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 lets you capture the original transaction (such as a purchase, expense, or inventory transfer) that shows a new asset has been recorded in the general ledger. This posting gives an original cost for the asset, and can include other information such as the purchase date and supplier (if the original posting came from a payable ledger transaction). Capturing transactions this way helps prevent assets from being overlooked, and saves re-entering some of the asset details.

The Asset Proposal page (Fixed Assets > Transactions > Asset Proposal) lets you create proposals for transactions posted to the fixed asset general ledger accounts. You then review the proposed assets and select which ones to turn into asset records.

Note:

If you encounter a permission violation when you try to view the Asset Proposal page, make sure your role has sufficient permission. For more information, see Setting Fixed Assets Management Permission Levels. If you have the right permissions but still see an error, ask an administrator to view the page first. Doing so initialized the settings so other users can view the page.

Important:

If Propose Approved Transactions Only is turned off, the system proposes assets from all transactions posted to 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 that transfer assets 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 system calculates the start date of the transactions that you want to propose based on the selected range and end date.

      Note:

      The sytem sets the date range 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 retrieves transactions dated within the specified range.

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

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

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

      You can't add an asset type that has the same operating lease and account name as another asset type that's already on the list.

      Note:

      The system proposes lease journals for operating lease only for asset types that are tagged as Operating Lease.

  3. Click Propose New Assets to check for new transactions and create proposals. The system searches for new assets dated within the specified start and end dates, and creates an Asset Proposal record for them. The proposal records are listed on the Manage Proposals page.

    You'll 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 equals the negative total interest.

    Note:

    There's no limit to the number of assets that the SuiteApp can handle from a single journal entry.

  4. On the Proposed Assets sublist, select or clear asset proposal records as needed.

Managing Asset Proposals

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

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

    • Asset Type - Select one or more asset types to filter the proposals.

    • Subsidiary - Select onr ot more subsidiaries to filter the proposals.

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

  3. On the Proposed Assets sublist, select or clear asset proposal records as needed.

    Note:

    The search only retrieves 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 assets from the marked Asset Proposal records.

    Important:

    Make sure you click Generate Assets before leaving the page. The system shows an error if you leave a page with marked records without running asset creation or rejection (see Rejecting Asset Proposals).

    You'll be redirected to the Process Status page, where you can track the asset proposal's status. The Process Status page queues the following processes for the asset proposal. You can click Details on any process to view its stage details.

    Process

    Process Stage

    Process Stage Description

    Asset Proposal

    Propose New Assets

    Creates proposal records for new assets.

    Asset Generation

    Generate Asset Records

    Creates 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 FAM or transaction fields. Add any fields you need to review the proposal records. You can also remove the fields that aren't relevant to you.

Customizing the Asset Proposal Sublist

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

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

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

    Important:

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

    Note:

    You can't remove the ID, Transaction, Quantity, and Process fields.

  4. Click Submit.

    You'll 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 Edit next to the asset proposal.

  3. On the FAM Asset Proposal page, edit the asset proposal record as needed.

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

    Available alternate methods in the dropdown list are filtered by the asset proposal's Subsidiary field in the General subtab. Click Edit to modify existing Alternate Depreciation records.

    Note:

    The Alternate Method and Residual Value Percentage fields are required.

  5. Click Save.

You can split an asset proposal record to process some assets separately from the original record. If the proposal record multiple quantities of an asset, the Proposed Asset sublist shows a link to split the asset proposal.

Splitting Asset Proposal Records

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

  2. In the Proposed Assets sublist, click Split next to the proposal record that you want to split.

    You'll be redirected to the Proposal Split page.

    Note:

    The Split link appears only if the proposal has multiple quantities of an asset.

  3. In the Split Details sublist, enter values on the following columns:

    • Cost – Enter the total cost for the quantity you're allocating to this proposal record.

    • Quantity – Enter the number of assets you're allocating to this proposal.

    • New Item Description – Enter a description for the asset. This serves as the asset record's name and description.

  4. Click Add.

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

  5. In the Primary Information field group, check the Split Remaining box to divide the remaining quantity and cost equally 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'll be redirected to the Process Status page, where you can track the asset proposal split's status. The Process Status page queues the following processes for the asset proposal split. Click Details on any process to view its 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

    If the split fails, the system reverts changes from the previous stage. If it's successful, the original proposal's status is set to Split.

Rejecting Asset Proposals

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

Unless you have Administrator access, the Reject Proposals box won't appear if the Restrict Ability to Reject Proposals box is checked in the System Setup page (Fixed Assets > Setup > System Setup).

Rejecting the proposal doesn't delete it from the system. Its status only changes to Rejected. If you want to retrieve a rejected proposal, 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, then click Remove.

    4. In the Filter column, select Proposal Status.

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

    6. Click Set.

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

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

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

    Note:

    If the Show List When Only One Result preference isn't checked in the Set Preferences page, the search opens the rejected proposal automatically when there's only one result.

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

    The proposal record is now available in the Manage Proposals page.

Related Topics

General Notices