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TRANSCRIPT
Financial Systems
Asset Management Training Manual
August 2012
THIS PAGE INTENTIONALLY LEFT BLANK
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ContentsAdding and Maintaining Capital Assets.......................................................................3Express Add Capitalized Asset.....................................................................................................4Basic Add Capital Asset................................................................................................................8
Asset Depreciation.......................................................................................................15Review Open Transactions.........................................................................................................16Depreciation Calculation..............................................................................................................18Create Accounting Entries...........................................................................................................20Depreciation Close......................................................................................................................22Close Accounting Period.............................................................................................................24Reviewing Depreciation Information............................................................................................25
Adjustments and Transfers.........................................................................................28Adjusting Cost and Quantity........................................................................................................28Transfers......................................................................................................................................31Recategorizing Assets.................................................................................................................33
Modifying Assets.........................................................................................................35In-Service Date............................................................................................................................35Useful Life....................................................................................................................................37
Retirements and Reinstatements...............................................................................39Retire a Non capital Asset...........................................................................................................39Retire a Capital Asset..................................................................................................................39
Step #2 Retire a Capital Asset.................................................................................................39Retire a Capital Asset as a Trade-In........................................................................................42
Reinstate An Asset......................................................................................................................48Reinstate Non capital Asset.....................................................................................................48Reinstate Capital Asset............................................................................................................48
“Deleting” An Asset.....................................................................................................50
Pending Transactions Update / Delete.......................................................................53Update Pending Transactions.....................................................................................................53Delete Pending Transactions......................................................................................................54Edit Transaction Information........................................................................................................56
Purge Open Transactions...........................................................................................58
Adding and Maintaining Non-Capital Assets.............................................................59Basic Add Non Capital Asset.......................................................................................................59
Asset Fabrications.......................................................................................................64
Federally Titled Assets................................................................................................71
Monthly Processing.....................................................................................................78
Copy Existing Asset....................................................................................................79
Search for an Asset.....................................................................................................81
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Reports and Queries....................................................................................................83
Asset Management helps automate the business processes involved in Asset acquisition and disposal as well as maintaining Accounting integrity and enhancing reporting capabilities.
PeopleSoft Asset Management features several key functions:
Adding Asset Depreciating Assets Adjusting and Transferring Assets Retiring Assets Tracking Service & Repairs Interfaces – Projects & AP/PO
Adding and Maintaining Capital AssetsAssets may be added using Express Add, Basic Add, and Lease Express Add. Assets may be maintained by using Basic Add for owned Assets and update lease information for leased Assets. This section discusses Express Add and Basic Add for owned Assets and Express Add for leased Assets.
Asset Management stores two types of Asset information:
Financial Information: Includes cost, books, depreciation method and convention, life, etc. Physical Information: Includes tag number, specifications, location, custodian, manufacturer.
Asset Management provides two methods to add Assets:
Express Add- This approach is quick and efficient; Assets are capitalized automatically and only the most critical information is entered. Much of the information defaults from the Asset Profile. To maximize control over the Asset, detailed Physical Information can be added later.
Express Add is only used to add capitalized Assets. Express Add should be used to add Assets that have multiple funding sources. The Express Add page does not allow a Custodian Department or replacement cost to
be entered.
Basic Add- If the physical information is available at the beginning, it can be entered manually with Asset Basic Information (Basic Add) and then the Asset capitalized- either now or later- using the appropriate Asset profile
Use the Basic Add page to add a non-capitalized or capitalizes Asset. The basic add page must be used to enter a Custodian Department and a replacement
cost.
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Express Add Capitalized Asset
Navigation: Asset Management > Asset Transactions > Owned Assets > Express Add
Enter a Business Unit. The Asset Identification defaults to “NEXT.”
o Do not change this value; the system will automatically assign the next ID number upon saving.
Click the Add button.
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Asset Information Select a Profile ID from the lookup.
o The profile id is a template containing standard depreciation criteria for an asset type and its corresponding asset books. Information established in asset profiles can be used as default values when adding assets to the system.
o Profile ID’s are specific to each Business Unit, the Financial Systems Staff maintains the Profile ID’s.
Enter the asset *Description. Select the asset Location from the lookup.
o Only valid locations are accepted. The Financial Systems staff maintains locations; contact the NDUS Help Desk to
add new location. Enter the asset Tag Number if applicable.
o Duplicate Tag Numbers within the same Business Unit are not allowed. Accum Depr in Current Pd
o If checked, any accumulated depreciation for the Asset will be booked to the current period. Otherwise, accumulated depreciation will be booked to the previous period, which may need to be re-opened.
Enter a *Trans Date, defaults to the current date, update as required. o The Trans date is the date Asset was acquired.
Enter an *Acctg Date, defaults to the current date, update as required.o Represents the date the transaction posts to the General Ledger. o The Accounting Date validates against the General Ledger Open Periods to determine
the Posting Period. o The difference between the Transaction Date and the Accounting Date will determine if
any prior period depreciation needs to be calculated. For example, an Asset was acquired and placed in service on March 15, 2000
but did not get entered in PeopleSoft Asset Management until August 1, 2000. All General Ledger periods prior to August are closed. In this case, PeopleSoft Asset Management will automatically calculate depreciation starting in March and post it to the General Ledger in August.
