Ensure you have the proper permissions in order to successfully post an AP Bill that will create an asset. Please see our permissions section for these details.
Create a new AP bill as you normally would. To create a fixed asset, select your fixed asset clearing account as the GL account. Also, select the fixed asset check box. You will receive an error if you have one of these selected and not the other. They must be used in tandem to create a fixed asset in AssetEdge.
Click Post; a new fixed asset has been created and placed into the clearing account.
3. You must follow the Place an Asset into Service guide to finalize the process of purchasing your asset so you can begin to depreciate it.
AP Bill Amount to Asset Value Relationship
Did you know that we have a Smart Event otherwise known as a Trigger on the 'Post' of an AP bill? This smart event not only triggers your waiting to be capitalized assets (WTBC) to be created, but it also continues to work even if you update the bill with say a different amount and then repost it. You should immediately see the waiting to be capitalized asset also update its amount. This functionality also works for changing a bill's coding away from fixed asset clearing; the WTBC asset will delete so long as the bill is unpaid. As soon as the bill is paid, the WTBC asset will not auto-update, even if you use the 'reclassify' feature in Intacct. This also means that by default (can be turned off), changes made to the bill amount will actually also update in service assets. The likelihood of this applying isn't good because it is far more likely that your bill would be paid before your asset was in service, however, AssetEdge operates under the assumption that if the bill changes so should the asset value.
NOTE: Current Intacct functionality limits us from putting the Fixed Asset checkbox on the line item level. Therefore, you cannot have an AP bill with both expenses and fixed assets on it. Your options are 1. Create two separate AP bills or 2. Create an additional clearing account in your chart called "Fixed Asset Clearing - AP" for example. Then, select this account for the fixed assets when creating AP bills that have both expenses and assets on them, and follow this by creating the assets manually in AssetEdge. The process for manually creating an asset in the product (and linking it back to its AP bill) is here.
NOTE: If an asset was purchased in a currency other than the entity's base currency, the date of the AP bill will automatically become the uneditable service date of the asset. This is due to the fact that the exchange rate is calculated as of the date of the AP bill. The calculated amount is then posted into your waiting to be capitalized account. If you had a different placed into service date, the waiting to be capitalized account would not zero out, due to differing exchange rates.
