NetAsset - Direct expensing from the Create Assets from Proposals page
Overview
For costs that are incorrectly coded to Clearing or CIP and should have been expensed, NetAsset supports direct expensing from the Create Assets from Proposals page.
If you would like NetAsset to use capitalization thresholds to decide whether a transaction should be expensed, review the Capitalization Thresholds article.
Prerequisites
- Direct Expensing is turned on. Navigate to NetAsset > NetAsset Setup > System Features. Under Quick Access Buttons, check Direct Expensing and Save.
- (Optional) A Direct Expense Account is mapped on the asset type. Navigate to NetAsset > NetAsset Setup > Manage Asset Types & Mapping, click Edit on the asset type, and set the Direct Expense Account.
Step-by-step process
- Navigate to NetAsset > Create New Assets > Create Assets from Proposals (Clearing) or (CIP). The Expense button appears at the top of the page.
- Select the transactions that need to be expensed and removed from the Clearing or CIP account.
- Make sure each selected line has an expense account. The Expense Accountcolumn is used first. If it's blank, the account mapped on the line's Asset Type is used.
- To set one account on several lines, enter it in the Expense Account field under Line Defaults, then click Apply Line Defaults.
- Click Expense.
- A popup asks for the effective date for the direct expense. This date is applied to every entry created. If left blank, each entry uses the earliest transaction date among its lines. Enter the date and click Create Direct Expense.
- The NetAsset Direct Expense Entry is created, moving the cost from the Clearing or CIP account to the expense account.
- After the entry is saved, a confirmation banner shows that NetAsset is checking NetAsset Ignore Proposal Transaction Line on the original transaction lines in the background, which removes them from the proposal page. The banner clears when the task finishes. If the lines still appear on the page, click Retry Tag Transactions on the entry.
Limitations / callouts
Expensing multiple transaction lines
Selected lines are grouped into one Direct Expense Entry per subsidiary. Each line gets its own expense and clearing lines, with that line's department, class and location and a link to its source transaction. If the selected lines span more than one subsidiary, a results page lists the entries instead of opening one. If any selected line has no expense account (none in the Expense Account column and none mapped on its Asset Type), an alert lists those lines and no entry is created.
Expensed lines can't be restored
Expensed lines don't appear under View Removed on the Create Assets from Proposals page, so they can't be restored there.
