SMART Messages

SMART Logo

 
DATE June 7, 2011
Module AM
Subject Hot Topic! Adding Assets as Part of Fiscal Year-End

If your agency needs to add capital assets as part of year-end, please remember the following:

  • If the asset was not purchased in the current period, use a Transaction Date equal to the date the asset was put in service. The Transaction Date determines when the asset begins depreciating. If the default date of today’s date is accepted, that asset will begin depreciating today, which would not be correct. See below for how to correct if assets have already been added with an incorrect Transaction Date.
  • All capital assets must have a fund code and cost. This affects CAFR reporting.

Steps to Correct Begin Depreciation Date:

This example shows how to correct depreciation for an asset added with the wrong date and no fund. If the asset already includes a fund code, you can skip step 3.

Note: If the asset was originally added without a fund code or cost, you should select an Action of Addition in step 3 to add cost and funding.

  • Correct the In Service Date for the asset and update the Adjust Conv for all books. Use today’s date as the Transaction and Accounting Dates. This asset example was put in service last May.

  • Update the Acquisition Date and Placement Date fields in Basic Add.

  • Perform an IntraUnit Transfer to correct the funding. Use today’s date as the Transaction and Accounting Dates.

 

  • Depreciation must run on its nightly batch.
  • The asset has now been corrected.

SMART Team

 

 

 

 

 

Quick Links

Search the Site

Contact Us

Send us an email

Sign Up

Sign up for the SMART InfoList