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Fixed Assets integration with purchasing

Former Member
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Hi Expert

I wonder if someone can help with the following question

1. We need to purchase an Asset on a Purchase order (as service) to make use of the approval procedure, however, I want to benefit from the correct postings on the Fixed Assets acquisition side.

From an experimentation

When an asset is acquired using the Acquisition side, it all works fine

Correct Vendor credited, correct GL account for the asset@cost debited and correct Tax control account debited, correct TAX group (VAT code)

The problem here is that there is not why of generating a Purchase order.

If a Purchase order is generated for the asset (as service), which is then copied to an AP invoice, it is ok, however, when the asset is proseed in the quisition, there are issues with the asset not bringing the VAT amount into the GL posting

Should we just make a purchase order, and then mark it as closed.

What is best practice around handling assets in terms of purchase order, AP invoice and Aquistions? Should there be interim GL accounts?

GL Account determiniation

What is the Default Revenue Acc Retirement usually defaulted to?

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Answers (2)

Answers (2)

Former Member
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Hi Gustav,

There is a work around so that you may incorporate purchase documents when acquiring fixed assets.

Firstly you will need to create a fixed assets clearing account. This account will be used as a clearing account when you purchase the fixed assets. In the G/L account determination of fixed assets, the u2018Clearing Acc. Asset Acquisitionu2019 should be the fixed assets clearing account that you created.

Create a purchase order and in the descriptions field you can put in remarks/details of the asset you are purchasing. The G/L account is the fixed assets clearing account. Put in the value of the asset being purchased.

You will then copy the purchase order to a goods receipt PO. The goods receipt PO will then be copied to an A/P Invoice and added. The resultant journal will debit the fixed assets clearing account and credit the vendor/supplier account.

The next thing is to acquire the asset through the fixed asset acquisition module. The asset will be acquired u2018Without a vendor/supplier.u2019 The resulting journal will debit the asset account and credit the fixed assets clearing account. At this point the fixed asset clearing account does not have a balance but it may be necessary to carry out a reconciliation of the two amounts.

At this point the vendor/supplier has a balance, the asset account has increased by the appropriate amount and the master data of the asset is in the system.

Try it on a test company first and see if it works as you would like.

Regards,

Andrew.

Former Member
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Hi expert,

Any one have any experience with purchasing integration for fixed assets add-on?