Trans Code -NDUS does not utilize. The *Rate Type defaults to “CRRNT.”
Asset Cost Information The *Book Name defaults to “GAAP” for assets greater than $5,000. Enter the asset *Quantity being added. Enter the asset total *Cost, not unit cost. The asset *Salvage (residual) value defaults from the profile ID.
o Subtracted from the cost to determine the depreciable basis used in depreciation calculations.
The *Category defaults from the Profile ID when the Default Profile button is clicked.o The journal generation process uses the asset category to determine the account codes
used. Enter a Cost Type
o “Blank” if the asset is not funded by a Granto “F” for Assets funded with a Federal Grant.o “S” for Assets funded with a State Grant.
Enter the Accum Depr if adding Assets that have depreciation from prior years or prior periods, enter the amount of the recognized depreciation in this field.
Enter the YTD Depr; if any of Accum Depr applies to the current fiscal year enter the amount.
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Clicking the Default profile button populates the Category, Asset Class, Asset Type, and Depreciation Rules for Asset type being added. Users may override the defaults.
o Query NDU_AM04_ASSET_PROFILES lists the profile ids. Enter the Fund Code; enter the Net Investment in Plant Fund, or the Fund code used to
purchase the Asset. o Note: If using the Fund code used to purchase the Asset, a transfer should be done
using the same date as the acquisition date to transfer the Asset to the Net Investment in Plant fund. This is to ensure all depreciation is recorded in the Net in Investment in Plant fund.
Enter the Department number, enter the department that purchased the Asset or “owns” the Asset for inventory purposes.
Enter a Program code if applicable. Enter a Project ID if applicable.
Asset Additional Information The Asset Type defaults from the profile ID. Asset Subtype - NDUS does not utilize. CAP # -NDUS does not utilize. SEQ # -NDUS does not utilize. Enter the asset Serial ID, if applicable. The Asset Class defaults from the Profile ID.
o The Asset Class classifies assets for reporting purposes. Asset Classes beginning with 151XXX correspond to capitalized Asset Account
numbers. Asset Classes beginning with 681XXX correspond to the expense Account
numbers for non-capitalized purchases. The *Asset Status defaults to “In Service” select another asset status from the drop down as
required.o Budgeted: Asset is budgeted but not placed in service.o Commitment: Budget has been approved and preparing to acquire the asset.o Disposed: Asset is no longer in service.o In Service: This is the date that the asset is available for use. The transaction date is the
default.o Received: Asset was received but is not yet placed in service.o Requisitnd (requisitioned): Necessary paperwork has been completed for acquisition.o Suspended: Depreciation has been suspended for this asseto Transferred: This asset was transferred from another business unit.o WIP (work in progress): Asset is acquired for a project in progress.
Enter the Federal Energy Regulatory Commission (FERC Code) if applicable. Enter the date the asset was acquired in the Acquisition Date field. The Acquisition Code defaults to “Purchased” select another Acquisition Code from the drop
down as required. Collateral Asset -NDUS does not utilize. Parent/Child Asset defaults to “NONE”
o If adding a parent or child Asset, select “Parent” or “Child” in this field. If Child is selected, enter the appropriate Parent ID from the lookup.
Hazardous Asset -NDUS does not utilize. Verify the Taggable Asset checkbox is correct. The Capitalized Asset check box defaults from the asset profile and is not editable.
o Check box checked – capital asseto Check box not checked – non capital asset.
Composite Asset -NDUS does not utilize.
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Set R and D Info… Used to record Research and Development information. Hazardous Code Info… -NDUS does not utilize.
Depreciation Information
The Depreciation Attributes default from the asset profile. o Verify the information on this tab, making changes as required.
Click Save.o Once an asset has been saved, additional changes cannot be made using the Express
Add page. Use the Asset Cost/Adj Transfer page for any further changes.
If navigating from Express Add directly to the Basic Add, the information for the Asset is automatically populated on the Basic Add page. The Custodian Department an the replacement cost can be entered and the Asset can be linked to the Purchase Order or Voucher that was used to purchase the Asset on the Basic Add pages.
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Basic Add Capital AssetBasic Add is used to add an Asset and to edit information for an existing asset. Basic Add provides more flexibility in the amount of physical detail entered for an asset. In addition, all necessary physical or financial information does not need to be known at the time of entry, as assets can be saved without capitalizing them.
Navigation: Asset Management > Asset Transactions > Owned Assets > Basic Add
Enter a Business Unit. The Asset Identification defaults to “NEXT.”
o Do not change this value; the system will automatically assign the next ID number upon saving.
Click the Add button.
General Information Tab
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Enter the asset *Description. Enter an Asset *Short Description. If this field is left blank, PeopleSoft will automatically
populate a description. Select a Profile ID from the lookup.
o The profile id is a template containing standard depreciation criteria for an asset type and its corresponding asset books. Information established in asset profiles can be used as default values when adding assets to the system.
o Profile ID’s are specific to each Business Unit and are maintained by the Financial Systems Staff.
