Q: How to Handle Assets under Construction ?
A: For a new WIP, select WIP as the asset status
on Acquisition Entry. To add value to existing WIP, please select
the Addon transaction type for Acquisition Entry. After the
construction is completed, transfer WIP to normal asset.
Q: How to Handle Partial Asset Disposals ?
A: Use the Split Asset feature to remove a portion of the asset's value. Dispose the the split asset, Acquire the new asset and Merge the new Asset into the existing asset.
Q: How to Maintain Multiple Book Values for Assets ?
A:Use the new Unlimited Optional Fields capability in the Asset Register to record multiple Book Values against one Asset ID.
Q: What's the Difference Between Merge and Master Assets ?
A: When you use the Merge Asset function Norming creates 1 Asset ID. When you combine Assets together as components under 1 Master Asset, all component assets are maintained as separate assets with separate ID's and status in the Asset Register.
Q: What can we do with the Lease In Feature (Operating Versus Capital Leases) ?
A: This feature is for Operating Leases only to create a rent expense schedule that generates AP Invoices. Capital Leases would be capitalized through the Acquisition feature of Norming Asset Accounting. Only assets with a Normal and Active status can be leased.
Q: What's the Flexibility of Lease Contracts ?
A: You can lease multiple assets with different dates, billing schedules, billing cycles and generate different invoices for these assets under one Lease Contract.
Q: What's the Accounting Entries for Lease-Out Transactions ?
A: POST generates a GL Transaction that Debits Receivable Clearing and Credits Revenue. This allows a user to run Norming Leasing without ACCPAC AR being installed.
INVOICE generates an AR Invoice Batch that Debits Accounts Receivable and Credits Receivable Clearing.
Q: How to Process Maintenance Orders ?
A: The START button affects all line items in the Maintenance Order unlike the Leasing Contract that allows line by line control. Only assets with a Normal and Active status can be maintained.
Q: What's the Accounting Entries for Maintenance Transactions ?
A: POST generates a GL Transaction that Debits Maintenance Expense and Credits Payable Clearing. This allows a user to run Norming Maintenance without ACCPAC AP being installed. INVOICE generates an AP Invoice Batch that Debits Payable Clearing and Credits Accounts Payable.
Q: How to Handle Scheduled Maintenance Transactions ?
A: Use the "Lease In" feature to create AP Invoices on a schedule. Ie Car Oil Change or Machine Cleaning every 6 months could be handled by setting up a Monthly Lease Contract with a Billing Cycle of 6 Months. |
Norming eTimesheet
