Create an Asset Item from an AP Voucher Line Item

In the Equipment Info Center, you can generate asset items automatically from line items that you enter for AP vouchers in Transaction Entry.

Prerequisites: Before you can automatically generate asset items in the Equipment Info Center from AP voucher line items, you must:

• Activate the Asset Management application in Configuration > Module Activation.
• Select the Allow asset entries for AP Vouchers and Journal Entries check box for your security role on the Accounting tab in Configuration > Security > Roles.
• Select the AP Voucher check box for Asset Item Source on the General tab in Configuration > Asset Management.
• Enter the default overhead project, phase, and task in the Default Overhead Project section on the General tab in Configuration > Asset Management.

To automatically generate a new equipment item from an AP voucher, complete the following steps:

1. From the Vision Navigation menu, click Transaction Center > Transaction Entry.
2. On the Transactions tab of the Transaction Entry form, select AP Vouchers in the Transaction Type field.
3. On the Transaction Entry form toolbar, click New to create a new transaction file that will contain the AP voucher transactions that you are going to enter.
4. On the New File dialog box, complete the information for the transaction file and click OK. You must select the Allow Asset Entries check box on this dialog box. If the check box does not display on the dialog box, review the configuration settings listed above that are required for generating asset items from AP voucher line items.

   If you forget to select the Allow Asset Entries check box on the New File dialog box, you can select it from the AP Vouchers form by clicking File > Control Totals on the form toolbar. The check box displays on the AP vouchers control totals dialog box.

5. On the AP Vouchers form, enter the information for the AP voucher, such as the vendor, invoice date, voucher date, bank, and so on.
6. In the AP voucher line item grid, add a row for each voucher line item for which you want to automatically generate an asset item. For each of the line items, complete the information in the row, including the following specific information for the asset item to be generated:
   1. Select the Create Asset check box.
   2. Click in the Asset Type field, and from the drop-down list, select the asset type for the asset item. The asset type determines the property type, depreciation method, asset account, accumulated depreciation account, and depreciation expense account that will be used for the monthly depreciation journal entry for the asset item. This information prefills on the GL Book tab in the Equipment Info Center when the asset item is generated.

      Asset types are set up on the Asset Type tab in Configuration > Asset Management. When you select an asset type in the Asset Type field, the asset account that is set up for the asset type in Asset Management Configuration prefills in the Account field in the voucher line item grid.

   3. Click in the Item Number field, and then click to select a purchasing item from the drop-down list. This is the purchasing item upon which the asset item will be based when it is automatically generated in the Equipment Info Center. The drop-down list includes only purchasing items entered in Configuration > Purchasing & Inventory > Item Master whose category type is Capital Items. These are the only items that can have depreciation processed for them.
   4. In the Project field, select an overhead project in the Project lookup. If you do not use organizations in Vision or if you use organizations, but you do not maintain separate balance sheets, the Project, Phase, and Task fields prefill with the default project, phase, and task entered in the Default Overhead Project section on the General tab in Configuration > Asset Management, which you cannot change.
7. Click Save.
8. In Transaction Center > Transaction Posting, post the AP voucher transaction file. When you post, each line item from the voucher that has asset item information entered for it is added automatically as an equipment item in the Equipment Info Center. Information from the AP voucher line items prefills on the General tab, GL Cost tab, GL Book tab, and Additional Books tab if you have additional books.

Postrequisite: IMPORTANT: You must enter depreciation information for an asset item in the Equipment Info Center. See Enter Depreciation Information for Asset Items Generated Automatically from Other Applications.

You must do this before you can process depreciation for an asset item in Asset Management > Depreciation Processing. You must change the asset status from Inactive to Active and enter an in-service date and other depreciation information in the Equipment Info Center. Optionally, you can also associate and assign employees with asset items in the Equipment Info Center.