Enhanced interface

Add costs to a CIP asset—Fixed Assets Management

Add costs to a Construction in Progress (CIP) asset to track spending while an asset is being built or assembled. You add costs from AP purchase invoices or purchasing transactions and associate them with an existing CIP asset. These costs accumulate on the asset until it’s capitalized.

Add costs from a AP purchase invoice line

Subscription	Fixed Assets Management Accounts Payable
Regional availability	All regions
User type	Business
Permissions	Accounts Payable AP purchase invoices: List, View, Add Fixed Assets Management Asset: List, View, Add
Configuration	The following must be enabled in Fixed Assets Management: Construction in progress (CIP) Create assets from AP purchase invoices Create assets from purchasing invoices

Go to Accounts Payable > All and select Add (circle) next to AP purchase invoices.
Enter the header fields.

For more information about the header fields, see Create an AP purchase invoice.
Enter line items.
1. Select an Account.
  
  The account must be assigned as a CIP GL account in an asset classification.
2. Enter the asset cost for the Amount.
  
  For multi-currency companies, enter the Transaction amount.
  
  The amount must be positive.
3. Select a Location.
4. Select Show details to reveal more fields for the line.
5. Find the Fixed Assets Management section.
6. For Asset action, select Add to existing CIP asset.
7. Select the CIP asset to add costs to.
  
  If you're subscribed to Projects, you can link a project to a CIP asset. Then, when you select the project dimension on the AP purchase invoice line, the associated CIP asset is selected automatically.
8. Optionally, if you’re subscribed to the Taxes application and have VAT enabled, you can select Include tax in asset cost.
  When selected, the Base total will be used for the asset cost instead of the Amount or Base amount.
  
  Canadian entities only: If both ITC and Include tax in asset cost are selected on the line, the asset cost includes only the non-recoverable portion of tax. For example, say that the base amount is $50,000, the base tax amount is $6,000, and the base tax recoverable amount is $3,245. The non-recoverable portion of tax ($2,755) is added to the base amount ($50,000), resulting in an asset cost of $52,755. If ITC is selected but Include tax in asset cost is not, the asset cost is equal to the base amount ($50,000) and tax is excluded.
Leave the Asset dimension field blank.

It will populate automatically after the asset is created.
Select Post or Submit.

The asset cost is updated and a link is added on the asset's CIP tab. If you use AP purchase invoice approvals, the asset cost will be updated after the AP purchase invoice is approved.

Add costs from a purchasing line

Subscription	Fixed Assets Management Purchasing Accounts Payable
Regional availability	All regions
User type	Business
Permissions	Purchasing Purchasing transactions: List, View, Add, Edit, Delete Fixed Assets Management Asset: List, View, Add, Edit, Delete
Configuration	The following must be enabled in Fixed Assets Management: Construction in progress (CIP) Create assets from AP purchase invoices Create assets from purchasing transactions

Go to Purchasing > All > Transactions and select Add (circle) next to your transaction type.
Enter the header fields.

For more information about the header fields, see the Field descriptions in Transactions.
Enter line items.
1. Select an Item ID.
  
  The item must be associated with an Asset GL account. To be associated with an Asset or CIP GL account, in the transaction definition's posting configuration, the item GL group's GL account must match an Asset or CIP GL account in an asset classification.
2. Enter a Quantity.
  
  This value is unrelated to the number of assets that you create and also does not carry over to the quantity field on the new asset. After the asset is created, you can update the quantity field on the asset itself.
3. Enter the Price.
  
  The amount must be positive.
4. Select Show details to reveal more fields for the line.
5. Find the Fixed Assets Management section.
6. For Asset action, select Add to existing CIP asset.
7. Select the CIP asset to add costs to.
8. Optionally, if you're subscribed to the Taxes application and have VAT enabled, you can Include tax in asset cost.
  When selected, the asset cost will be the sum of the Extended price and Tax fields.
  
  Canadian entities only: If both ITC and Include tax in asset cost are selected on the line, the asset cost includes only the non-recoverable portion of tax. For example, say that the base amount is $50,000, the base tax amount is $6,000, and the base tax recoverable amount is $3,245. The non-recoverable portion of tax ($2,755) is added to the base amount ($50,000), resulting in an asset cost of $52,755. If ITC is selected but Include tax in asset cost is not, the asset cost is equal to the base amount ($50,000) and tax is excluded.
9. In the Dimensions section, select a Location.
10. Leave the Asset dimension field blank.
  
  It will populate automatically after the asset is created.
Select Post or Submit.

The asset cost is updated and a link is added on the asset's CIP tab. If you use approvals, the asset cost will be updated after the transaction is approved.