Asset as an item Issue

[Former Member]

Hi All,

My customer has created Asset as an item with Purchase, Sales and Fixed asset check box ticked.

They had made GRPO with excisable tax code.at the time of doing incoming excise invoice system is giving error G/L account missing.

I have given G/L Account for vendor master record (control account). But doesnt help

I wanted to know which account has to get hit what would be the entry. what is the purpose of

capital goods on hold account.

Let me know

Regards

Shashi

[Former Member · Accepted solution]

Hi Shashi,

Is this item exercisable? Maybe I am wrong but I don't think an asset item is an exercisable item.

Thanks,

Gordon

[Former Member · Accepted solution]

Hi,

Asset can be excisable. That is where RG Part C gets effected.

I wanted to know the configuration required to do transaction for asset item

Regards

Shashi

[Former Member · Accepted solution]

Managing Asset Item:

1. Define Payables control account in:

G/L Account Determination ->Purchasing -> Accounts Payable-> Define Assets Account

2. Assign this account to existing business partners who also supplies fixed asset to client.

BP Master Data -> Accounting tab-> 'Control Account', set the Asset Account for this Business Partner.

Purchasing Fixed Asset item through A/P Invoice Document

1. Create Fixed Asset in Item Master Data.

2. For all the warehouses, provide the Expense Account from the GL Account present in Assets drawer, under relevant fixed asset category.

3. When A/P invoice is added, journal entry is passed, debiting the expense account of the Item master data for the selected warehouse and crediting the Control Account for Assets Payable

Goods Issue

1. When u2018Goods Issueu2019 documents is created, select the Relevant GL account from the GL Account present in Assets drawer, under relevant fixed asset category which will reduce the stock while debiting the capital asset account and crediting the material account.

[Former Member · Accepted solution]

Thanks for the quick reply. Actually When I deselect the inventory check box in item master data.No accounting transaction occurs at GRPO for that item. If I deselect Inventory Check box in Item Master. I need to give G/L Account manually at the time of GRPO. When I copy to Incoming excise invoice it says 'On Hold account' is not assigned. If I assign on hold account transaction gets processed.

What I want to know what is on hold account and on hold percentage which is 50% by default. If I get a detailed description that solves my problem.

Regards

Shashi

Edited by: shashi mantripragada on Apr 30, 2009 2:57 PM