How to add a New Asset/Inventory?
- Go to “Accounts”
- Click on “Purchasing”
- Click on “Purchases”
- Click on “Create” and select “Purchase Request/ Request for Quotation/ Purchase Order”
- Select the ”Scheduled Date/ Department/ Vendor”
- Update “Payment Terms and Shipping Address”
- Under the “Item Type”, Select “Asset” to add a new asset or Select “Inventory” to add a new inventory
- Update the “Item Name and Description”
- Select “Is it new inventory item” check-box (**Not applicable if Asset is selected under the Item Type**)
- Select the “Account” (**Item Name and Account should be 1:1. I.e, Only one item can be mapped to a particular Account**). (The new Account head can be created by clicking “Add Account” from the drop-down or from the “Chart of Accounts”).
- Enter the “Quantity and Rate” and the “Expected Amount” is auto-updated
- If GST/IGST is selected, update the GST/IGST amount (**This is not required when non-taxable is selected**)
- Attach supporting documents (Optional)
- Click on “Add another item” to add more Items (Optional)
- Enter “Internal/External notes” (Optional)
- Click on “Create Purchase Request / RFQ / Create Purchase Order”
- Once the Purchase Order is approved, Click on “Book Expense” next to the particular purchase order which is approved
- Enter the “Description” and click on “Book Expense”. (**Thus, the new asset/inventory will be listed under the Assets & Inventory module).
Any new asset or inventory can be added by booking an expense and creating the PO/PR/RFQ (Purchase Order/Purchase Request/Request for Quotation) through the Purchases module.
It is not necessary to follow the PR -> RFQ -> PO -> Book Expense procedure.
Instead of PR and RFQ, a PO may be created, and then the expense can be booked.
It is also possible to Book the Expense directly rather than raising a PR/RFQ/PO.
The new asset or inventory, will not appear in the Assets & Inventory module until the Book Expense procedure has been completed.
Note that each account can have only one item mapped to it.
To create a new account head, click “Add Account” from the drop-down while creating PR/RFQ/PO/Book Expense or go to the “Chart of Accounts” section and create an account.
When the PR/RFQ is raised, PO should be created and the same has to be approved.
(It is possible to directly raise the PO as well). After the approval, book the expense against the PO through the “Purchases” module.
Further, the Assets and Inventories added will be listed under the Assets & Inventory module.