CONNECT PROCUREMENT, FIXED ASSETS AND FINANCE FROM DAY ONE
iTANZ helps organisations move qualifying purchases into Oracle NetSuite Fixed Assets using the original procurement data, reducing duplicate entry and creating a controlled financial lifecycle.
Best fit for: CFOs, finance controllers, asset accountants, government organisations, utilities and asset-intensive enterprises.
WORKFLOW STAGES
- 1. PURCHASE
- 2. RECEIPT
- 3. CAPITALISE
- 4. DEPRECIATE
- 5. REVALUE / REPORT
BUSINESS CHALLENGE
When procurement and fixed-asset records are maintained separately, finance teams must re-enter supplier, cost and purchase information. This increases the risk of inconsistent records, delayed capitalisation, missed depreciation and difficult asset-to-GL reconciliation.
HOW ITANZ AND ORACLE NETSUITE ADDRESS IT
When an item is received and meets the configured capitalisation rules, the workflow can prompt direct conversion into Oracle NetSuite Fixed Assets. Purchase information carries into the asset record, finance completes the accounting setup, recurring depreciation posts to the GL and revaluation activity remains traceable.
HOW THE WORKFLOW RUNS
- 1
Receive the qualifying purchase
Confirm goods receipt in iTANZ Procurement using the original purchase-order record.
- 2
Detect the capitalisation requirement
Apply configured value and useful-life rules to identify purchases that should become fixed assets.
- 3
Convert without duplicate entry
Transfer supplier, cost, purchase date and description directly into the fixed-asset record.
- 4
Complete asset setup and depreciation
Assign the asset category, location, custodian, depreciation method, useful life and residual value, then include the asset in the recurring depreciation run.
- 5
Post journals and maintain valuation history
Post depreciation journals to the finance GL and retain the asset history required for review, revaluation and audit.
BUSINESS OUTCOMES
No duplicate data entry
Reuse approved procurement data instead of recreating the asset record manually.
Timely capitalisation
Prompt finance when a received item meets the configured asset criteria.
Automated recurring accounting
Process depreciation across active assets and post the resulting journals to the GL.
Stronger asset governance
Retain purchase, setup, depreciation and valuation history against the asset record.
READY TO CONNECT FINANCE AND OPERATIONS ON ORACLE NETSUITE?
Talk with iTANZ about how this workflow could apply to your organisation, and where connected processes would remove the most manual effort.
MORE USE CASES
Supported solution scenarios from the iTANZ demonstration environment. They are not customer case studies and carry no quantified performance claims.