1. Will the UDF fields appear in the upper search grid?
The UDF fields are not available in the upper search grid; however, you're able to create an inventory work queue and they can be displayed there.
2. If you select an asset from inventory and place on a new lease, can you also move the asset back to inventory if you mistakenly selected the wrong asset?
Yes, as long as the asset is booked into inventory or disposed from a previous contract into inventory, you can add that asset onto a new deal and if you have a mistake and select the wrong asset, you can remove it place it back into inventory.
3. The asset was moved to inventory, ie. was returned off-lease. But it is classified as an early buyout?
We'll take this separately. The main thing is, on the contract - there are two places you see the asset. On the original asset you will see why it was disposed and the reason. If it was an early buyout, you will still see that on the original contract. However, the asset is going to inventory. Depending on where you store the asset, those types of things can move to inventory but know that the asset is in a new place. Whatever you have on that original contract, stays, but that asset is now active in inventory. It's now inactive on the original contract.
4. Is there a way to bulk import assets into Inventory? Follow up, is there a way to update en mass?
You have the option to use the Import Manager to import assets into inventory. We do not have the ability to update inventory items en masse.
5. If you split an asset in inventory into (2) assets so that you can sell one or place on a new lease, does the Former Contract ID get assigned to both of the split assets?
The former Contract ID is from the original contract so if they both came into inventory, then yes. If you're disposing them and you're keeping one in the disposal and one into inventory, then you would need to split them on the contract before the disposal so you can manage them two different ways. If they're put into inventory as a quantity of two, there is no split functionality in inventory, but you can associate those two to a new contract, split them, then assign one back into inventory.
6. Is there a way to create an Accounts Payable invoice when creating a new asset directly in the manage inventory screen?
Not from the manage inventory screen, but you can do it from the Accounts Payable module. If you have an import process you can import. It creates the invoice if you'd like. There are a couple ways you can do it. Any time you have an asset you're putting into an AP module. If you book those invoices, it essentially debits your equipment off-lease account and you'll see those in inventory until the contract is booked; which takes it out of your inventory and puts the asset - in replace of your AP you'd normally see on your booked contract.
7. If book depreciation is modified in the Manage Inventory screen for an asset that was moved into inventory from an operating lease does the book depreciation on the previous lease remain unchanged?
You have the ability to see the contract or no contract in inventory; however it is the same asset. The life to date on the asset will remain associated with the asset.
8. What is the benefit of adding an asset under manage inventory and pulling it into a new contract vs. just entering the new asset from scratch under the new contract itself?
Typically, if you have an asset that's coming off lease and you need to go into inventory and you have some capitalized costs and you need to add those additional costs which increases the basis. Once you put it on the new contract, the asset will have the updated cost; the full basis. It's really a timing issue and how you do business. If you know the assets at the time of booking or you don't have assets in inventory, then you may not need that functionality.
9. Is there a way to measure residual realization by contract after the asset(s) is sold from inventory?
Residual realization is only while the asset is associated to the contract because it's on the contract renewal and the actual residual is on the contract.
10. Any tips on splitting assets in inventory?
In this case, if you have an asset with a quantity of more than one, if you have it going to a contract, pull it in a contract. Split it on the contract, then bring them back into inventory and they'll come back in as separate assets.
11. Can you switch an asset between finance lease contract and operating lease contract? if so, what happens with the asset depreciation?
At the point of time, yes you can. At the point of time, it's going to continue as long as you select "Continue to Depreciate while in Inventory," it will continue. At the point it goes onto the finance lease, it's no longer a depreciable asset.