NetAsset - Capitalization Prior To Go-Live Date
OVERVIEW
Use Case: For assets that have an in-service date prior to the go-live date, NetAsset has the ability to capitalize those assets and catch-up the depreciation to the current period. This process will book a capitalization journal entry instead of a go-live journal entry. An example would be receiving a vendor bill after the go-live date, but the date on the vendor bill is before the go-live date.
Prerequisite:
Asset record has been created from the Create Assets from Proposals (Clearing) or Create Assets from Proposals (CIP) page, Generate Depreciation Schedules, and Queue Additions for Capitalization are complete.
STEP BY STEP PROCESS
For the example below, the in-service date is 10/1/2021 and the go-live date is 1/1/2022.
- Navigate to NetAsset > Process Monthly Journals > Run Monthly Asset Journals
- In the Filters section, leave Reconcile Clearing Impacts on Capitalization unchecked.
- Select the asset or assets you would like to capitalize.
- Click Create Journals to run the journal entry.
- This will book a capitalization entry with your depreciation to the current period.