NetAsset - Run Monthly Asset Journals

Use Case: On a monthly basis and throughout the month, transactions impacting the asset register need to be identified, recorded, and tagged to each asset. Once an asset is created with a schedule and queued for capitalization, transactions can be posted to the asset. The most common transactions impacting assets are the depreciation the asset incurs each period. This section focuses on recording those journals, specifically the NetAsset Capitalization Entry and the NetAsset Depreciation Entry.

Prerequisite: The status for pending assets that need to be capitalized should be updated to reflect a Ready for Capitalization status. Additionally, all other asset transactions that impact the asset subledger details (revaluation, build up, transfer, disposal, etc.) should be completed prior to processing monthly asset journals.

STEP BY STEP PROCESS

Open to the NetAsset Run Monthly Journals Page by navigating to NetAsset > Process Monthly Journals > Run Monthly Asset Journals which will show as follows:

Select the desired filters to narrow the subset of assets to generate journals for:

Field	Description	Example
Period	Highlight the period for which you would like to record transactions.	Sep 2020
Run all Months Up To And Including	Select this checkbox to review the entire depreciation schedule up to the period selected for required journal entries. NOTE: This will not be needed if performed on a monthly basis, but assists with initial setup and catch up periods.	✓
Limit Transaction Type	Indicate what journal transaction type you would like to run journal entries for (Depreciation, Go-Live, or Capitalization), or keep as "- All -" to run all possible entries. NOTE: To run capitalization and catch-up depreciation in the current period for assets with an in-service date before the NetAsset go-live date, select "- All -" as the transaction type.	- All -
Subsidiary (Optional)	Select the Subsidiary for whom entries will be recorded. Leaving blank will run for all Subsidiaries.	Company, Inc.
Location (Optional)	Select the Location for whom entries will be recorded. Leaving blank will run for all Locations.	Denver
Asset Type (Optional)	Select the Asset Type for whom entries will be recorded. Leaving blank will run for all Asset Types.	Vehicles
Asset (Optional)	If a subsidiary is selected, you can filter for ONLY a specific asset. Leaving blank will run for all assets meeting the other criteria.	FA00370

Click Create Journals and you will be redirected to a saved status page that keeps a historical record of the parameters the monthly journals were run under with and any generated journals linked.

Note that the Status field on the top right is listed as In Progress. Continue to refresh this page until the journal entry processing is Complete. All journal entries arising from the job will be listed within the Batch Information subtab's Detail sublist.
If there are any issues encountered, details will appear in the Script Execution Log column of the Batch Summary. The two most common errors are easily rectified
- A required account is not available in the subsidiary specified on the asset
  - E.g. You have entered an Invalid Field Value ### for the following field: account
  - Correct this issue by navigating to Setup > Accounting > Chart of Accounts and adding the subsidiary to the account with an Internal ID matching the error message
- A location has not been made available in the subsidiary specified on the asset
  - E.g. You have entered an Invalid Field Value ### for the following field: location
  - Correct this issue by navigating to Setup > Company > Locations and adding the subsidiary to the location with an Internal ID matching the error message
Once errors are rectified, journals that failed to create can be retried by clicking the Rerun Journals button

Links to two types of journals can be found on the NetAsset Run Monthly Journals Batch Summary

NetAsset Capitalization Entry
- Debit Asset Type’s “Fixed Asset Account” for the NetAsset Schedule Entry’s “Gross Asset Value”
- Credit Asset Type’s “Accumulated Depreciation Account” (if any) for the NetAsset Schedule Entry’s “Accumulated Depreciation"
- Credit Asset Type’s “Fixed Asset Clearing Account” for the NetAsset Schedule Entry’s “Net Book Value”

NetAsset Depreciation Entry
- Debit Asset Type’s “Depreciation Expense Account” for the NetAsset Schedule Entry’s “Depreciation Amount”
- Credit Asset Type’s “Accumulated Depreciation Account” for the NetAsset Schedule Entry’s “Depreciation Amount”

NOTE: Department, Class, and Location will source in from the asset and links to both the asset and the asset schedule entry will be included on the body and lines of the transaction. For information on sourcing additional fields to the transaction see our page on Managing Custom Sourcing.

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