CAP # -Not utilized by the NDUS. SEQ # - Not utilized by the NDUS. Verify the Taggable Asset checkbox is correct. Enter the asset Tag Number if applicable..
o Duplicate Tag Numbers within the same Business Unit are not allowed. The Asset Class defaults from the Profile ID.
o The Asset Class classifies assets for reporting purposes. Asset Classes beginning with 151XXX correspond to capitalized Asset Account
numbers. Asset Classes beginning with 681XXX correspond to the expense Account
numbers for non-capitalized purchases. The Asset Type defaults from the profile ID. The *Asset Status defaults to “In Service” select another asset status from the drop down as
required.o Budgeted: Asset is budgeted but not placed in service.o Commitment: Budget has been approved and preparing to acquire the asset.o Disposed: Asset is no longer in service.o In Service: This is the date that the asset is available for use. The transaction date is the
default.o Received: Asset was received but is not yet placed in service.o Requisitnd (requisitioned): Necessary paperwork has been completed for acquisition.o Suspended: Depreciation has been suspended for this asseto Transferred: This asset was transferred from another business unit.o WIP (work in progress): Asset is acquired for a project in progress.
Asset Subtype - Not utilized by the NDUS. Enter an Acquisition Date; enter the date the Asset was actually acquired. Enter the Placement Date; enter the date the asset was placed into service. Collateral Asset Not utilized by the NDUS. The Acquisition Code defaults to Purchased, select another Acquisition Code from the drop
down as required. Enter the Federal Energy Regulatory Commission (FERC Code) if applicable. Financing Code - Not utilized by the NDUS. Enter the Replacement Cost indicating how much it would cost to replace the Asset. (Insured
Value field.) Enter the Last Update date if there is a replacement cost entered. Index & SubIndex Name - Not utilized by the NDUS. Parent/Child Asset defaults to “NONE”
o If adding a parent or child Asset, select “Parent” or “Child” in this field. o If Child is selected, enter the appropriate Parent ID from the lookup.
The Capitalized Asset check box defaults from the asset profile and cannot be changed. o Check box checked – capital asseto Check box not checked – non capital asset.
New Asset - Check to indicate this is a new Asset.
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Available For Use- Check to indicate the asset is available to be used. Composite Asset -Not utilized by the NDUS.
Asset Acquisition Detail Tab
Enter an asset *Description. Select the *System Source used to add the Asset, select “AM Online Entry Panel.” Incentive ID - Not utilized by the NDUS. Enter the asset *Quantity being added. Enter the asset total *Cost, not unit cost. The *Currency defaults to a value of “USD”. Enter the Sales Tax amount. Enter the Use Tax amount. Enter the Freight amount. Enter the Misc charge amount. Verify the Total Amount is correct. The *Capitalize button indicates if the cost row has been capitalized.
o To Be Capitalized o Don’t Capitalize is used with deferred asset entry.
Select the Vendor ID. (optional) Enter the Vendor Name. (optional) Click the Interfaces Info link to review Projects/AP/Purchasing information on assets entered
from a feeder system. (optional) The *Category defaults from the Profile ID when the Default Profile button is clicked.
o The journal generation process uses the asset category to determine the account codes used.
Enter a Cost Type o “Blank” if the asset is not funded by a Granto “F” for Assets funded with a Federal Grant.o “S” for Assets funded with a State Grant.
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Click the Acquisition Detail Chartfields link to enter the Chartfields associated with the Asset. o THE ACQUISITION DETAIL MUST BE COMPLETED BEFORE SAVING OR
CAPITALIZING THE ASSET SO THE INFORMATION SHOWS UP ON THE ASSET ACQUISITION LINK.
Enter the Fund Code; enter the Net Investment in Plant Fund, or the Fund code used to purchase the Asset.
o Note: If using the Fund code used to purchase the Asset, a transfer should be done using the same date as the acquisition date to transfer the Asset to the Net Investment in Plant fund. This is to ensure all depreciation is recorded in the Net in Investment in Plant fund.
Click OK to return to the Asset Acquisition Detail page.
Capitalization Information section must be populated for capitalized assets.
The Profile ID defaults from the General Information Tab The *Book Name defaults to “GAAP” for assets greater than $5,000. Enter a *Trans Date, defaults to the current date, update as required.
o The Trans date is the date Asset was acquired. The *Rate Type defaults to “CRRNT.” Accum Depr in Current Pd
o If checked, any accumulated depreciation for the Asset will be booked to the current period. Otherwise, accumulated depreciation will be booked to the previous period, which may need to be re-opened.
Enter an *Acctg Dateo Represents the date the transaction posts to the General Ledger. o The Accounting Date validates against the General Ledger Open Periods to determine
the Posting Period. o The difference between the Transaction Date and the Accounting Date will determine if
any prior period depreciation needs to be calculated. Page 11 of 83
For example, an Asset was acquired and placed in service on March 15, 2011 but did not get entered in PeopleSoft Asset Management until August 1, 2011. All General Ledger periods prior to August are closed. In this case, PeopleSoft Asset Management will automatically calculate depreciation starting in March and post it to the General Ledger in August.
Trans Code -Not utilized by the NDUS. Verify the Amount and Quantity left to capitalize fields. Click the Capitalize button. The Capitalize button is no longer present once it has been clicked.
Most information defaults on the Asset & Cost Information page. Verify the data for accuracy.
The *Book Name defaults to “GAAP” for assets greater than $5,000. The asset *Salvage (residual) value defaults from the profile ID.
o Subtracted from the cost to determine the depreciable basis used in depreciation calculations.
