NetAsset - Creating Assets From Proposals (Clearing)
Use Case: A proposed asset to be capitalized coded to a Fixed Asset Clearing Account is contained on one or many vendor bills, journal entries, or other originating transactions.
Prerequisite: All setup & configuration activities (Asset Type and Asset Account Mapping) need to be complete.
STEP BY STEP PROCESS
- Navigate to NetAsset > Create New Asset > Create Assets from Proposals (Clearing)
- Add any transaction fields 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.
- 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.