NetAsset - Approve & Reject Monthly Asset Journals

Overview

Within NetAsset, users can control how asset-related transactions are approved by leveraging the Default Transaction Status setting in System Settings. When this status is set to Pending Approval, transactions must be manually reviewed and either approved or rejected. This article outlines the complete process for approving and rejecting monthly asset journal entries using the Approve Monthly Asset Journals interface.

We have also introduced a formal rejection process that allows users to reject (and thereby delete) asset transactions and their dependent entries, reverting the asset to its pre-transaction state for correction and reprocessing.

Key Assumptions

• The Default Transaction Status in NetAsset system settings is set to Pending Approval.

• Users have access to view and manage transactions through the Approve Monthly Asset Journals page.

• Monthly asset journals have been generated and are pending approval.

Step-by-Step Process

1. Navigate to the Approval Page

   • Go to NetAsset > Process Monthly Journals > Approve Monthly Asset Journals

   • Or click Approve Journals from the sidebar for quicker access. View full size

2. Filter Transactions

   • Use available filters to narrow the results.

   • Click Filter Results to apply filters and update the sublist.

3. Review Transaction Details

   • Transactions displayed are in Pending Approval status.

   • Open an individual transaction to review metadata:

     • Under the Custom tab:

       • Created By: User who created the transaction.

       • Approved By: Will populate when the transaction is approved.

     • Note: Rejected transactions are deleted; no Rejected By field is stored. Additionally, these fields can be moved on the form if desired to show on a different tab or the main body of the transaction. View full size
       

4. Take Action on Transactions

   • Use the Action column in the sublist to select Approve or Reject for each transaction.

   • Click Mark All if you want to apply the same action to all visible entries.

   • Click Submit to begin processing. View full size

5. Processing Results

   • You will be redirected to a status page where you can refresh to check the progress.

6. Behavior of Rejection

   • Selecting Reject will:

     • Delete the selected transaction.

     • Delete all downstream transactions created after the selected rejected transaction and regenerate that portion the schedule as needed to revert asset back to how it was prior to the entry being created in cases of transfers, revaluations, etc..

     • If a capitalization or go-live entry is rejected, the asset will revert back to a pending status and remove all associated entries. This enables the user to fix asset errors, regenerate the schedule, and requeue for capitalization.

7. Reprocess and Approve

   • After correcting the asset, requeue it for capitalization.

   • Rerun the capitalization and depreciation entries.

   • Return to the Approve Monthly Asset Journals page.

   • Select Approve for the new entries and click Submit.

   • Approved transactions will now post to the GL and update the Approved By field.

Limitations/Things to Be Aware Of

• Rejected transactions are permanently deleted. 

• Rejecting an earlier transaction will delete all subsequent entries.

• Only transactions in a Pending Approval status can be approved or rejected.

Troubleshooting