NetAsset - Bulk Build Up of Assets

Overview

It may be the case that a pending or in-service asset needs to have its capitalized value built up via a new item/expense coded to the Fixed Asset Clearing Account or Construction in Progress Account.

There are two options to assign the asset to the associated cost. You can either populated the related asset on the line level of the transaction when input, or you can populate it after on the Build Up UI page in NetAsset.

Pre-Populate Asset on Underlying Transaction

Assets can also be assigned build up costs from the underlying transactions when entered.

Pre-Requisite

The "NetAsset Asset to Buildup" field needs to be showing on the transaction records. To enable this:

Navigate to Customization > Forms > Transaction Forms
Select Edit next to the applicable Bill form
To add to Expense Subtab complete the following steps:
- Select subtab Screen Fields
- Select Expenses
- Scroll to bottom of the screen and select the checkbox next to "NetAsset Asset to Build Up"
- Rename column label if desired
To add to Items Subtab complete the following steps:
- Select subtab Sublist Fields
- Scroll to bottom of the screen and select the checkbox next to "NetAsset Asset to Build Up"
- Rename column label if desired

Step by Step

When entering the relevant cost information on the Bill Record:

Note: Selecting the Asset on the Transaction line does not trigger the Build Up Process itself. You still need to go to the Build Up UI page to process the Build Up script.

Select the Asset from the drop down in the "NetAsset Asset to Buildup" field. Click Add for the transaction line.

Click Save.

Build Up from UI Page

Navigate to the Build Up page:
- Select NetAsset > Update or Modify Assets > Build Up Asset from Proposals (Clearing)
- Select NetAsset > Update or Modify Assets > Build Up Asset from Construction In Progress
If necessary, add any transaction filters needed to isolate the desired transaction line(s) then click Filter Results. Click the Switch to CIP button if the desired costs reside in Construction In Progress instead of the Fixed Asset Clearing account.
Next, check the Select checkbox next to any number of line items/expenses (transactions) to use in the build up of the assets
In the Asset To Build Up column, designate which asset/s to build up with these transactions
- In the example below two different assets will be built up with two different transactions

Note: If you populated the "NetAsset Asset to Buildup" field in the prior step on the transaction itself, you will see those assets already populated in the column on this UI page.

To filter the list to only show transactions with this field pre-populated, check the filter box for "Asset to Build Up Predetermined" and click Filter.

After the inputs are validated, click the Build Up Asset button. You will be redirected to the Build Up Processing screen
Refresh periodically until the Processing Status is "Complete"
Once completed you will see the Build Up results for each asset that was processed simultaneously

Asset Record and GL Impact

Select the desired asset to see the updated depreciation schedule and the automatically created Build Up Entry
To see the Build Up entry, select the Journal Entry "NetAsset Build Up Entry #XXX"
- The date of the Build Up Journal Entry will be the next open period without a journal entry, regardless of the source transaction date. In this example, the source transaction was dated February 2023 but the build up was processed after the March depreciation had been ran so the Build Up Entry Posting Date will be in April 2024.
For more information on performing individual build ups on single assets, reference the Build Up of Existing Assets article

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