How Can I Use Asset Management with Grants?

You can include asset information for Lawson Asset Management with grant activities.

Below are two ways you can use Asset Management with grants:

• You can use Accounts Payable to charge asset costs to a grant activity in Project Accounting. For example, your organization purchased medical equipment to use for a grant. In Accounts Payable, you can associate an invoice line with an asset template. When the invoice is released, the system passes the invoice costs to Asset Management to be used for asset creation. For detailed information, see the Asset Management User Guide.

• You can use Project Accounting to accumulate costs for grants. When the grant is complete, you can send the associated costs to Asset Management where you can begin using and depreciating the asset. This process is referred to as capitalization in Project Accounting. For example, you might track construction costs for building or refurbishing an animal care center for the animals used in research. Since those costs are not typically gathered from one invoice, you can pass all the costs from an invoice to an activity by entering an activity and an account category in the line items of an invoice. When all costs are gathered and the building is complete, you can use Project Accounting to capitalize (create) that asset. For detailed information about capitalizing activities, see the Project Accounting User Guide.