I recently encountered an issue related to fixed asset rate discrepancies during our purchase receipt and invoice submission processes. Here’s a detailed account of what happened:
Initial Setup
- I enabled Auto Create Assets on Purchase for numerous fixed asset items.
- However, I disabled Create Grouped Assets for these items.
Incorrect Rate Entry
When submitting my purchase receipts for these assets, I inadvertently entered incorrect rates. This occurred due to a misunderstanding of the proper rate application process.
Asset Creation and Invoice Submission
After creating and submitting the assets with the wrong rates, I subsequently submitted purchase invoices with the correct rates for those items.
Expected vs. Actual Outcome
However, despite this correction, the rates of the already created assets did not change as expected. This unexpected behavior led to inconsistencies in our fixed asset records.
Attempted Solutions
To address this issue, I attempted the following steps:
- Unchecked Maintain Same Rate Throughout the Purchase Cycle
- Checked Set Landed Cost Based on Purchase Invoice Rate
Unfortunately, neither of these actions had the desired effect of updating the asset rates. These solutions failed to resolve the discrepancy between the initial incorrect rates and the subsequent corrected rates in the purchase invoices.