Welcome To Ask William

"Ask William" is our interactive Q&A forum. Please post your questions about Sage 300, Sage CRM, Sage Alerts & Workflow, Sage 300 Intelligence and more for our trainer William Wingson. You can also search this forum below to see if William has already answered your question in a prior posting.

In three easy steps you can transfer closed PJC projects to fixed assets

by | Aug 9, 2018

Process: Transfer Closed PJC Projects as Fixed Asset (3 step process)

If you have Norming Asset Management program and the Sage 300 Project and Job Costing module and you wish to transfer Closed PJC Projects (Capital Improvement Projects (CIP’s)) to Fixed Assets in Norming Assets Management program then follow the process outlined and you will have this task completed in very little time.

Answer by William:

If you have Norming Asset Management program and the Sage 300 Project and Job Costing module and you wish to transfer Closed PJC Projects (Capital Improvement Projects (CIP’s)) to Fixed Assets in Norming Assets Management program then follow the process outlined and you will have this task completed in very little time.

STEP 1

  1. Go to A/M Acquisition > Acquisition Batch List
  2. Click “New” to create new batch
  3. Enter batch description
  4. Set transaction type to “New”
  5. Enter “GL” as acquisition code
  6. Enter acquisition account as “02-171000”
  7. Select detail line and click on the label “Asset ID”. Another window will launch
    • Fill in the required information
      • Cost centre
      • Category
      • Location
      • Group
      • Blank segment 1 = YEAR (2 digits)
      • Blank segment 2 = AFE # (2 digits)
    • Auto number (can leave as is)
  8. Click “Create ID”
  9. Highlight detail line and click “F9” to open the detail view
  10. Go through all the tabs and enter required information including:
    • Master: Asset description
    • Book: method, book estimated life, original purchase cost, salvage value
    • Production: Capacity (if this asset uses unit of production depreciation method)
  11. Save and close
  12. Click “add” to add this asset
  13. Repeat the above steps for the next project
  14. Post acquisition
  15. A new GL batch is created and should be posted.
    • Entry as follows:

DR      Account used by account set
CR      Acquisition account (02-171000)

STEP 2

Location: PJC Transactions > Costs

  1. Enter transaction date (same date as acquisition date0
  2. Enter description and reference
  3. Enter contract/project/category
  4. Select “detail/tax” to go into detail view
  5. Enter -1 as quantity
  6. Enter unit cost (total cost of category)
  7. Cost account should default to “02-171000”
  8. Cost of sales account should default to account used by contract
  9. Click add and close
  10. Repeat above steps for next project\category
  11. Post to finalize entry into system
  12. A new GL batch is created and should be posted.
    • Entry

DR      Cost Account (02-171000)
CR      Cost of sales account (depends on PJC contract)

STEP 3

Location: PJC Transactions > Contract Maintenance

Once you have incurred ALL costs for a specific project, go to contract maintenance and change the project status from “open” to “closed” [You will see the project folder change from yellow to grey and with  an  “x”]

This will ensure no more costs be entered into projects accidentally and also a visual indication that project has been transferred to fixed asset.

William’s passion for learning and making the learning experience exciting is remarkable. With a degree in Statistics, a Certificate in Business and Certificates as a Sage 300 and Sage 50 trainer, William offers practical information necessary to operate successful businesses. In his role as our Trainer, William uses his wealth of training experience to educate and positively impact business owners in the use of software in the day-to-day operation of their businesses.

Do You Have A Question About Sage For Our Trainer?

Please note: The Ask William Forum is designed to be a teaching resource and is not a substitute for technical support. If you need technical support please visit our Online Support page.