Create assets from AP supplier invoices—Fixed Assets Management

Create assets directly from AP supplier invoices to save time and reduce errors. Each AP supplier invoice line can generate up to 20 assets.

Create assets from AP supplier invoices (5:46)

Here's how it works:

• Sage Intacct checks each AP supplier invoice line to see if the account matches an Asset or CIP GL account in an asset classification.

• If there's a match, you specify the number of assets to create and provide a name for them on that line.

• When the AP supplier invoice posts, it generates the assets in the Ready for review or Construction in progress state. You can then review the assets and add details.

• Each asset includes a link back to the originating AP supplier invoice in the Source field.

• If you create a single asset, it's automatically tagged as a dimension on the AP supplier invoice line and in the posted journal entry.

Before you begin

• Turn on the Accounts Payable integration in Fixed Assets Management configuration.

• Create asset classifications.

• Identify which accounts are assigned as Asset or CIP GL accounts in your asset classifications.

Create assets from a AP supplier invoice line

1. Go to Accounts Payable > All and select Add (circle) next to AP supplier invoices.

2. Enter the header fields.

   For more information about the header fields, see Create an AP supplier invoice.

3. Enter line items.

   1. Select an Account.

      The account must be assigned as an Asset or CIP GL account in an asset classification.

   To view which GL accounts are used in asset classifications, go to Fixed Assets Management > All > Asset classifications and review the columns. Select Settings > Configure columns to add additional columns to the view.
   

   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, choose from the following options:

      • Create fixed asset: Creates a single fixed asset. This option appears when you select an account associated with an Asset GL account.

      • Create multiple fixed assets: Create more than one fixed asset. This option appears when you select an account associated with an Asset GL account.

      • Create CIP asset: Creates a single Construction in Progress (CIP) asset. This option appears when you select an account associated with a CIP GL account.

   7. If you selected Create multiple fixed assets, enter a number from 2 to 20 in the Number of assets field.

   8. Select an Asset classification for the new asset or assets.

      Only asset classifications associated with the selected account appear in this dropdown.

   9. For Name of acquired asset, enter a name for the new asset or assets.

      You can change the names later.

   10. 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.

4. Leave the Asset dimension field blank.

   If you're creating a single asset, it will populate automatically after the asset is created. For multiple assets, the asset dimension field on the AP supplier invoice remains empty.

5. Select Post or Submit.

   Assets are generated automatically in Fixed Assets Management. If you use AP supplier invoice approvals, the asset will be created after the AP supplier invoice is approved.

Next steps: Edit the asset to add additional details.