This article is part of the Fixed Assets Module training. Click here for more information on the Fixed Assets Module
The Potential Assets list is located in the 'Fixed Assets' subsection of the Accounting Module. This list will contain separate rows for each AP Invoice or Journal Entry that has transaction data recorded on any of the 'Potential Asset Trigger' GL Accounts that have been assigned on your Asset Classes. This means that as your Accounting Team enters AP Invoices and creates Journal Entries, if any of the Potential Asset Trigger GL Accounts are used on those transactions, the transaction records will appear in this list.
The main purpose of the Potential Asset List is to find a consolidated list where any potential Assets are listed for your Fixed Asset Manager to review and update. This list should be your 'go-to' as you look to add new Fixed Assets in to R365. This article will review how to setup your Potential Asset Trigger GL Accounts on your Asset Classes, then review how to use the list, as well as each of the list's features and functions.
Potential Asset Trigger Accounts
The Potential Asset Trigger Account is set on your Asset Classes. This field is not limited to a single GL Account, but can be a different GL Account for each Asset Class as needed. No matter how many Potential Asset Trigger Accounts you have, each will be monitored for activity to sort the AP Invoice and Journal Entry transactions into this list for review.
1. Set Potential Asset Trigger Account on the Asset Class
On each Asset Class that you are using, set the Potential Asset Trigger Account that will be used for Potential Asset Identification. Save the Asset Class to complete the assignment process. The assigned GL Account will now be monitored for Potential Asset Activity
2. Enter transaction details on the Potential Asset Trigger Account on AP Invoices & Journal Entries
As you and your team record AP Invoices and enter Journal Entries, record transaction details on to the Potential Asset Trigger Accounts. These transactions will then be sorted and displayed on the Potential Assets list.
Potential Assets List
This list is comprised of AP Invoices and Journal Entries that have transaction details recorded against a Potential Asset Trigger Account on your Asset Classes. You have several options to interact with these transactions on this page. Transactions can be reviewed individually, row by row, or in bulk by checking off multiple rows and using the bulk edit feature. Additionally, the list can be filtered by Location and even exported to excel for bulk updates.
By default, the Location filter will be set to display all Locations that the User has access to. Click in the filter to deselect/select specific Location to update the Potential Asset List
Export Selected / Import Buttons
If the User desires to perform bulk edits via an Excel Template, the User can select each Potential Asset Row by checking the box on the row and then click the 'Export Selected' button in the top of the Potential Assets list. This will export a template with each of the selected Potential Assets. The majority of the template will be blank, but the Acquisition Cost (Detail Amount) and Location (Detail Location) will be filled in for each row. The User could then complete each necessary cell value, save the .csv file, then return to R365 and click the 'Import' button to upload the Asset records. Any Potential Assets updates from this imported will be removed from the Potential Assets list upon import.
Each row contains the following information about the transaction. Click here to view the original transaction that created the example row above.
- Desc - this is the description and represents the text entered in to the 'Comment' field on the transaction
- # - this is the transaction number (AP Inv # or JE #). Note: This value is also hyperlinked to open the original transaction record
- Date - the date of the transaction
- Detail Location - the Location on the detail line where the Potential Asset Trigger Account was used (may differ from the Location on the transaction header)
- Detail Amount - the amount on the detail line where the Potential Asset Trigger Account was used (may differ from the total Amount on the transaction header)
- Account - the Potential Asset Trigger Account that was used on the detail line of the transaction
- Action Buttons - these buttons allow the Asset Manager to perform individual or bulk actions on the Potential Asset(s). See 'Potential Asset Action Buttons' below for more information
Potential Asset Action Buttons
Clicking the 'New Asset' button will open a blank Asset Form in a prompt. The following fields will be automatically populated from the Potential Asset List: Acquisition Date (Date), Acquisition Cost (Detail Amount), and Location (Detail Location). Complete the Asset Form then Save & Close the record to complete the New Asset process.
Add to Existing Asset
Clicking the 'Add to Existing Asset' button will open the 'Add To Asset' prompt, where the User can perform the following: Search for specific Assets, filter the list by Location, or scroll through the list of Assets to select an existing Asset that the Potential Asset will be added to. The existing Asset row will become gray when selected, then the User can click the 'Add to Asset' button to complete the Add to Asset process.
Clicking the 'Reclassify' button will open the 'Reclassify' prompt. This action should be used when the transaction was incorrectly assigned to the Potential Asset Trigger Account. The User has two options: update the original transaction, or create a reclassifying entry. First, select the New Account in the selector. Then make you reclassifying entry selection. If 'Create Reclassifying Entry' is selected, the 'Reclassifying Entry Date' field will also appear to set the date of the new entry. Click the 'Process' button to complete the Reclassify process.
Clicking the 'Exclude' button will open the 'Exclude Potential Asset' confirmation prompt. This action should only be used if the transaction will not become an Asset. Click the 'Yes' button to exclude the Potential Asset and remove it from the Potential Asset list. Click 'No' to cancel and return to the Potential Asset list.
If multiple Potential Assets are checked on the Potential Assets list, bulk actions can be performed on the selected Potential Assets in the top of the Potential Assets list. The Actions are identical to the Actions described above, with the lone difference being on the 'New Asset' bulk action. If transactions from multiple Locations are selected, the Location value will not auto-populate on the New Asset prompt. A single Location must be selected for the new Asset.