NetAsset - Bulk Build Up of Assets
Overview
It may be the case that a pending or in-service asset needs to have its capitalized value built up via a new item/expense coded to Fixed Assets Clearing or Construction In Progress.
Step by Step Process
- Navigate to the Build Up page:
- Select NetAsset > Update or Modify Assets > Build Up Asset from Proposals (Clearing)
- Select NetAsset > Update or Modify Assets > Build Up Asset from Construction In Progress
- If necessary, add any transaction filters needed to isolate the desired transaction line(s) then click Filter Results. Click the Switch to CIP button if the desired costs reside in Construction In Progress instead of the Fixed Asset Clearing account.
- Next, check the Select checkbox next to any number of line items/expenses (transactions) to use in the build up of the assets
- In the Asset To Build Up column, designate which asset/s to build up with these transactions
- In the example below two different assets will be built up with two different transactions
- In the example below two different assets will be built up with two different transactions
- After the inputs are validated, click the Build Up Asset button. You will be redirected Build Up Processing screen
- Refresh periodically until the Processing Status is "Complete"
- Once completed you will see the Build Up results for each asset that was processed simultaneously
- Select the desired asset to see the updated depreciation schedule and the automatically created Build Up Entry
- To see the Build Up entry, select the Journal Entry "NetAsset Build Up Entry #XXX"
- The date of the Build Up Journal Entry will be the next open period without a journal entry, regardless of the source transaction date. In this example, the source transaction was dated February 2023 but the build up was processed after the March depreciation had been ran so the Build Up Entry Posting Date will be in April 2024.
- The date of the Build Up Journal Entry will be the next open period without a journal entry, regardless of the source transaction date. In this example, the source transaction was dated February 2023 but the build up was processed after the March depreciation had been ran so the Build Up Entry Posting Date will be in April 2024.
- For more information on performing individual build ups on single assets, reference the Build Up of Existing Assets article
The "NetAsset Asset to Build Up" field can be exposed on source transactions if desired by customizing the applicable transaction forms. This field will automatically populate the "Asset to Build Up" field on the Build Up Screen.
Note, inputting the asset to build up on the source transaction does NOT automatically build up the asset, the process in this article is needed to build up the asset.
If this field is utilized, it is recommended to filter for the "Assets to Build Up Pre-Determined" checkbox in the Transaction Filters.