The creation of an asset is triggered by a vendor invoice. Your purchasing workflow probably starts before this however, with the input of a purchase requisition, converted to a purchase order, and finally converted to a vendor invoice. To start the purchase of a fixed asset, go to the purchasing overview menu and select Create a Purchase Requisition. Upon proper approval, the requisition will be converted to a purchase order. When the vendor invoice is received, the purchase order can be converted into the vendor invoice.
When converting a purchase order to a vendor invoice: if you have fixed assets and non-fixed assets on the same invoice, you will have to post the items separately (i.e. delete one or the other off the invoice before posting). When you post the fixed asset part, check the fixed asset check box. When you post the non-fixed asset invoice, leave the check box blank. Whatever items you deleted off the invoice will still be in your purchase orders list and can be posted separately. NOTE: You will get an error message if you have chosen a fixed asset item and left the fixed asset check box unchecked. You will also get an error if you check the box and are trying to post a non-fixed asset item.
Checking if an item is a fixed asset: to avoid the error message discussed above, you may have to check what items are considered fixed assets. You can also use these steps to correct a possible error upon the entry of a new item. The entire process for creating fixed asset items in advanced purchasing is outlined so you can follow along and troubleshoot where an error might have been made. NOTE: if you are not certain which workflow you are set up to use (quick start or advanced), you can check by going to Purchasing-->Open Setup-->Configure Purchasing. In the Enable Functionality section, there is a check box for "Enable Advanced Workflow." Do not check it if you have been set up to use simple purchasing! There is no way to 'uncheck' it. This will cause you to have to call your implementers to configure advanced purchasing (which will probably have a fee associated with it).
If using Intacct quick start purchasing: go to the Purchasing module, and click Items. Click View next to the item you wish to see. If the item is a fixed asset, the fixed asset check box under Purchasing should be checked. In addition, the Expense account and COGS account should be your fixed asset clearing account (usually Waiting to be Capitalized). Use the edit button to make changes. The screen shot below shows a properly created item in the quick start purchasing workflow.
If using Intacct advanced purchasing (can only be configured by someone with an Intacct Certification Key): Go to the Purchasing module, click Open Setup (at the bottom of the menu), and click the + next to Item GL Groups. You need to add a general ledger group for fixed assets. Name the group and click save (you can ignore the accounts it asks for). Now, go back to your Purchasing module and click PO Transaction Definitions under Setup. Click to edit the Vendor Invoice transaction definition. Under the AP GL information tab, map the fixed asset GL group you just created to your fixed asset clearing account (usually Waiting to be Capitalized). Save the transaction definition. Now, go to the Purchasing tab and click Items. Click view next to the item you wish to check. If the item is supposed to be a fixed asset, the GL Group should be set to the Fixed Asset group you just created, and again, the fixed asset checkbox must be checked. To create a new item, see the screenshot below for a properly created fixed asset item with advanced purchasing.
4. Once the asset has been created through purchasing, it will be placed into the Waiting to be Capitalized clearing account. 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.
