1. Accounting
  2. Fixed Assets Management
  3. Creating Fixed Assets Management Records
  4. Creating Asset Records from Transactions
  5. Asset Proposal and Generation

Asset Proposal and Generation

The Asset Proposal feature in the Fixed Assets Management SuiteApp enables you to capture the original transaction (for example, purchase, expense, or inventory transfer) that indicates a new asset has been recorded in the general ledger. This posting gives an original cost for the asset, and can include other asset information such as the purchase date and supplier (if the original posting was from a payable ledger transaction). Capturing transactions in this manner helps prevent assets from being overlooked, and saves re-keying some of the asset details.

The Asset Proposal page (Fixed Assets > Transactions > Asset Proposal) enables you to create asset proposals for the transactions that have been posted against the fixed asset general ledger accounts. You then review the list of proposed assets and select which ones to create asset records for.

Note:

If you encounter a permission violation when trying to view the Asset Proposal page, make sure that your role has sufficient permission. For more information, see Setting Fixed Assets Management Permission Levels. If you have the appropriate permissions, but are still experiencing a permission error, ask an administrator to view the page first. Doing so will initialize the settings for other users to be able to view the page.

Important:

If Propose Approved Transactions Only is disabled, the system automatically proposes assets from all transactions posted against the fixed asset general ledger accounts regardless of transaction status. To enable the setting, go to Fixed Assets > Setup > System Setup.

Note:

Asset Proposal no longer captures assets created from transactions relating to asset transfers across asset types. For more information, see Transferring Assets Across Asset Types.

Proposing New Assets

  1. Go to Fixed Assets > Transactions > Asset Proposal.

  2. On the Asset Proposal page, enter values for the following fields:

    • Date Range — Select a date range value. The start date of the transactions that you want to propose will be calculated based on the selected range and the specified end date.

      Note:

      The date range will be set to Custom if you change the values for the Start Date or End Date.

    • Start Date and End Date — Enter the date of the transactions that you want to propose. The search will retrieve transaction records with dates that fall within the specified start date and end date.

    • Subsidiary - Select the subsidiary of the transactions that you want to propose.

    • Include Children - Check this box to search transactions within the child subsidiaries of the selected subsidiaries.

    • Asset Types - In the Asset Types sublist, select one or more asset types.

      You cannot add an asset type that has the same operating lease and account name value as another asset type that is already on the list.

      Note:

      Lease journals for operating lease will only be proposed for asset types that are tagged as Operating Lease.

  3. Click Propose New Assets to manually run a check for new transactions and create proposals. The system searches for new assets with transaction dates that fall within the start date and end date values. An Asset Proposal record will be created for these assets and the records will be displayed in a list on the Manage Proposals page.

    You will be redirected to the Process Status page where you can track the progress of the asset proposal.

    Note:

    For Operating Lease Asset Types, the Residual Value will be equivalent to the negative total interest.

    Note:

    There is no limit to the number of assets that the Fixed Assets Management SuiteApp can handle from one journal entry.

  4. On the Proposed Assets sublist, mark or unmark asset proposal records as required.

Managing Asset Proposals

  1. Go to Fixed Assets > Transactions > Manage Asset Proposal.

  2. On the Proposed Assets Filters, enter values for the filters to limit the Proposed Assets result based on the specified criteria.

    • Asset Type - Select Asset Type(s) to filter the list of proposals based on the Asset Type.

    • Subsidiary - Select Subsidiary(s) to filter the list of proposals based on the Subsidiary.

    • Include Children - Check this box to include the child subsidiaries as filter.

  3. On the Proposed Assets sublist, mark or unmark asset proposal records as required.

    Note:

    The search will only retrieve asset proposal records with New status.

  4. Edit proposals if necessary.

    For more information, see Editing Asset Proposal Records.

  5. Click Generate Assets to create new assets from the marked Asset Proposal records.

    Important:

    Make sure to click Generate Assets before moving on to a different page. The system throws an error if you move away from a page where you have marked records but did not run asset creation or rejection (see Rejecting Asset Proposals).

    You will be redirected to the Process Status page, where you can track the status of the asset proposal. On the Process Status page, the following processes will be queued for asset proposal. You can click the Details link on any process to view the process stage details.

    Process

    Process Stage

    Process Stage Description

    Asset Proposal

    Propose New Assets

    Creates asset proposal records for new assets.

    Asset Generation

    Generate Asset Records

    Creates new assets from the proposal records.

    Generate Depreciation Schedule

    Generate Depreciation Schedule Values

    Creates a depreciation schedule for assets and tax methods.

You can customize the asset proposal sublist to add or remove certain FAM fields or transaction fields. You can add the fields that are necessary for you to properly review the proposal records. You can also remove the fields that are not relevant to you.

