Asset Management for Governmental Agencies

I work for a County in California and we are currently implementing PeopleSoft Financials and Asset Management (among other modules).  We need to follow governmental accounting standards, which requires us to account for purchases of capital assets as both an expenditure (expense) and as purchases of capital assets (i.e I need to be able to create a report showing the transaction accounted for like any other expense and a report showing the transaction treated as a purchase of a capital asset (not an expense rather an increase to long-term assets).  Is it possible to get both viewpoints from PeopleSoft and if so what are the configuration