1. Accounting
  2. Fixed Assets Management
  3. Creating Fixed Assets Management Records
  4. Creating Asset Records from Transactions
  5. Asset Creation

Asset Creation

The Asset Creation feature in the Fixed Assets Management SuiteApp lets you create assets without proposing them first.

When you use Asset Creation, you can specify the start and end dates of the transactions for which you want to create an asset. However, you won't be able to select individual transactions to generate asset records.

To create asset records:

  1. Go to Fixed Assets > Transaction > Asset Creation.

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

    • Date Range — Select a date range. The system calculates the start date based on the selected range and end date.

      Note:

      The system sets the date range to Custom if you change the Start Date or End Date.

    • Start Date and End Date — Enter the date of the transactions for which you want to create an asset record. The search retrieves transactions dated within the specified range.

    • Subsidiary - Select the subsidiary of the transactions that you want to create assets for.

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

    • 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 on the list.

      Note:

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

  3. Click Create Assets.

    The system automatically creates asset records for every transaction that matches the filters and posts to the fixed asset general ledger accounts.

The Process Status page queues the following processes for asset creation. Click Details on any process to view its stage details.

Process

Process Stage

Process Stage Description

Asset Creation

Prepare data to Generate Assets

Prepare data from transactions posted to the fixed asset general ledger accounts.

Generate Asset Records

Create asset records.

Generate Depreciation Schedule

Generate Depreciation Schedule Values

Create depreciation history records for generated assets and tax methods.

Asset Creation doesn't process assets that are already proposed. To create asset records for proposed assets, use the Generate Assets option (Fixed Assets > Transactions > Asset Proposal). For more information, see Asset Proposal and Generation.

Sometimes you may want to review, edit, and select transactions before creating asset records for them. For example, you might create parent-child relationships between asset proposal records to track them as a single asset. To combine assets, see Multiple Asset Proposal.

Note:

Asset Creation no longer captures assets created from transactions that transfer assets across asset types. For more information, see Restricting the Editing of Asset Values.

Related Topics

General Notices