Asset Purchased in Intallments (Oracle 11i)

 Hi,

I am hoping someone can help guide me into the correct community on this one.  We are purchasing an asset in which we will placing into service this month however, we are paying in yearly intervals.  We received the invoice for year one and will be paying it, but need to some how record the full cost in Fixed Assets.  Our current set up is that the po is created/received, AP invoice is matched to the PO, invoice is interfaced to Projects, and then Interfaced to Fixed Assets. 

Looking to follow GAAP on this and need to make sure there is an audit trail behind the proposed solution.