Enter the Accum Depr if adding Assets that have depreciation from prior years or prior periods, enter the amount of recognized depreciation in this field.
Enter the YTD Depr; if any Accum Depr applies to the current fiscal year enter the amount. Operating Unit -Not utilized by the NDUS. Enter the Fund Code; enter the Net Investment in Plant Fund, or the Fund used to purchase the
Asset. o Note: If the Fund used to purchase the Asset was entered in the Acquisition Detail
Chartfields, then the purchasing fund will automatically populate into this area. At this time, change the fund to Investment in Plant Fund and remove any program or project.
o Note: If using the Fund used to purchase the Asset, a transfer should be done using the same date as the acquisition date to transfer the Asset to the Net Investment in Plant fund. This is to ensure all the depreciation is recorded in the Net in Investment in Plant fund.
Enter the Department number, enter the department that purchased the Asset or “owns” the Asset for inventory purposes.
Enter a Program code if applicable. Class Field -Not utilized by the NDUS. Enter a Project ID if applicable. Subsystem PC Bus Unit, Subsystem Activity ID, and Subsystem Analysis Type – Not
utilized by the NDUS.
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Location/Comments/Attributes Tab
This is used to enter the physical asset Location, Room Number, any Comments pertaining to the Asset, and the asset Physical Attributes.
Select the asset Location from the lookup.o Only valid locations are accepted.
Locations are maintained by the Financial Systems staff, contact the NDUS Help Desk to add new location.
Image Guidelineso Capitalized assets only.o One image per asset.o Image format is jpg.o Image no larger than 800 kb.
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Manufacturer/ License/Custodian/ Tab
This page is used to record Manufacturer Information, License Information, and Custodian Information.
The Inventory queries (NDU_AM19 and NDU_AM20) use the department from the asset's Manufacture/License/Custodian page. If the department is left blank, the asset will not return in the query results.
Custodian Information section:Can you order me a At A Glance 70-6201?
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Asset DepreciationThe North Dakota University System uses the Remaining Value to calculate depreciation; depreciation is calculated on the net book value over the remaining asset life.
Depreciation requires three steps:
Depreciation Calculation - Calculates depreciation amounts on any changes (adds, retirements, etc.) since the last time the process was run.
This should be a regularly scheduled, monthly process. Must run after entries or changes are made, and before Depreciation Close.
Create Accounting Entries - Creates accounting entries for transactions not related to depreciation.
Processes in the nightly batch processing. On occasion, users may need to create accounting entries. This process should run after Depreciation Calculation and before Depreciation Close.
Depreciation Close - Creates accounting entries for transactions related to depreciation. This process uses the depreciation schedule(s) created from Depreciation Calculation to create depreciation transactions to post to the General Ledger. The Depreciation Close process creates Accounting entries for depreciation by applying the depreciation (DPR) and the prior period depreciation (PDP) Accounting entry templates to the Asset depreciation table. Depreciation Close also generates Lease Payment (LPY) Accounting Entries.
Only run once per month.
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Review Open TransactionsOpen transactions are created whenever there is a transaction on an asset (add, transfer, adjustment, etc.) These transactions are “open” until depreciation calculation, create accounting entries, and depreciation close are processed. Before running Depreciation Calculation, it is good practice to review the open transactions.
Navigation: Asset Management > Depreciation > Open Transactions > Review
Enter a Business Unit. Enter other search criteria as desired. Click the Search button.
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Select an individual transaction for review.
The Depreciation Calc Status indicates the depreciation calculation status Completed indicates the depreciation has been calculated. Pending indicates the depreciation has not been calculated.
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The Acct Entry Creation Status indicates the accounting entries status Completed indicates the accounting entries have been created and sent to the
GL. The accounting entries are processed in the nightly batch. Pending indicates the accounting entries have not been created and not sent to
the GL. The Reporting Process Status indicates if the assets have been loaded into the reporting
tables. The reporting table load runs Saturday. Complete indicates the asset has been loaded in the reporting tables. Pending indicates the asset has not been loaded in the reporting tables.
Depreciation Calculation
Navigation: Asset Management > Depreciation > Processing > Calculate
Users will need to add a new Run Control ID the first time this process is ran.
Select a Process Frequency of “Always” from the drop down. Select a Business Unit from the look up. To process a range of assets, enter a From Asset ID and a To Asset ID.
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o To process all assets leave the From Asset ID and a To Asset ID blank. Click the Run button.
Verify the Server name is “PSNT.” Check the Calculate Depreciation box. Click the OK button.
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Create Accounting Entries
Navigation: Asset Management > Accounting Entries > Create Accounting Entries
Users will need to add a new Run Control ID the first time this process is ran.
Enter a *Request ID of “1” Select a Process Frequency of “Always” from the drop down. Select a Business *Unit from the look up. Select the *Book Name of “GAAP” from the drop down. To process a range of assets, enter a From Asset ID and a To Asset ID
o Leave the From Asset ID and a To Asset ID blank to process all assets. Click the Run button.
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Check the Accounting Entry Creation box. Click the OK button.
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Depreciation Close
Navigation: Asset Management > Accounting Entries > Close Depreciation
Users will need to add a new Run Control ID the first time this process is ran.
