Presenter: Kristin Lambertkasbo Spring 2015

Presenter: Kristin Lambertkasbo Spring 2015

Presenter: Kristin LambertKASBO Spring 2015

Fixed Assets Processing

Fixed Asset processing begins when you enter the purchase order. If the district’s chart of accounts is set up correctly it will help you process fixed assets through Munis.

Chart of Account Segments

You can mark object codes to default the purchase to a fixed asset work record. You can also set limits so anything under your districts threshold will not create a fixed asset work file record.

Fixed Asset Work File

The Fixed Asset Work File program creates fixed asset work file records from purchase orders, invoices, or a combination of the two. Use this program to add information to these work file records, and then create new fixed asset records or identify improvements to existing assets.

CONNECT TO TRAIN or TEST DATABASE

Users can access the “Asset Work File” program from within the New Assets program.

Select: Financials > Fixed Assets > Fixed Asset Processing > New Assets

Select: .

Select PO Import and enter.

  1. “Select None” and then select a few assets to be created by individually selecting the asset.
  2. Select “Import” to import the assets into the Fixed Asset Work File program.
  3. Listed below is information on some of the fields in the Fixed Asset Work File. Enter information into the required fields which are listed below in bold text.
  4. “Mass Update” may be used to update all the found records. For instance, users can search on all records, select Mass Update and then mark the “depreciate” box.
  5. Select “Process” to create assets for the New Assets program.

Field / Description
Department / This box contains the department code for the asset.The code must exist in the Fixed Asset Department Codes program.
Create or Improve / This list allows you to select whether the work record will improve an existing asset or create a new asset.
Asset to Improve / This box contains the asset number. The asset must be active or retired.
The program displays the asset description when you enter a code. Click the yellow folder button to view the asset using Fixed Asset Inquiry.
Improvement Reason Code / This box contains the reason code for the asset improvement.The reason is required if the Asset to Improve box is completed and the Improve Fixed Asset check box is selected.
Commodity / This box contains the commodity code associated with the asset. You can only enter type 4 commodity codes.
Product ID / This is the product ID of the asset item, if applicable. This field is only available if you have selected a commodity code.
Class Code / This box contains a class code for the asset.
Subclass / This box contains a subclass code that further defines the asset.The subclass code has a hierarchical relationship with the class code.
Est Life / This box contains the estimated useful life of the asset in years and defaults based on the Class/Subclass.
Tag / This box contains an asset tracking number (typically attached to the item with a tag).
The default value for the asset tag number is the same value as the asset number, but you can change this. Each asset must have a unique tag number. If you change the default value for the asset tag number, the new value cannot exist for another asset.
If the Require Asset Tag check box is selected in Fixed Asset Settings, the tag number is required; otherwise, the tag number is optional.
Serial / This box contains the purchase order line sequence number.
Location / This box contains the asset location.
Floor/Room / Optional -These boxes contain the floor and room number where the asset is located.
Custodian / This box contains a custodian code for this asset.
Depreciate / Most items will be depreciated. This check box determines if the asset will depreciate by default. Marking the box sets the asset to depreciate. This box can be used with the Mass Update function, so that multiple records can be updated with the same value.

New Assets Program

If the information was filled our correctly in the Fixed Asset Work File program no other information is required however you may enter as much information as you list such as Model, Location Memo, etc.

Before the asset can be posted GL Accounts must be assigned. To post new assets go to:

System Administration >Miscellaneous Admin >System Update

  1. Select Define Update Options.
  2. Enter faactimp (fixed asset account import)as shown
  3. Select Run System Update and Select Yes.
  4. Select Define and enter path name of file or copy from this document.

\\fms\mu_sys\import_KDE\faassign.txt

Adjustments

Select: Financials > Fixed Assets > Fixed Asset Processing > Adjustments & Retirements

  1. Select Find and pull up an Active asset.
  2. Select “Transactions” and then select “Adjustment”.

User can change the acquisition dollar amount of an asset in this program. The system will automatically make the journal entry for you based on you entries. See example below where the acquisition cost was reduced by $2,000.

Fixed Asset Central

Select: Other Applications > Centrals > Financials > Fixed Asset Central

Click on the settings icon in the upper left screen corner. Highlight the panels you would like to view (as seen on the left) and click to move the panel into loaded panels. Click then to close the settings screen.

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