Product FAQ
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 Add-on 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 G/L Transaction that Debits Receivable Clearing and Credits Revenue. This allows a user to run Norming Leasing without A/R being installed.
INVOICE generates an A/R 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 G/L 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 A/P 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.
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