Enter a *Request ID of “1”. Select a Process Frequency of “Always” from the drop down. Select a Business *Unit from the look up. Select the Book Name of “GAAP” from the drop down. Enter the *Fiscal Year to close. Enter the *Period to close.
Options
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Rerun Depreciation Close this option is rarely used.o Check this box to delete all existing depreciation expense and lease payment Accounting
entries for the specified Business Unit, book, fiscal year, and period. Depreciation Close process needs to be processed after using this option.
o Depreciation Close cannot be rerun for accounting entries that have already been processed by the Journal Generator, be very sure of the results before the journal generation processes.
Reverse Posted Entries this option is rarely used. Create Budgeted Depreciation this option is rarely used.
o Check this box to run budgeted depreciation. Check Process a range of Assets and enter the range of Assets to process, if desired, or leave
blank to process all open transactions. Click the Run button.
Check the AM_DPCLOSE box. Click the OK button.
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Close Accounting PeriodClosing the accounting period prevents users from processing transactions (adds, retirement, etc.) on assets. The close accounting period only closes the AM periods and does not impact the GL open periods. Closing the asset accounting period is not a required procedure; it is more a safety precaution to prevent transactions from posting to a prior fiscal year/period.
Once an accounting period is closed, additional depreciation-related Accounting entries for the fiscal year/period cannot be created.
Navigation: Asset Management > Accounting Entries > Close Accounting Period.
Enter a Business Unit. Select an Asset Book Name of “GAAP” from the lookup. Click the Search Button.
Enter the *Year to close. Enter a *Period to close. Click the Save button.
o The Closed Accounting Periods are noted for reference.Page 24 of 83
Reviewing Depreciation InformationReviewing this information before and after running depreciation is suggested.
Navigation: Asset Management > Depreciation > Review Depreciation Info > Asset Depreciation
Enter a Business Unit. Enter other search criteria as desired. Click the Search Button.
Asset Tab
The Asset Tab displays an overview of the assets depreciation method and book.
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Depreciation Tab
The Depreciation tab displays the asset Net Book Value and Yearly Depreciation.
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Period Depreciation Tab
The Period Depreciation Tab displays the depreciation by fiscal year and period.
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Adjustments and Transfers
Adjusting Cost and QuantityPeopleSoft Asset Management allows users to adjust cost and or quantity using several options:
By change in net cost By change in net quantity By change in percentage of net cost By net cost per row By new quantity per row By cost change per row
Navigation: Asset Management > Asset Transactions > Financial Transactions > Cost Adjust/Transfer Asset
Enter a Business Unit. Enter other search criteria as desired. Click the Search Button.
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Enter a *Trans Date, the date the Asset was adjusted. Enter an *Acctg Date
o Represents the date this transaction will post to the General Ledger. The Accounting Date validates against the General Ledger Open Periods to determine the Posting Period
Trans Code -NDUS does not utilize. The Rate Type defaults to “CRRNT” Verify Copy Changes to Other Books is checked. The Copy to Other Books Options default. Select an Action of “Adjustment” from the dropdown. Click the GO! button.
The Adjust All Rows By allows adjusting multiple rows by the same value, Percent, Quantity, or Cost.
o Click Apply to show the change reflected on all rows. Additionally each individual row can be edited before saving the adjustment.
o To adjust a single row, simply enter the adjusted value into the appropriate field: Quantity, Cost, or Salvage.
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Adjust Current Row By allows adjusting the cost by entering the adjustment amount (positive or negative) and clicking refresh.
Click the Save button. Run Depreciation Calculation and Create Accounting entries to complete this process.
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TransfersOn occasion, it is necessary to transfer Assets from one department, fund code, or project to another. Whether or not the Asset is physically relocated, some of the ChartField elements may need to be changed in order to record costs and depreciation correctly in the Net Investment in Plant Fund.
The NDUS will use this feature to transfer Assets from the fund that purchased the Asset to the Net Investment in Plant fund.
THE TRANSFERS TO NET INVESTMENT IN PLANT SHOULD BE MADE USING THE SAME DATE AS THE ACQUISITION DATE.
o IF THIS IS NOT DONE, DEPRECIATION WILL BE RECORDED USING THE CHARTFIELDS THAT WERE SET UP ON THE ASSET ACQUISITION DETAIL WHICH MAY OR MAY NOT BE THE NET INVESTMENT IN PLANT FUND.
Navigation: Asset Management > Asset Transactions > Financial Transactions > Cost Adjust/Transfer Asset
Enter a Business Unit. Enter other search criteria as desired. Click the Search Button.
o Note: When transferring an asset to a different department, navigate to Basic Add and update the asset’s department number in the manufacture/license/ custodian tab. This will return the asset data correctly for queries that are run.
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Enter a *Trans Date, enter the date the Asset was transferred. Enter an *Acctg Date
o Represents the date this transaction will post to the General Ledger. The Accounting Date validates against the General Ledger Open Periods to determine the Posting Period.
Trans Code -NDUS does not utilize. The Rate Type defaults to “CRRNT” Verify Copy Changes to Other Books is checked. The Copy to Other Books Options default. Select an Action of “Transfer” from the dropdown. Click the GO! button.
Update the chartfields as required. Click the Apply button. Click the Save button.
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Run Depreciation Calculation and Create Accounting entries to complete this process.
