Search for errors in Asset Management.

Use Checkout to search the database for errors. Since these errors may lead to inaccurate results, they should be taken care of regularly.

Running Checkout will search the database for errors, which are reported on the Checkout Report. Some of these errors can be fixed by running Recalculate. These errors are followed by the instruction to Run Recalculate. Other errors must be fixed by hand, which may include tracking down an invalid account or amount and entering a valid account or amount.

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What's new in 2018.05? (45s)

Updated 14May2018

Step 1: Run Checkout

1. Open Connect Asset Management > Organization > Checkout.

2. Select the options on the routine.

 

Checkout

Report assets that have exceeded their estimated useful life and still have a depreciable balance

Report pending assets waiting to be processed

Report primary assets that have no related sub-assets

Verify all General Ledger accounts are valid

Verify transactions have been updated to General Ledger through MM/YY (MM/DD/YYYY)

Verify asset acquisition amounts equal capitalization

Verify asset allocations equal one-hundredth percent

Verify formatted asset numbers match the established asset mask in Organization (GG, AAAA, YYYY)

Report assets where the date placed in service is not set

Report assets with a negative book value

 

3. Set up the Selection Criteria. (Optional)

 

4. Click GO (CTRL+G).

The routine runs. It may take a few minutes depending on how many options you have selected.

202002

Step 2: Review the Checkout report

Use the instructions on the Checkout report to fix the errors in the database. Some of the errors can be fixed by running Recalculate. The rest of the errors will need to be fixed by hand.  

How do I run Recalculate?

Use Organization > Recalculate. Use the form to select the options for running the routine. Then, click GO (CTRL+G).

 

Step 3: Rerun the Checkout report

When you're done fixing the errors listed on the Checkout report, rerun the Checkout report to make sure all of the errors have been resolved. When the Checkout report shows that the database is error free, then you're done.

 

Checkout options

Report assets that have exceeded their estimated useful life and still have a depreciable balance

Useful life is an estimation of how long an asset will be used by the company before it is useless and must be thrown away or sold. A depreciable balance is a balance that is subject to depreciation, in other words, the balance will gradually lose its value over time.

Issue: The depreciable balance for an asset that has exceeded its estimated useful life should be zero.

How do I search for assets when the asset's useful life has expired and a depreciable balance exists?

An asset will not depreciate any more because the asset's useful life is expired but there's still a balance.  

To use Checkout to find the error, click to select the checkbox titled Report Assets That Have Exceeded Their Estimated Useful Life and Still Have a Depreciable Balance.

How do I fix this error?

You need to adjust the number of years stored in the Useful Life field in the asset record. Run Recalculate and select the option to Find Assets With [ _ ] Years Estimated Useful Life and Replace With [ _ ], or you can manually depreciate the asset.

09Jan2018

Report assets where the date placed in service is not set

The Date Placed in Service is the date the asset became available for use by the organization.

Issue: A date needs to be recorded in the Date Placed in Service field to calculate correctly the asset's life.

How do I search for assets that are missing the Date Placed in Service?

Click to select Report Assets Where the Date Placed In Service Is Not Set.

How do I fix this error?

Open the asset record to enter the MM/DD/YYYY when the asset was placed in service. The Date Placed in Service field is located on the Acquisition tab in Modify Existing Assets (Connect Asset Management > Assets > Modify Existing Assets).

 

Report pending assets waiting to be processed

A pending asset is an asset that is waiting for you to determine what action to take. Pending asset records may also be created during invoice entry or when a job is closed in Project Accounting.

Issue: Identify pending assets that require action to add, remove, or retire an asset.

How do I search for pending assets?

To use Checkout, click to the checkbox titled Report Pending Assets Waiting to be Processed.

How do I fix this error?

Use Connect Asset Management > Assets > Manage Pending Assets to finish processing pending assets.

 

Report primary assets that have no related sub-assets

A primary asset serves as the main asset for a collection of assets. In the usual scenario, an asset attaches sub-assets to a primary asset. The sub-assets, or secondary assets, have useful lives and value depreciation rates that are different from the primary asset and are therefore, not included in the cost of the primary asset.

Issue: Assets marked as primary asset must include sub-assets. On the other hand, assets that are designated as a sub-asset must be attached to a primary asset.

How do I search for primary assets without sub-assets?

Click to select Report Primary Assets That Have No Related Sub-assets.

How do I fix this error?

  • If the asset is not a primary asset, you need to remove the primary asset status from the asset record. Use Connect Asset Management > Assets > Manage Primary Assets to look up the primary asset number and delete it.

  • If the asset is a primary asset, you need to add sub-assets to the primary asset record. Use Connect Asset Management > Assets > Manage Primary Assets to add sub-assets.

