To Convert Purchased Items to Components of a Fixed Asset

To convert purchased items to new assets that are components of an existing asset, you can use one of the following forms:

  • Convert Purchases to Assets (FA504500): You select the parent asset for each of the new assets. You can select different parent assets for every new asset. For details, see To Convert Items to Fixed Assets.
  • Fixed Assets (FA303000): You open the record of the asset that will be the parent, and then convert the purchases into components of the selected asset only, as described in this topic.

To Convert Purchased Items to Components of an Existing Asset

  1. Open the Fixed Assets (FA303000) form.
  2. In the Asset ID box of the Summary area, select the identifier of the asset to which you want to add new components.
  3. To select the acquisitions by account and subaccount (if applicable), on the Reconciliation tab, do the following:
    1. In the Account box of the Selection area, select the account of the acquisition transaction.
    2. Optional: If subaccounts are used in your organization, in the Subaccount box, select the subaccount of the acquisition transaction.

    The documents are displayed in the table. If you do not see the document you need, check the account and the subaccount (if applicable) in the purchase bill.

  4. In the Tran. Date box, select the date of the addition.
  5. In the Addition Period, select the period of the addition.
  6. For every purchased item you want to convert, in the table row of the purchased item, do the following:
    1. Select the Included check box.
    2. Select the Component check box.
    3. In the Asset Class column, select the asset class for the new asset.
    4. If you want to convert only a particular quantity of the purchased item, fill in the values for the new asset in the Selected Quantity and Selected Amount columns.
      Note: The quantity of the asset must be greater than or equal to 1.
  7. On the table toolbar, click Process.

The selected items are converted to components of the currently selected fixed asset.

The new asset is created with the settings you specified.