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MESSAGE082010-02
DATE August 20, 2010
AUTHOR Asset Management
Subject Flagging Assets in SMART

Message Text: The Asset Management module has integration points with the Purchasing, Accounts Payable, and Project Costing modules. In order to “flag” an item as an asset in SMART, a user must select a Profile ID and an Asset Management Business Unit on the requisition, purchase order, voucher, or completed project. It is imperative that users who create these source documents select the correct Profile ID, as the Profile ID auto-populates numerous fields on the asset record including depreciation and accounting data.

When determining the appropriate Profile ID to select, users should compare the total cost of the asset to the statewide capitalization thresholds shown below.

 

Description

Capitalization Threshold

Equipment and Furnishings

$5,000

Vehicles

$5,000

Land

$100,000

Buildings and Improvements

$100,000

Intangible - Software

$250,000

Intangible - Other

$250,000

Land Improvements

$100,000

Leasehold Improvements

$100,000

If the cost is greater than or equal to the threshold amount, a capitalized Profile should be selected. If the cost is less than the capitalization threshold, a non-capital Profile should be selected. When you click the lookup for Profile ID, the Description of the Profile tells whether the Profile is capital or non-capital; all non-capital profiles are marked “NON-CAP” or “NON-INVENTORY.” Also, be sure to select the Profile with an accurate description. For example, you should not select 542010-BUILDINGS for a Building Improvement.

All profiles are listed in the Profile ID Selection job aid at http://da.ks.gov/smart/Training/CourseMaterials/WBT/resources.html under the Asset Management section.

Agency Asset Processors will be reviewing what Profiles have been selected, but it is best practice to select the correct Profile from the source document to prevent clean-up of data in the Asset Management module. If an Agency Asset Processor determines an incorrect Profile was used, he/she should utilize the Incorrect Asset Profiles and Corrections job aid at http://da.ks.gov/smart/Training/CourseMaterials/WBT/resources.html under the Asset Management section. It is the expectation that the Asset Processor will communicate the error back to the originating individual.

 


 

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