 

Verify all General Ledger accounts are valid

A GL account is an account in the General Ledger that records credits and debits. A valid account is a GL account that is formatted correctly and uses values that occur in the designated range for the GL account.  An invalid account is an empty or blank value in the GL Account field, or a GL account that is not formatted correctly.

Note: This option is only available when the GL Interface is not None. This option classifies partial accounts as valid accounts.

What do you want to check?

  • Check classifications for valid GL accounts. Click to select Verify All General Ledger Accounts are Valid, and then select Include Classifications.

  • Check departments for valid GL accounts. Click to select Verify All General Ledger Accounts are Valid, and then select Include Departments.

  • Check pending assets for valid GL accounts. Click to select Verify All General Ledger Accounts are Valid, and then select Include Pending Assets.

  • Check transactions for valid GL accounts. Click to select Verify All General Ledger Accounts are Valid, and then select Include Transactions.

How do I fix this error?

  • To fix invalid GL accounts for classifications, use Connect Asset Management > Organization > Classifications.

  • To correct invalid GL accounts for departments, use Connect Asset Management > Organization > Departments.

  • To update invalid GL accounts on a pending asset, use Connect Asset Management > Assets > Pending Assets.

  • To change invalid GL accounts on transactions, use Connect Asset Management > Assets to open the routine that you used to create the transaction. Change the Input Date to the date the transaction was created. Then, edit the GL account to enter a valid GL account.

 

Verify asset allocations equal one-hundred percent

An allocation is an amount that has been set apart, or earmarked, to distribute to specific accounts.

Issue: The allocation total must equal 100%. This option will not check the allocation total for disposed assets.

How do I check the asset allocation total?

Click to select Verify Asset Allocations Equal One-hundred Percent.

How do I fix this error?

Use the options on the Allocations tab in Connect Asset Management > Assets > Modify Existing Assets. Adjust the allocation percent until the total equals 100%.

 

Verify asset acquisition amounts equal capitalization

The acquisition amount is the purchase amount for the asset. While the capitalization amount is the total liability. Connect will use the acquisition date and asset description to verify if the asset acquisition amount equals the capitalization amount.

Issue: When an asset has been fully capitalized, the asset acquisition amount should be equal to the asset capitalization amount.

01May2018

How do I check if the asset acquisition amount is the same as the asset capitalization amount?

Click to select Verify Asset Acquisition Amounts Equal Capitalization.

How do I fix this error?

Use Connect Asset Management > Organization > Capitalize Assets to capitalize assets that have not been fully capitalized.

 

Verify formatted asset numbers match the established asset mask in Organization

A Checkout error occurs when the asset number does not fit the asset number mask.

How do I verify asset number formatting?

To use Checkout, click to select Verify Formatted Asset Numbers Match the Established Asset Mask in Organization.

How do I fix this error?

Use Recalculate > Reformat Asset Numbers to Match the Asset Mask to apply the asset number mask to unformatted asset numbers. Or, you can use Assets > Modify Existing Assets to reformat the asset number by hand.

 

Verify transactions have been updated to General Ledger through MM/YY (MM/DD/YYYY)

Use Verify Transactions have been Updated to General Ledger Through to search for transactions that should be updated to the General Ledger but have not been updated.  

Do you want to search for transactions that have not been updated to the General Ledger?

  • Yes, I want to search for transactions that have not been updated to the General Ledger. Select the Verify Transactions have been Updated to General Ledger... checkbox. Then, enter a MM/DD/YYYY in the ...Updated to General Ledger Through [ ___ ] field.

  • No, I do not want to search for transactions that have not been updated to the General Ledger. Deselect the Verify Transactions have been Updated to General Ledger... checkbox.  

How do I update transactions that have not been updated to the General Ledger?

  • Run Update General Ledger. Open Connect Materials Management > Organization > Update General Ledger. Set up the options to include the transactions listed on the Checkout report. Then, run the routine as usual.

  • Run Recalculate. Open Connect Materials Management > Inventory or Organization > Recalculate. Select the Mark Transactions as Updated to the General Ledger Through [ ___ ] checkbox. Then, enter a MM/DD/YYYY in the ...Through [ ___ ] field. Click GO (CTRL+G).

Report assets with a negative book value

Search for assets with rounding issues or manual transactions that cause the asset to show a negative amount.

Issue: Assets should not have a negative book value.

How do I search for assets with a negative book value?

On the Checkout window, slick to select the Report Assets With a Negative Book Value checkbox. If an asset has a negative book value, Checkout error report include the section titled Assets With a Book Value of Less Than Zero.  

How do I fix assets with a negative book value?

To correct the negative book value, enter a manual transaction to correct the rounding error or update the manual transaction that created the negative amount. See the help topics How do I enter manual transactions? and How do I update a manual transaction?

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