Recategorizing Assets
Navigation: Asset Management > Asset Transactions > Financial Transactions > Cost Adjust/Transfer Asset
Enter a Business Unit. Enter other search criteria as desired. Click the Search Button.
Enter a *Trans Date, enter the date the Asset was categorized. Enter an *Acctg Date
o Represents the date this transaction will post to the General Ledger. The Accounting Date validates against the General Ledger Open Periods to determine the Posting Period.
Trans Code -NDUS does not utilize. The Rate Type defaults to “CRRNT” Verify Copy Changes to Other Books is checked. The Copy to Other Books Options default. Select an Action of “Categorize” from the dropdown.
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Click the GO! button.
Change the Category to reflect the correct asset category. Change Cost Type if necessary. Click the Save button. Run Depreciation Calculation and Create Accounting entries to complete this process.
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Modifying Assets
In-Service DatePeopleSoft Asset Management enables changing the Asset in-service date. The Asset in-service date is the date that the Asset was available for use.
Navigation: Asset Management > Asset Transactions > Asset Book Information > Define Tax/Depr Criteria
Enter a Business Unit. Enter other search criteria as desired. Click the Search button.
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Update the In Service Date.o Note: The Asset in-service date plus the Convention determines when depreciation
should occur. Select Depreciate When In Service box to override the convention and start annual depreciation
on the date specified in the In Service Date field. Click the Save button. Run Depreciation Calculation and Create Accounting entries to complete this process.
Note: If there are DPR related transactions that have been sent to the GL and the In-Service Date is change from 11/20/2011 to 12/20/2011, after running DEPR_CLOSE for period 6, this will generate reversal DPR related Accounting entries and depreciation will start from the new in service date.
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Useful LifePeopleSoft Asset Management enables users to change the Asset useful life of an Asset. The useful life is the amount of time that the Asset will be depreciated. The useful life is in periods, which are set to months for the North Dakota University System.
Navigation: Asset Management > Asset Transactions > Asset Book Information > Define Tax/Depr Criteria
Enter a Business Unit. Enter other search criteria as desired. Click the Search button.
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Update the Useful Life field with the correct number of periods.o One period equals one month.
Click the Save button.
Run Depreciation Calculation and Create Accounting entries to complete this process.
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Retirements and ReinstatementsPeopleSoft Asset Management enables users to fully or partially retire Assets in the past, present, or future. Occasionally, a retirement transaction may need to be reversed. For these occasions, PeopleSoft also provide the ability to reinstate a retired asset.
When all units and all cost of an Asset are retired, the Asset is considered fully retired. The Asset is taken off the books after the retirement has been fully processed and Accounting entries have been created. No further depreciation will accrue.
Users can partially retire an Asset by either quantity or cost. Depreciation continues to be processed for the amount that remains.
Retire a Non capital AssetReinstatement of non-financial Assets only involves changing the Asset status to “Disposed”
Navigation: Asset Management > Asset Transactions > Owned Assets > Basic Add or
Asset Management > Asset Transactions > Asset Disposal > Retire/ Reinstate Non-Fin Asset
Retire a Capital Asset
Step 1: Update GL Open periods GL accounting periods for Actuals needs to be open back to at least the period for which the
asset will be retired in order for the transaction date and accounting date to be the same.Users may need to work with the central accounting office to update open periods
Step #2 Retire a Capital Asset
Navigation: Asset Management > Asset Transactions > Asset Disposal > Retire/Reinstate Asset
Enter a Business Unit. Enter other search criteria as desired.
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Click the Search Button.
Book The Book Name defaults to “GAAP.” Select a Retire As option/ Click the GO! button.
Select the proper Disposal Code.o Missing Asseto Scrapped Assets – Select when the asset is not longer useful and had not resale value.o Retirement by Sale - The proceeds and removal cost from the sale, less the asset net
book value, determines the gain or loss.o Traded In for another Asset
See Trade in Asset section for additional processing.
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Step 3: Run Depreciation Calculation
Step 4: Run Create Accounting Entries GL accounting periods for ACTUALS need to be open back to at least the period for which the
asset will be retired in order for the transaction date and accounting date to be the same.
Step 5: Update the GL Open periods Update (close) the GL open periods as required.
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Retire a Capital Asset as a Trade-InNew Assets associated with a “Traded in Asset” must be entered in through Express Add after the Asset being traded in is retired. The gain/loss for the Trade In is entirely processed in the Asset Management module.
Step 1: Update GL Open periods GL accounting periods for Actuals needs to be open back to at least the period for which the
asset will be retired in order for the transaction date and accounting date to be the same.o Users may need to work with the central accounting office to update open periods.
Step 2: Retire the Asset Being Traded In
Navigation: Asset Management > Asset Transactions > Asset Disposal > Retire/Reinstate Asset
Enter a Business Unit. Enter other search criteria as desired. Click the Search Button.
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Book The Book Name defaults to “GAAP.” Select the Retire As option of “Traded In for Another Asset.” Click the GO! button.
o Once the GO! Button is clicked additional fields are editable. Enter the Transaction Date, which reflects the date that the retirement actually occurred. Enter the Accounting Date, which determines when the retirement transaction posts to the
general ledger.o The actuals ledger open period needs to be open for the accounting date.
