Question

Fixed Asset Investment Status - Change Acquisition Account

  • 18 January 2022
  • 6 replies
  • 536 views
L
Rank
Userlevel 6
Badge +7

Hello, 

Hope this message finds y’all well.

 

Is it possible to change the Acquisition Account of a Fixed Asset Object with Investment Status? 

We have some Objects under investment (that we’ve been adding value during the time) that are with wrong Acquisition Accounts informed.

 

Thanks in advance,

 

Best regards. 

This topic has been closed for comments

6 replies

Peshala Gamage
Rank
Userlevel 6
Badge +9

Hi @Luiz R ,

No, it is not possible to change the Acquisition Account of an object when it is in Investment status through the LOV option itself. This can be changed before saving the object. And it can be changed until status of the object is changed to investment.

If you need to change the acquisition account after the status changed to “Investment”.  The RMB “Move Object” functionality should be used. From there you can change the Acquisition account of the object. You can even change the object group through this option.

Hope this would help you!

 

Best Regards,
Peshala

Sachin Vithanage
Rank
Userlevel 7
Badge +10

Hi @Luiz R ,

 

You will not be able to change the Acquisition account of an Object, when the state is INVESTMENT. However, you can follow the below steps as a workaround to meet your requirement.

 

  1. Rollback the existing acquisition transactions for the object (vouchers) and update the rollback vouchers to GL
  2. RMB on the object > Inactivate Accounting (you will not be able to inactivate accounting for an object, unless the acquisition value is zero)
  3. RMB > Reset Investment. Now the Object will move to ‘Registered’ state. At this point, you can update the acquisition account.
  4. Change the state back to ‘Investment’ and enter the new acquisition transactions with the correct account.

Best Regards,

Sachin

L
Rank
Userlevel 6
Badge +7

Hi @Luiz R ,

No, it is not possible to change the Acquisition Account of an object when it is in Investment status through the LOV option itself. This can be changed before saving the object. And it can be changed until status of the object is changed to investment.

If you need to change the acquisition account after the status changed to “Investment”.  The RMB “Move Object” functionality should be used. From there you can change the Acquisition account of the object. You can even change the object group through this option.

Hope this would help you!

 

Best Regards,
Peshala

 

Hello Peshala, 

 

Thanks for your answer. I tried here using apps 8 and 10 and the option of “Move Object” is not available for objects with value added and in Investment status. 

 

So, does it work in objects with value added?

 

Thanks once again

L
Rank
Userlevel 6
Badge +7

Hi @Luiz R ,

 

You will not be able to change the Acquisition account of an Object, when the state is INVESTMENT. However, you can follow the below steps as a workaround to meet your requirement.

 

  1. Rollback the existing acquisition transactions for the object (vouchers) and update the rollback vouchers to GL
  2. RMB on the object > Inactivate Accounting (you will not be able to inactivate accounting for an object, unless the acquisition value is zero)
  3. RMB > Reset Investment. Now the Object will move to ‘Registered’ state. At this point, you can update the acquisition account.
  4. Change the state back to ‘Investment’ and enter the new acquisition transactions with the correct account.

Best Regards,

Sachin

 

Hello Sachin,

Thanks for your answer.

So, if I do this with an object that is an Investment in Progress (we have investments for some years), after I rollback the transactions and change the acquisition account, is it possible to re-add the investment?

I.e. just reconnect the invoices with the object. I am asking cause I have some transactions in previous years.

 

Thanks in advance.

T
Rank
Userlevel 7
Badge +18

Hi, 

I will try and test later today (as time allows).   I did read that investment may take years.  Ideally, I would suggest a project (GL project) for this process.   You would book expenses to a project,  the IFS capitalization would move this to a construction in progress account. When the fixed asset is active, complete the project and repost to the fixed asset acquisition account.  

That does not fix the issue, but it does simplify the investment process. Sorry late for a meeting. 

Best regards, 

Thomas

T
Rank
Userlevel 7
Badge +18

Hi, 

Per my limited testing, you can’t change the acquisition account - until after the asset has been active. If the asset is still in the investment process, you may need to wait until complete and then change the account. Else, you can activate the object early and as a result you would have two assets (probably not something you want).   One the asset is active, you can do a move function to change the account from X to Y.   After doing the move, you can’t set the object back to investment that’s why I wrote (either wait to fix or create object 2).   

To do the move (after asset is active see the below. Enter the “correct” account in the lower part of the screen and any other pre-postings.  This will create a voucher to move the asset value from old account to new account. 

 

Given the long term investment process - I highly recommend using an IFS project (use GL project if project management is not available or desired). Use this for long term investment cycles. A direct purchase of a computer or other FA object would not use the project. A true capital construction project  is easier to manage via project where the project used IFS project accounting to capitalize the project expense. This way you only have a limited number of acquisition transactions, you may have thousands of project transactions.  I  believe it is a cleaner process. 

Best regards, 

Thomas

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