15.10. Short Term Assets

Objective

Registering and displaying short term assets from purchasing to disposal. The necessary steps are:

Defining a generic "Short Term Assets" product

• define an "Expense" type product with a specific product category (e.g. Short Term Assets);

• additional details regarding products can be found in chapter Products

Purchasing Document Workflow

• enter a purchase order for the product defined at Step 1;

• enter/generate an invoice for the product;

• additional details regarding purchasing documents and workflows can be found in chapter Procurement

Defining Short Term Assets

• define an asset in the Assets (Customer) window and the associated asset group (e.g. Short Term Assets);

• in the Accounting Setup tab fill in the Period Start and Period End fields with 0 for the current month and 1 for the following month.

• additional details regarding assets can be found in chapter Fixed Assets.

Allocating Short Term Assets

Requirements

The assets procured by the organization should be allocated to their respective department. For example:

• means of conveyance are allocated to the Cars & Trucks dept;

• servers, computers, printers are allocated to the IT dept;

• building equipment are allocated to Administrative dept;

Each of these departments has an accountable employee (business partner). The employee will always be selected when defining a asset in the Business Partner field.

The quantity used for the asset and be 1 or greater than 1, for collective assets:

• • cars and trucks - quantity 1 (always) for the following reasons:

    • can be moved independently (sold, allocated, disposed);

    • are also resources and need to be planned independently;

  • scaffolding - quantity >1 for the following reasons:

    • usually not moved independently;

    • have sub-components which may have a greater than 1 quantity and can be partially allocated to different users;

Allocation Process

Allocating a asset is done using the Asset Usage window located in the Customer Assets menu. The allocation has the following rules:

• 1. you cannot allocate a quantity greater than the value entered in the Quantity field for the asset;

  2. you cannot allocate a quantity greater than the value currently allocated to the source business partner:

• • the system will determine the quantity allocated to the source business partner, not yet returned;

  • initially, all the asset quantity will be allocated to the business partner selected when defining the asset;

• 1. returning is done as a reverse asset allocation;

     • returning cannot be done for a quantity greater than the sum of unreturned quantities allocated to the source business partner;

  2. initial allocations are done from the asset representative to the destination business partner.