This article is part of the Fixed Assets Module training. Click here for more information on the Fixed Assets module and click here for more information on Asset actions, where CIP & Active Offset Accounts are selected.

 

 

When the Status of an Asset is changed from 'Draft' to 'CIP', or from 'Draft' to 'Active', an Offset prompt will appear asking the User to select a GL Account to record the Credit Offset to the Debit on the CIP or Asset Account. 


The recommended method for adding new Assets is through the use of the Potential Assets list or the Asset Import Template on the Setup Assistant.  Please consider using these methods in place of manual Asset creation as the Credit Offset assignment is not required.

 

Review each of the following scenarios to determine which GL Account should receive the Credit Offset.

 

Asset Purchase recorded on AP Invoice using Potential Asset Trigger Account


  1.  Click 'Cancel' and navigate to the Potential Assets list
  2.  Locate the Asset and create a new Asset on the Potential Assets list
  3.  Review the new Asset, and compare it with the original Asset record
  4.  Make any necessary updates to the new Asset and save
  5.  Delete the original Asset record

 

Asset Purchase recorded on AP Invoice using other Expense Account (Non-Potential Asset Trigger Account)


  1.  Using the prompt, select the same Expense Account that was used to record the purchase of the Asset
  2.  Click 'OK' to complete the Credit Offset assignment

 

Asset Purchase has not been recorded (no AP Invoice has been created)


  1.  Using the prompt, select the Cash Account that was used to purchase the Asset
  2.  Click 'OK' to complete the Credit Offset assignment
    • Note: When this method is used, the Asset Purchase will not be recorded in AP.  Do not use this method if the Asset Purchase needs to be recorded in AP

 

Asset Purchase was recorded in legacy accounting system and is currently being depreciated


  1.  Using the prompt, click the 'No Entry' button located below the Account selector
  2.  Click 'Yes' after reading the text on the Confirmation Window to bypass the Credit Offset Assignment