Retirement Verify the Disposal Code, “Traded In for another Asset,” defaults. The Quantity and Cost automatically populate with the retirement values to fully retire the Asset.
o If the asset is only being partially retired, enter different quantity and/or cost information. Enter the Removal Cost if applicable. Enter the amount traded in asset Proceeds.
o This amount is added to the new asset cost.. Select a Retire Option
o Calculate Gain/Loss (default) Select to calculate gain or loss that is associated with the retirement of an asset
without fully depreciating the asset. Select if assets should not be fully depreciated at retirement so that the accounting entries passed to the general ledger will include gain or loss information.
o Fully Depr no Future Expense Select to process the asset as fully depreciated with no future depreciation
expenses, regardless of how much depreciation has actually been calculated. The accounting entries passed to the general ledger will not include gain and loss information. (This remains true as long as no proceeds or removal cost have been assigned for that particular asset.)
This option is used generally within the utility industry for group assets and assumes that assets are fully depreciated at retirement regardless of how much depreciation has actually been calculated. Depreciation expense is debited for the full cost basis of the asset at the time of retirement, resulting in no gain or loss. Net book value (NBV) will remain, however.
o Fully Depr with Future Expense Select to process the asset as fully depreciated, regardless of how much
depreciation has actually been calculated, but future depreciation expenses may be created. The accounting entries passed to the general ledger will not include gain and loss information. (This remains true as long as no proceeds or removal cost have been assigned for that particular asset.) The depreciation close process (AM_DPCLOSE) generates the accounting entries for any remaining expense.
Click the Save button.
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Step 3: Run Depreciation Calculation to calculate Gain/Loss Amounts
Step 4: Add the New Asset using ExpressAdd
Navigation: Asset Management > Asset Transactions > Owned Assets > Express Add
Asset Information Select a Profile ID from the lookup.
o The profile id is a template containing standard depreciation criteria for an asset type and its corresponding asset books. Information established in asset profiles can be used as default values when adding assets to the system.
o Profile ID’s are specific to each Business Unit and are maintained by the Financial Systems Staff.
Enter the asset *Description. Select the asset Location from the lookup.
o Only valid locations are accepted. Locations are maintained by the Financial Systems staff, contact the NDUS Help
Desk to add new location. Enter the asset Tag Number if applicable..
o Duplicate Tag Numbers within the same Business Unit are not allowed. Accum Depr in Current Pd
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o If checked, any accumulated depreciation for the Asset will be booked to the current period. Otherwise, accumulated depreciation will be booked to the previous period, which may need to be re-opened.
Enter a *Trans Date, defaults to the current date, update as required. o The Trans date is the date Asset was acquired.
Enter an *Acctg Date, defaults to the current date, update as required.o Represents the date the transaction posts to the General Ledger. o The Accounting Date validates against the General Ledger Open Periods to determine
the Posting Period. o The difference between the Transaction Date and the Accounting Date will determine if
any prior period depreciation needs to be calculated. For example, an Asset was acquired and placed in service on March 15, 2000
but did not get entered in PeopleSoft Asset Management until August 1, 2000. All General Ledger periods prior to August are closed. In this case, PeopleSoft Asset Management will automatically calculate depreciation starting in March and post it to the General Ledger in August.
Trans Code -NDUS does not utilize. The *Rate Type defaults to “CRRNT.”
Asset Cost Information The *Book Name defaults to “GAAP” for assets greater than $5,000. Enter the asset *Quantity being added. Enter the asset Cost (amount paid).
o Note: The Proceeds from the traded - in asset will be added to the cost once an Acquisition Code of “Trade In” and the traded in Asset Id field is selected.
o Example: $15,000 is entered in the Cost field, which reflects the asset list price. The traded in asset has $1000 in proceeds, which will be added to the cost of $15,000 when the Asset is saved, which will give you a new Cost of $16,000. This amount is what will be capitalized.
The asset *Salvage (residual) value defaults from the profile ID.o Subtracted from the cost to determine the depreciable basis used in depreciation
calculations. The *Category defaults from the Profile ID when the Default Profile button is clicked.
o The journal generation process uses the asset category to determine the account codes used.
Enter a Cost Type o “Blank” if the asset is not funded by a Granto “F” for Assets funded with a Federal Grant.o “S” for Assets funded with a State Grant.
Enter the Accum Depr if adding Assets that have depreciation from prior years or prior periods, enter the amount of the recognized depreciation in this field.
Enter the YTD Depr; if any Accum Depr applies to the current fiscal year enter the amount. Clicking the Default profile button populates the Category, Asset Class, Asset Type, and
Depreciation Rules for Asset type being added. These defaults may be overridden. o The NDU_AM04_ASSET_PROFILES query lists the profiles.
Enter the Fund Code; enter the Net Investment in Plant Fund, or the Fund code used to purchase the Asset.
o Note: If using the Fund code used to purchase the Asset, a transfer should be done using the same date as the acquisition date to transfer the Asset to the Net Investment in Plant fund. This is to ensure all the depreciation is recorded in the Net in Investment in Plant fund.
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Enter the Department number, enter the department that purchased the Asset or “owns” the Asset for inventory purposes.
Enter a Program code if applicable. Enter a Project ID if applicable. Click the Default Profile button.
o This populates the Asset category and Asset class.
