Warranty and Rebate in Fixed assets
SummaryHow to assign warranty and rebate for a Fixed asset
Our client gets a single rebate and single warranty from the supplier for a group of similar assets purchased. For example of an asset such as a truck for which the client gets more than one AP Invoice from the supplier. A truck is purchased as separate individual components like Gas Tank, Chassis and Body of truck. At the time of delivery, the manufacturer assembles and delivers the truck and hence typically our client gets 3 or more AP invoices corresponding to the components of the truck.
The rebate and warranty for the associated assets(truck identified by respective 6 digit unique identification number)comes as a separate invoice 6-8 months down the line from the date of purchase of the truck components. When the warranty or rebate is obtained as an AP Invoice line, the group of assets to which this warranty or rebate applies to is also listed as a group of 6 digit numbers.