Procure to Asset Complete Cycle

Question

Does anybody know all setups required to complete cycle from creating an item for asset ,creating PO, transfering asset to FA(rather than inventory) and paying this invoice etc .does any body have this test cycle-

Answer 1

1.Create an item that is purchasable but not inventory item and assign and expense account which is equal asset clear account the asset category of your choice.
2.Assign asset category to the item in the item master
3.Enter a PO for this item
4.Make sure accrue on receipt is not checked (which should be by default)
5.Check the distributions that the account is defaulting as the account you have chosen in the item master
5.Approve the PO
6.Match the PO to the invoice and see that the account that you have used in the PO distributions defaults into the invoice distributions.
7.Track as an asset flag should be checked here as well
8.Validate and account the PO and transfer that to GL.
9.Run the Mass Additions Create
10.Run Mass Additions Post in FA
11.Asset should be created.
Thanks
Nagamohan