurance policy.
In the Fixed Assets Setup window, you set up general information about your fixed asset insurance.
To set up general information about a fixed asset insurance, go to Departments | Financial Management | Fixed Assets | FA Setup.
In Microsoft Dynamics NAV 2016, you can group insurance policies into insurance types, for example, theft or fire insurance.
To set up the insurance types, go to Departments | Financial Management | Fixed Assets | Insurance Types.
You should create an insurance card for each insurance policy related to fixed assets. On the insurance card, you specify general information about the insurance policy:
Field |
Value |
No. |
Auto |
Description |
Car Insurance |
Effective Date |
01/01/16 |
Insurance Type |
CAR |
Policy No. |
443434343444 |
Annual Premium |
500.00 |
Policy Coverage |
20,000.00 |
The following will appear in the window:
In Microsoft Dynamics NAV 2016, you can attach any asset to an insurance policy. Attaching fixed assets to insurance policies gives you an easy way to find the relevant insurance policy for an asset when you want it.
After you finish setting up the insurance information, the fixed assets can be linked to the insurance policies.
You can link one or more assets to a single insurance policy. You can also link one asset to the same insurance policy with different amounts.
A fixed asset can be attached to an insurance policy in one of the following two ways:
You can post the acquisition cost to the insurance coverage ledger from any of the following:
When the Insurance No. field has a value, the Insured field in the Maintenance FastTab in the Fixed Asset Card window is automatically set to Yes.
After you sell a fixed asset, the program automatically sets the Insured field on the fixed asset card to No.
If you posted the acquisition cost of a fixed asset without linking it to an insurance policy, either from the purchase invoice or from one of the FA journals, you can link the fixed asset to an insurance policy by posting the acquisition cost from an insurance journal.
For example, if you did not enter insurance number INS000040
in the Insurance No. field on the purchase invoice for Fixed Asset FA1500
, you can still attach the insurance policy to the asset's acquisition cost from an insurance journal.
To post an insurance journal, follow these steps:
1/1/2016
.INS000050
.FA00120
.200000.00
.FA00120
. Enter FA00120
in the FA No. field, enter INS000050
in the Insurance No.
field, and enter the acquisition cost as 20000.00
in the Amount field.