We’re proposing to integrate the Fixed Assets (FA) Register directly with the Accounts Payable (AP) Ledger, streamlining the asset acquisition process and reducing duplication of effort. Currently, when an asset is purchased, users must manually set it up both in the GL via AP invoice posting and again in the Fixed Assets Register, creating room for errors and inefficiencies. With this proposed enhancement, users will be able to initiate and configure asset records directly from AP invoice lines, ensuring that capital purchases automatically trigger asset setup, with correct linkage to asset categories, depreciation settings, and GL codes. This integration would improve accuracy, enhance audit trails, and significantly speed up the onboarding of new assets into the register - while maintaining full control over approvals and financial classifications.
Yes it is J drive :(
A Oxford
Head of Finance,Culford School
01284 385344|culford.co.uk
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Hello
We are in the process of starting to use the FAR in ifinance but have come across an issue. We cannot put credits on the register. We have a VAT capital goods scheme reclaim which needs to nett off our Fixed assets - it is not one line item but hundreds per claim. The only way round it we can see is to manual process journals in ifinance. The FAR will not match the Balance Sheet and the depreciation will need to be manually adjusted.
If this can be looked at please as this will be the case with all Schools.