Payables & Cash Management

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    Judy Hamner
    Can the Asset Book on a PO Invoice be defaulted?
    Topic posted August 21, 2018 by Judy HamnerSilver Trophy: 7,500+ Points, last edited January 30, 2019, tagged Assets, Payables 
    135 Views, 2 Comments
    Can the Asset Book on a PO Invoice be defaulted?
    PO Invoices for Fixed Asset purchases are causing rework because the Asset Book is not populated from the PO. Is there are way to default the asset book - our books match our AP business units.

    Purchase Orders do not carry the Asset Book information for fixed asset purchases.  When Invoices are entered and matched, the Asset Book information on the Invoice is often missed in the entry process.  We have an approval workflow rule to reject invoices that are for fixed asset accounts but where the asset book is missing.  However, this requires rework of the invoice.  Also, in order to add the asset book the original matched line has to be cancelled in order to add the asset book using this work around.  This is an issue with all PO invoices, but it is a bigger issue with electronic invoices that are matched upon import and immediately submitted to workflow.  

    We would like to be able to either 

    1. Default the asset book on the invoice based on the AP Business Unit

    2. Add the Asset book to the Purchase Order so that it is populated with the invoice is matched


    3. Not allow the invoice to be validated without an asset book being populated (and therefore, can still be edited to add the asset book without having to cancel and recreate the invoice line) prior to being submitted to approval workflow.


    Or - is there an option available that I am missing?  We would like to eliminate the rework that is caused by this issue.




    • Becky Alvarez

      I am not sure if this will help but you can automatically track assets by setting up and following the process below:

      • Create a GL clearing account(s) that have the additional setup for the Financial Category set to Fixed Assets/Other Assets.
      • Use this GL account on the Requisition, PO or Invoice.
      • When the GL account is entered on the invoice or the PO is matched to the invoice and the GL account is pulled in from the PO the Financial Category for Assets on the GL account causes the Track as Asset Flag to be checked on the invoice line.
      • If you create a unique clearing account for each major/minor category combination, then when Mass Additions is run, then the Major and Minor Category will be assigned.
      Now if this isn't enough to default the correct asset information and you need the asset book, maybe someone with more FA knowledge than I have can build on this solution.
    • Judy Hamner

      Thanks, Becky.  Unfortunately, our set up requires the selection of an asset book (we have 3 that correspond to our Business Units).