Replace Asset Function

There are two ways of doing the Replacement:

1.     Reuse the existing Asset as a different type of Asset:

•      Leave the Re-use Existing Asset option selected

•      Use the Select New Asset Type picklist to display a list of the Asset Types that can be used for the Replacement because they have the same Attribute Set as that of the Asset being replaced

•      A Disposal transaction is processed on the existing Asset then a New Works transaction, allowing the Asset’s Asset ID and Family Code to remain the same.

2.     Replace the Existing Asset with a Proposed Asset. This effectively creates and completes a Purchase Action for the new Asset and a Disposal Action for the Existing Asset:

•      A Disposal transaction is processed on the existing Asset then a Purchase transaction, for which a Proposed Asset should be set up with the same or similar attributes to the Asset being replaced, to become the new existing Asset

•      Select the New Asset option but only if there is already a Proposed Asset under the same Parent Asset in the hierarchy as the Asset to be Replaced

•      From the Select New Asset picklist, select the Proposed Asset

•      Enter the Disposal Proceeds or Residual Value of the Asset being Replaced

•      Enter the Acquisition Cost of the Replacement Asset

•      Enter the Replacement Date

Things to be aware of:

•      An amount can now be carried forward from the current Asset value as part of the new Asset value.  The default is the Residual Value but it can be set in the Proceeds / Residual Value field in the Replace Asset Form

•      After the Replace Asset function is completed, the Asset maintains the amount carried forward in the Value column.  The Disposal transaction is modified to match this

•      Actions are not created during the Replace Asset process, so reporting on Purchase, New Works or Disposal Actions will not reflect the Replacement

•      There is a bulk Replace Assets function.  See Updating Assets for details