Convert items to fixed assets

You can convert one acquired item or multiple items, for example, purchased goods to fixed assets by using the Convert purchases to assets (FA504500) window.

1. Go to the Convert purchases to assets (FA504500) window.
2. Specify selection criteria for the items you might want to convert to assets as follows:
   1. In the Account field, select the account of the acquisition transaction.
   2. In the Subaccount field, select the subaccount of the acquisition transaction.
   3. If you want to view the transactions that are marked reconciled and hidden from display, select the Show transactions marked as reconciled check box.

   The items that meet the specified criteria are displayed in the upper table.
   If you don't see the items you want to convert, check the account and subaccount in the acquisition document (such as a bill for a purchased item).

3. Optional: Select the default department the assets will be assigned to, and/or the default custodian.
4. If you want hide the items in the upper table that are not to be converted, select the Reconciled check box in the item lines.
   When you convert the other items, the items with the Reconciled check box selected will be hidden from the table.
   To view the items marked as reconciled, select the Show transactions marked as reconciled check box in the top part.
5. For every acquired item you want to convert, do the following:
   1. Click the Selected check box in the item row in the upper table to view the assets the items will be converted into in the lower table.
   2. If you want to convert every unit of the acquired item into a separate asset manually, click in the toolbar of the lower table.
      Do it as many times as the quantity of units specified for the item in the upper table.
      The system generates a row in the lower table with the default settings you specified in the top part and the upper table.
   3. If you want to convert all acquired items a bulk, select an asset class for the item row in the upper table.
      So that, the system will generate the number of rows in the lower table equal to the number of units specified for the item in the upper table.
   4. Make sure the New asset check box is selected for the added row.
   5. To associate the new asset with a parent asset, select the Component check box, and then select the parent asset in the Asset column.
      1. Check and correct the asset settings for conversion, filling in at least the following columns:
         • Asset class
         • Branch
         • Department
         • Trans. date
         • Trans. period

      The values in the Selected quantity, Selected amount, Open quantity, and Open amount columns in the upper table reflect the changes you made in the lower table.

6. Click Process to convert the acquired items to fixed assets.

   The new assets are created with the settings that you specified. The system assigns asset IDs according to the asset number series.

7. Release the resulting transactions as dictated by your company workflow. For more information, see: Release a fixed asset transaction