[EM] New Asset Purchase (AP Entry)

Purchasing Asset - Paid in Full 

1- What is the asset value?

    The first step is to recognize the total value of the asset, this becomes VERY important when we set this up in EM Assets.  

2- Go to AP Transaction Entry and enter the invoice for the asset purchase (details below)

Purchasing Asset - Partially Financed

1- What is the asset value?

    The first step is to recognize the total value of the asset, this becomes VERY important when we set this up in EM Assets.  

2- Go to AP Transaction Entry and enter the invoice for the asset purchase (details below) 

Purchasing Asset - Financed in Full

1- No AP will be entered 

2- Go to General Ledger>Programs>GL Chart of Accounts to set up a new GL account for the equipment loan

       Open the Grid view and scroll down to the last line item to create a new account.

3- To ensure the new account will show on various reports; go to General Ledger>Programs>GL Account Parts

       Go to the Instances tab

4- Find the new GL account and assign a Major and Minor Category.

   Major Category:

Minor Category:

5- In the Setup, go to the Minor Category tab

6- Set up the Major category. Typically the Minor Category is XX283 where the XX is the company number and the 283 is the GL account number. The balance sheet order is the GL account number. Press save and exit.

7- Now select the Minor category

8- Verify your account is set up correctly.

9- Verify the purchase price

10- Go to General Ledger>Programs> GL Journal Transaction Entry. Create a new batch in the month the asset was purchased.

11- Enter in the Journal Entry (Details Below)

Create a new sequence line

12- Post the General Entry. File>Process Batch>Validate>Post

View the articles below for the equipment set up:

    Equipment Setup HERE 

    Asset/Depreciation Setup HERE