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FAM - How to Handle Invoices Received After Asset is Placed in Service

edited Aug 31, 2023 10:39PM in Ask A Guru 12 comments

Hello,


I have been having trouble figuring out the best solution for the following scenarios. The FAM reports and searches have no been accurately reflecting aquisitions, transfers, and NBV depending on which report/search is viewed.

  1. An asset is placed in service on 7/1/2023 in FAM for a cost of $100K. However, another vendor bill is expected in the future, exact amount unknown. The bill comes in and is recorded in August for $20K. The total cost of the asset should now be $120K, not $100K. What is the best way to adjust the cost of the asset while showing $20K in aquisitions in August and $100K in aquisitions in July on the FAM reports?
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