NetAsset - Direct Expensing (From Create Assets from Proposals Screen)
Use Case: NetAsset has the ability to direct expense a transaction(s) from the Create Assets from Proposals (Clearing) or (CIP) screen, instead of creating an asset record. To set up the transaction direct expensing, follow the below process.
If you would like NetAsset to use capitalization thresholds to determine if a transaction should be expensed, review the Capitalization Thresholds article.
STEP BY STEP PROCESS:
1. Before you can run direct expense entries, the feature needs to be activated in system settings. Navigate to NetAsset > NetAsset Setup > System Features. In the middle of the screen under Quick Access Buttons check the box next to Direct Expensing. Save changes.
2. (Optional) A Direct Expense Account can be assigned to an asset type. Navigate to NetAsset > NetAsset Setup > Manage Asset Types & Mapping. Click Edit on the asset type you would like to map a direct expense account to.
3. Once the settings are set to allow direct expensing, this option will appear on the create assets from proposals (clearing) or (CIP) screen. Navigate to NetAsset > Create New Assets > Create Assets from Proposals (Clearing) or (CIP). The Expense button will appear at the top of the page.
4. If you have mapped an expense account on the asset type (see step 2 above), once the asset type is selected on the transaction line, selecting the Expense button will generate the transaction.
5. If you have not mapped an expense account on the asset type, the user has the option to manually select the direct expense account on the transaction line level or the user apply a direct expense account to one or more transactions by using the Expense Account field under the Line Defaults section. Once an expense account is selected and the transactions in the listing are selected click the Apply Line Defaults to Selected Lines button. The expense account will then populate on the expense account column in the transaction listing.
Note: If the expense account on the line level will override any expense account selected on the asset type, if applicable.
5. Once the appropriate transactions are selected for expensing click the Expense button at the top. The user will be taken to the NetAsset Direct Expense Entry page where the debits and credits can be viewed.
Note: If more than one transaction is selected to be expensed at the same time, all transactions will appear in one journal entry.