NetAsset - Accounts Payable Process Guide
This article will walk you through various accounts payable processes. Below you will find instructions on how the following topics are handled in the NetAsset software:
- Creating a New Asset/Building Up an Existing Asset
- Tagging Fixed Asset Related Costs
Prerequisites:
- NetAsset Types and Chart of Accounts have been configured.
- Vendor Bill customization and configuration have been completed.
Creating a New Asset/Building Up an Existing Asset
Expense Coding
Cost to be capitalized as a fixed assets must be coded to a Fixed Asset Clearing Account or a Construction in Progress Account from one or more of your Asset Types. (If Items are typically used, on a new or existing item, select the Accounting subtab to update the native Expense Account field with the proper account.)
To find this account navigate to NetAsset > NetAsset Setup > Manage Asset Types & Mapping and look for the accounts in the fields shown below:
Asset Type Input
- Navigate to your preferred vendor bill
- Enter in all the desired primary information
- Select Fixed Asset Clearing Account or Construction in Progress Account for the Account field box
- Enter in the asset name into the Memo field box and select the Asset type.
Note: The memo field and the asset type can be overridden by the fixed asset team if needed
Tagging Fixed Asset Related Costs
If you would like to link maintenance or others costs to an asset - select the asset in the asset field (see screenshot below) those costs should be coded directly to proper expense account (same as before).