Working with assets

The acquisitions function in DC1 Asset Management helps you to manage acquisitions by providing the following features:

• Ability to transfer acquisition information to the Asset file when you enter an acquisition as a new asset.
• Reconciliation between the Asset Management system and the General Ledger in DC1 Financials.
• Capability to classify your acquisitions according to acquisition type.
• Acquisition balance account control when entering new assets.
• Ability to store both depreciable and non-depreciable assets in the system.

There are three ways to enter acquisitions:

1. Entry of acquisitions in the Asset file.
2. Copy an already existing asset.
3. Transfer of acquisitions from Accounts Payable invoices to the Acquisition wait file, and from there to the Asset file.

All three methods can be accessed from the Work with assets menu item.

Through the Work with acquisition accounts menu item, you provide the link between the Accounts Payable, Accounts Receivable and the General Ledger and Asset Management. The entries that you define in this program determine which transactions entered in A/P, A/R and G/L will transfer acquisition information to the Acquisition wait file in Asset Management. Here, you can reconcile the information and transfer it to the Asset file when you enter the acquisition as a new asset.

1. In Work with acquisition accounts, you define the G/L accounts to be used for posting acquisitions.
2. When you enter a transaction in A/P, A/R or G/L, use an acquisition account defined in Work with acquisition accounts.
3. Whenever a G/L posting, belonging to a supplier invoice, is directed to one of these acquisition accounts, the information is copied into the Acquisition wait file.
4. During asset entry in the Asset file, you can access the Acquisition wait file and transfer acquisition and supplier information into the Asset file.
5. If you choose not to transfer an acquisition to the Asset file, then you can delete it from the Acquisition wait file.

This function gives you the ability to transfer acquisition information to the Asset file when you enter an acquisition as a new asset. It eliminates duplicate entry of information and, therefore, reduces the errors caused by entering the same information more than one time. In addition, it helps you to remember to enter newly purchased assets into the Asset file.

To transfer acquisition information, the system performs the following steps:

• When a preliminary or final A/P, A/R invoice or a G/L transaction is entered and updated in DC1 Financials, its G/L postings are checked against Work with acquisition accounts in Asset Management.
• Every G/L posting directed to an acquisition account updates the Acquisition wait file with one record.
• If several acquisition account lines have been used for one invoice, then a single record is created in this file for each of these accounts.

The system transfers information both from the G/L posting and from the A/P or A/R invoice when applicable.

There are two ways to access the Acquisition wait file depending on your reason:

1. When you enter a new asset in the Asset file, you can access it by clicking Acquisition wait file from the Work with assets, New asset panel. You can then view the information in the Acquisition wait file, and retrieve the records you wish, or delete them from the file.
2. The Acquisition wait file can also be accessed from the Work with assets main panel using the Acq wait file function key.