Pre-asset tagging allows organizations to tag assets before an asset has been created in the data base. When pre-asset tagging information exists, Purchasing/Accounts Payable transactions use it when the asset is created. The Pre-Asset Tagging document allows you to enter tagging information for capital equipment into the university capital asset database before the asset is created. Pre-asset tagging is optional.
Purchase order information is extracted from the KFS Purchasing/Accounts Payable (PURAP) module when the purchase order is approved. The extract job selects line items that have a capital equipment object sub-type code and a unit cost of $5,000 or more. 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 approved by Accounts Payable, the asset is ready to be loaded in the Capital Asset Builder. 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 Builder (CAB), the purchase order number, line item number, and the description are extracted from the procurement system. 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.
Note: 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.
Warning! Check before entering pre-asset tagging data into the system. If pre-asset tagging information is entered into the asset database for an asset that has already been created, no system warning is presented, and the tagging information entered via the Pre-Asset Tagging screen is not assigned to the asset. For this reason, it is important that users always check to see whether the asset has already been created before entering information into the Pre-Asset Tagging table.