NetAsset - Build Up Existing Assets

Use Case: 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 Fixed Assets Clearing or Construction In Progress.


STEP BY STEP PROCESS

  • Navigate to the Build Up page in one of 3 ways
    • Selecting NetAsset > Update or Modify Assets > Build Up Asset from Proposals (Clearing)
    • Selecting NetAsset > Update or Modify Assets > Build Up Asset from Construction In Progress
    • Directly from the asset itself by clicking the Build Up button.
  • Once on the Build Up page, enter the Asset to Build Up and allow key asset fields to populate for quick informational purposes.
    • If you navigated to the page via the Build Up button on the NetAsset record this will already be filled in.

  • If necessary, add any transaction filters needed to isolate the desired transaction line(s) then click Filter Results. You may need to 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 you would like to build up the asset with. After you have validated the inputs, click the Build Up Asset button. You will be redirected to the asset to build up with the Capitalized Asset Value field updated to reflect the new built up value.

  • If journals have been recorded against the asset, the Processing Status field will read Processing Build Up…while the schedule is being updated. Refresh periodically until the Processing Status field is blank.
    • The Effective Build Up Date Period will be split into two entries, one to record the GL Impact of the Build Up and one to record the normally scheduled depreciation.

  • Click on hyperlink to the NetAsset Build Up Entry to see the adjustment to the Fixed Asset Account and Fixed Asset Clearing Account.
    • Debit Asset Type’s “Fixed Asset Account” for the build up amount
    • Credit Asset Type’s “Fixed Asset Clearing Account” for the build up amount

  • An NetAsset Revaluation record will be saved on the Revaluations subtab of the asset to saved historical data before and after the build up.

  • The selected Vendor Bills and/or Journal Entries should appear on the Related Records subtab. The selected expense/item lines will also be updated with the Asset being built up.



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