To Convert Items to Fixed Assets

You can convert one acquired item or multiple items to fixed assets by using the Convert Purchases to Assets (FA504500) form.

To Convert Items to Fixed Assets

1. Open the Convert Purchases to Assets (FA504500) form.
2. In the Selection area, to narrow the list of the items you might want to convert to assets, do any of the following:
   1. In the Account box, select the account of the acquisition transaction.
   2. If subaccounts are used in your system, in the Subaccount box, 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 do not 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. Specify the default parameters for the new assets that result from the conversion by doing any of the following:
   • If the branch selected by default is not the one to which all or most of the assets are to be assigned, select the appropriate branch.
   • Select the default custodian for the assets.
   • Select the default department the assets will be assigned to.
4. If you want to hide the items in the upper table that are not to be converted, select the Reconciled check box in the lines of the items to not be converted. When you convert the other items, the items with this 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 Selection area.
5. For every acquired item that 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 Add Row on the toolbar of the lower table. Click this button as many times as is required; each time you do, the system generates a row in the lower table with the default settings you specified in the Summary area and the upper table.
   3. If you want to mass-convert all acquired items, select an asset class for the item row in the upper table. The system will generate the same number of rows in the lower table as there are units specified for the item in the upper table.
   4. Make sure that the Create Asset check box is selected for each added row.
   5. To associate any new asset with a parent asset, select the Component check box in the row, and then select the parent asset in the Asset ID column.
   6. In each row of the lower table, check (and correct, if needed) the asset settings for conversion, filling in at least the following columns:
      • Asset Class
      • Branch
      • Department
      • Tran. Date
      • Tran. Period

   The values in the Selected Quantity, Selected Amount, Open Quantity, and Open Amount columns in the upper table reflect the changes you have made in the lower table.

6. On the form toolbar, click Process to convert the acquired items to fixed assets.

   The new assets are created with the settings that you have specified. The system assigns asset IDs according to the asset numbering sequence.

7. Release the resulting transactions as dictated by your company workflow. For more information, see To Release a Fixed Asset Transaction.