Details of recently purchased assets are automatically recorded as ‘Asset Purchases’ when the transaction is entered through the Accounts Payable/Purchasing ledger to make it easier to create the asset in the Asset Ledger.
Any posting made in the Accounts Payable/Purchasing ledger to a General Ledger Account that is linked to an Asset Group will cause the system to add the details to the outstanding ‘Assets Purchases’ list. You can then use those details to create an Asset in the Asset Ledger via the Asset Details auto-build utility. If you do not wish to convert the details to an Asset, then the details can be deleted via this function.
During overnight “End Of Day” processing, a report listing these purchases is generated to prompt the requirement to create the assets.
Example
You have a General Ledger account representing ‘Warehouse Racking’ and you assign the asset group ‘Warehouse Fixtures & Fittings’ to that account. When you create a purchase order for a sundry purchase of 12 x steel racks and allocate the posting on that item to the ‘Warehouse Racking’ GL code. On receipt of the sundry purchase, the details are recorded as an ‘Asset Purchase’.
At some later point you enter the new racks onto your asset ledger using the pre-recorded details to fill the purchase cost, reference, and date of purchase fields.
Minimum Requirements
The use of this feature is completely optional.
Changing Established Data
You may not change the details once recorded. You can only either convert the details to an asset or delete them from the list of outstanding asset purchases.
Panel Options
- Standard panel features
- Maintenance
- Views
- Activity – shows time and date information of the purchase
- Reports
- List pending Asset Purchases awaiting conversion to assets