Customizing the Asset Proposal Sublist

  1. Go to Fixed Assets > Transactions > Manage Asset Proposal.

  2. On the Proposed Asset sublist, click Customize to open the Customize Sublist window.

  3. The Customize sublist window lists the fields, including custom fields, that you can add to the proposal sublist. Check the box for fields that you want to add to the Proposed Asset sublist. Clear the boxes for fields you want to remove from the sublist.

    Important:

    If you want to delete or inactivate a field record, you must first clear the box for that field in the Customize sublist.

    Note:

    You cannot remove the ID, Transaction, Quantity, and Process fields.

  4. Click Submit.

    You will be redirected to the Manage Asset Proposal page, where you can view the changes you made to the sublist.

Editing Asset Proposal Records

  1. Go to Fixed Assets > Transactions > Manage Asset Proposal.

  2. On the Manage Proposals page, click the Edit link of the asset proposal.

  3. On the FAM Asset Proposal page, make your changes to the asset proposal record.

  4. On the Other Methods subtab, click New FAM Proposal Alt Depreciation to add an alternate depreciation method to the asset proposal.

    Available alternate methods in the dropdown list are filtered by the asset proposal's Subsidiary field in the General subtab. You can click Edit to modify Alternate Depreciation records that are already defined.

    Note:

    The Alternate Method and Residual Value Percentage fields are mandatory.

  5. Click Save.

You can split an asset proposal record to process a certain number of assets in the original proposal record separately. If the proposal record contains multiple quantities of an asset, a link to split the asset proposal will be available on the Proposed Asset sublist.

Splitting Asset Proposal Records

  1. Go to Fixed Assets > Transactions > Manage Asset Proposal.

  2. On the Proposed Assets sublist, click the Split link for the proposal record that you want to split.

    You will be redirected to the Proposal Split page.

    Note:

    The Split link is available only if the proposal contains multiple quantities of an asset.

  3. On the Split Details sublist, provide values on the following columns:

    • Cost – Enter the cost of the total cost of the asset proposal record and quantity of assets to allot to the proposal record.

    • Quantity – Enter the quantity of assets to allot to the proposal record.

    • New Item Description – Enter a description for the asset. This will represent the name and description of the asset record.

  4. Click Add.

    The Remaining Quantity and Remaining Cost field on the Primary Information will be updated to reflect the quantity and cost left to split.

  5. On the Primary Information field group, check the Split Remaining box to equally split the remaining quantity and cost into individual proposal records.

    Note:

    You can split both the remaining quantity and cost only if their value is greater than zero.

  6. Click Split to split the original proposal record.

    You will be redirected to the Process Status page, where you can track the status of the asset proposal split. On the Process Status page, the following processes will be queued for asset proposal split. You can click the Details link on any process to view the process stage details.

    Process

    Process Stage

    Process Stage Description

    Asset Proposal Split

    Split Asset Proposals

    Splits asset proposal records according to specified details.

    Update Related Records

    In case of failure, changes made in the previous stage will be reverted. If the proposal split is successful, the status of the original proposal record will be set to Split.

Rejecting Asset Proposals

On the Manage Asset Proposal page, select the proposed assets you want to reject and then click Reject Proposals. Make sure to click Reject Proposals before moving on to a different page of proposals.

Unless you have Administrator access, the Reject Proposals box is not available if the Restrict Ability to Reject Proposals box is checked on the Fixed Assets Management System Setup page (Fixed Assets > Setup > System Setup).

Rejecting the proposal does not delete it from the system. The status of the proposal only changes to Rejected. If you want to retrieve the rejected proposal, you can manually change its status to New.

To change the status of a rejected proposal:

  1. Create a saved search for the rejected proposal:

    1. Go to Fixed Assets > Searches > Proposal History > Customize.

    2. On the FAM Asset Proposal Search page, click Edit this Search.

    3. On the Criteria subtab, click the existing filter, and then click Remove.

    4. In the Filter column, select Proposal Status.

    5. On the popup window, set the Proposal Status to any of and then click Rejected.

    6. Click Set.

    7. In the Search Title field, enter a unique name for the search, and then click Save.

  2. Run the saved search that you created for rejected proposals. For more information about saved searches, see Saved Searches.

  3. From the results page, click Edit beside the rejected proposal that you want to update.

    Note:

    If the Show List When Only One Result preference is not checked in the Set Preferences page, running the search when there is only one record in the results automatically opens the rejected proposal record.

  4. On the FAM Asset Proposal page, from the Proposal Status list, select New.

    The proposal record will be available in the Manage Proposals page.

Related Topics

General Notices