Import Accounts Payable Invoices to Construction in Progress

The Accounts Payable Import option allows you to automate the entry of your invoice records into the Bassets eDepreciation CIP module.  A file is produced from the Accounts Payable System with information similar to the example below:

Proj #

   VENDOR

INVOICE DATE

AMOUNT

22105

   DELL 343167 10/02/13

990.52

22105

   IBM 12-HD7743 10/02/13

2593.17

22105

   CISCO FSG12112 10/02/13

102.96

22105

   SEAGATE 7357 10/02/13

6917.00

22105

   WESTERN DIGITAL 10485 10/02/13

6821.17

This information can be stored in an Excel spreadsheet or various text file formats to prepare for import processing.

Import Accounts F

The A/P Import Form consists of four tabs for each of the following steps:

  1. Define source
  2. Preview data
  3. Map fields
  4. Run import

Once the source file is selected, the preview tab will read the incoming file and display the contents in an on-screen grid. Now the data is ready to be mapped to the fields in CIP. The run import tab will process the data contained in the Source Data file and create the associated invoice records in Bassets eDepreciation.

We have previously covered:

Import Fixed Asset Data with an Accounts Payable Interface

Converting CIP (Construction in Progress) Invoices to Fixed Assets

The A/P Interface is a powerful option that can process invoice data directly into fixed assets or into a CIP module. Utilizing CIP as a “holding” area enables the tracking of invoices until a project is completed. Once completed, groups of invoices can be easily consolidated to fixed assets to start depreciation. This consolidation process had the added benefit of a complete audit trail to view all associated invoices by either asset or project.

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.

Reconcile Fixed Assets with Accounting Software

As new acquisitions are placed in service it is important to move this information from accounts payable to fixed assets so depreciation can start. The monthly depreciation amounts can then be summarized by general ledger code and moved into the general ledger to complete the cycle.

Reconcile Fixed Assets

When depreciation is uploaded to the general ledger, the depreciation expense is booked to the debit side while accumulated depreciation is entered as credit. The monthly accounting of depreciation expense is used to match expense to income and to accurately represent the value of your assets in the balance sheet. The monthly amounts will increase with new acquisitions and decrease as assets are disposed.

Some Accounting or ERP packages contain a limited fixed asset module. A best-of-breed solution like Bassets eDepreciation can easily integrate with your accounting software while providing a much more robust solution to your fixed asset requirements. For more detail read our white paper “ The 9 Lives Advantage in Best-of-Breed Fixed Asset Software”.

What do you think? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.