When Payment Requests are processed to purchase capital equipment, the capital asset is added to the capital asset module and can be processed using Purchasing/Accounts Payable Transactions. The Pre-Asset Tagging document allows organizations to add tag information before an asset has been created in the capital asset module. When pre-asset tagging information exists, the data provided in pre-asset tagging table is used.
Purchase order information is extracted from the Kuali Financials Purchasing/Accounts Payable (PURAP) module when the purchase order is approved. The preAssetTaggingExtractJob selects line items that have a capital equipment object sub-type code and a unit cost equal to or greater than the amount defined in CAPITALIZATION_LIMIT_AMOUNT. The purchase order number, line number, quantity ordered, description, and vendor information are recorded in the Pre-Asset Tagging table for movable capital equipment.
After the payment requisition (invoice) has been submitted by Accounts Payable, the asset is ready to be loaded in the Capital Asset module. At that point, the Pre-Asset Tagging table is checked to extract any tagging information available. If an asset is not pre-tagged, the Edit action from the Asset Lookup results is used to update the tagging information.
To create assets in the Capital Asset module, the purchase order number, line item number, and the description are extracted from the Purchasing/Accounts Payable module. The purchase order number and line item number are combined to create a primary key. This key is used to match pre-asset tagging information with assets as they are created. Care must be taken to ensure that the tagged equipment is matched to the appropriate line item number on the purchase order.
Organizations have a window of opportunity to enter tagging information before the asset is created. This window extends from the time the asset is received to the time the invoice is processed and approved by Accounts Payable.
Pre-Asset Tagging Lookup
When you choose Pre-Asset Tagging the Pre-Asset Tagging Lookup opens. The lookup provides access to existing asset information. After you search, the system displays a table containing key data for the assets that meet your search criteria. You can edit existing values, or create new if your asset was not extracted.
NOTE: When a Payment Request is processed against the Purchase Order, Pre-Asset Tagging information is removed from the table. If you do not find your PO, check to see if a Payment Request has been processed.