Is there a way to enter a Purchase Order to buy an item not for-resale as it is an Asset (a piece of equipment used within the organization)?
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In current version Odoo - NO. You need custom code.
OUT OF THE BOX (when properly configured), items ordered via Purchase Orders cause entries to post to the GL when:
(1) the stock enters the warehouse (if real time stock valuation is set).
CREDIT: Uninvoiced Received Goods (Inventory Clearing / Purchase Contra) Account
DEBIT: Inventory (Asset) Account
(2) when the Invoice for the order is created and validated.
CREDIT: Accounts Payable
DEBIT: Uninvoiced Received Goods (Inventory Clearing / Purchase Contra) Account
How? See http://ursainfosystems.com/homesite/webinar-us-accounting-on-openerp-7-0/