NetAsset - Creating Assets From Proposals (Clearing)
OVERVIEW
Once transactions are assigned to the Fixed Asset Clearing Account, they must be processed by either converting them into assets within NetAsset, expensing them, or removing them. This article provides guidance on these processes.
PREREQUISITE
All setup & configuration activities (Asset Type and Asset Account Mapping) need to be complete.
STEP BY STEP PROCESS
Create Single Asset
- Navigate to NetAsset > Create New Asset > Create Assets from Proposals (Clearing). If the user needs to instead view transactions from the CIP account, select Switch to CIP. This will take the user to the Create Assets from Proposals (CIP) screen.
- Add any transaction filters needed to isolate the desired asset then click Filter Results.
- Check the Select checkbox next to any number of line items/expenses coded to the clearing account then click the Create Single Asset button to create a single asset from multiple transaction lines.
- You will be redirected to a new asset record with the following pre-populated from the corresponding field on the transaction:
Transaction Field | NetAsset Field |
Memo (or user input) | Name |
NetAsset Type (or user input) | Asset Type |
Subsidiary (Main) | Subsidiary |
Currency (Main) | Currency |
Department (Line) | Department |
Class (Line) | Class |
Location (Line) | Location |
Project (Line) | Project |
Transaction Date (Main) | In-Service Date |
Transaction Date (Main) | Acquisition Date |
Amount (sum of selected lines) | Capitalized Asset Value At In-Service |
| Source Transaction | The originating transaction (if there is only 1) |
- Fill out all the required fields referenced in the section and save the asset.
- Upon saving, the selected transaction lines will be updated with a link to the newly created asset record. You will then be redirected back to the proposals page where you can continue to create new assets.
Mass Create Assets
- To create an individual asset for each transaction line selected, click the Mass Create Assets button (enabled via NetAsset > NetAsset Setup > System Setup). Note that this requires a Name and Asset Type defined for each line to ensure that assets can be created with all required fields.
- You will be redirected to a processing screen where you can monitor the status of your newly created assets
- Once proposals have all been processed and new asset records have been created, they are ready for depreciation schedule generation.
Direct Expense Transaction
To expense a transaction directly instead of capitalizing it, the user selects the transaction and clicks Expense at the top of the page.
This action will redirect the user to the journal entry created for expensing the transaction. The transaction will be expensed to the account mapped to the asset type associated with the transaction.
Remove Transactions from Proposals
To exclude transactions from appearing on the Clearing or CIP screens, the user can select the transactions and click Remove.
If the selected transactions do not net to zero, a warning message will appear, indicating that an additional adjustment is required to completely remove the balance from the account.
When a transaction is removed, the system marks the NetAsset Ignore Proposal Transaction Line box on the transaction. This prevents it from showing on the proposal screens but does not remove the transaction from the associated account. If this field is not visible on the transaction, refer to the NetAsset - Adding NetAsset Ignore for Capitalization article.