Asset Additional Information The Asset Type defaults from the profile ID. Asset Subtype - NDUS does not utilize. CAP # -NDUS does not utilize. SEQ # -NDUS does not utilize. Enter the asset Serial ID, if applicable. The Asset Class defaults from the Profile ID.
o The Asset Class classifies assets for reporting purposes. Asset Classes beginning with 151XXX correspond to capitalized Asset Account
numbers. Asset Classes beginning with 681XXX correspond to the expense Account
numbers for non-capitalized purchases. The *Asset Status defaults to “In Service” select another asset status from the drop down as
required.o Budgeted: Asset is budgeted but not placed in service.o Commitment: Budget has been approved and preparing to acquire the asset.o Disposed: Asset is no longer in service.o In Service: This is the date that the asset is available for use. The transaction date is the
default.o Received: Asset was received but is not yet placed in service.o Requisitnd (requisitioned): Necessary paperwork has been completed for acquisition.o Suspended: Depreciation has been suspended for this asseto Transferred: This asset was transferred from another business unit.o WIP (work in progress): Asset is acquired for a project in progress.
Enter the Federal Energy Regulatory Commission (FERC Code) if applicable. Enter the date the asset was acquired in the Acquisition Date field. Select an Acquisition Code of “Trade In.”
o Click to populate the Asset ID field. Collateral Asset -NDUS does not utilize. Parent/Child Asset defaults to “NONE”
o If adding a parent or child Asset, select “Parent” or “Child” in this field. o If Child is selected, enter the appropriate Parent ID from the lookup.
Hazardous Asset -NDUS does not utilize. Verify the Taggable Asset checkbox is correct. The Capitalized Asset check box defaults from the asset profile and cannot be changed.
o Check box checked – capital asseto Check box not checked – non capital asset.
Composite Asset -NDUS does not utilize. Set R and D Info… Used to record Research and Development information. Hazardous Code Info… -NDUS does not utilize.
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Step 5: Run Depreciation Calculation
Step 6: Run Create Accounting Entries GL accounting periods for ACTUALS need to be open back to at least the period for which the
asset will be retired in order for the transaction date and accounting date to be the same.
Step 7: Update the GL Open periods Update (close) the GL open periods as required.
Step 8: Review the Accounting Entries Created
Navigation: Asset Management > Accounting Entries > Review Financial Entries
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Reinstate An AssetOn occasion, users may need to reinstate an Asset that had been retired.
Reinstate Non capital Asset
Navigation: Asset Management > Asset Transactions > Owned Assets > Basic Add
Note: Reinstatement of non-financial Assets only involves changing the Asset status to In Service; and in the case of an operating lease, restarting any future lease payments.
Reinstate Capital AssetPeopleSoft Asset Management performs the reinstatement automatically- the Proceeds, Removal Costs, Reserve, and Gain/Loss fields are reset to zero and the amount in Retire Amt is added back to the balance sheet.
Navigation: Asset Management > Asset Transactions > Asset Disposal > Retire/Reinstate Asset
Enter a Business Unit. Enter the Asset Identification to reinstate. Click the Search button.
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Click the Reinstate button.o Note: Only one retired Asset may be reinstated at a time. If several retired Assets are
selected for reinstatement, only the first selected transaction in the list will be reinstated. If no retirement transaction is selected for reinstatement and you click the Reinstate button, the last retirement transaction will be reinstated.
o If depreciation has not been calculated for the gain/loss on retirement, selecting Reinstate will cause the retirement rows previously created to be purged from the system.
o All journal entries created by the retirement are reversed. To ensure that Asset information posts correctly, a depreciation request is generated when an asset is reinstated. The transaction date is automatically set to the retirement date. If a user accidentally or erroneously retired an Asset in the wrong period, they have to deduct depreciation from the time the Asset was actually retired. Any depreciation to which the campus was entitled during the Accounting periods the Asset was retired will be calculated and posted to the current Accounting period as prior depreciation.
o Once an asset is reinstated, all fields on the Retire Assets page will become unavailable for data entry. If a user wants to subsequently retire the Asset after reinstatement, the page must be re-entered
Click the Save button. Run Depreciation Calculation and Create Accounting entries to complete this process.
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“Deleting” An AssetThere may be cases where an Asset has been added in Asset Management and a campus wants the asset off the books without a gain/loss associated with it. When an Asset is retired, there is not a disposal code for “Asset deletion.” The following steps delete an asset while retaining an audit trail.
Step 1: Retire the Asset using “Missing Asset” Disposal Code Follow the instructions for retiring an Asset selecting Retire As: of “Missing Asset”
Navigation: Asset Management > Asset Transactions > Asset Disposal > Retire/Reinstate Asset
Step 2: Run Depreciation Calculation to Calculate the Gain/Loss
Step 3: Run Create Accounting Entries
Step 3b: Entries
Navigation: Asset Management > Accounting Entries > Review Financial Assets The following is an example of Accounting entries for a Deleted Asset:
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Step 4: Run Journal Generation from Asset ManagementThis process is run nightly as a batch process.
Step 5: Query DIST_LN to find the journal ID’s for the Asset (NDU_AM14_ACCTG_LINES)
Navigation: Reporting Tools > Query > Query ViewerPartial screenshot:
Step 6: Look up the Journal ID’s Online
Navigation: General Ledger > Journals < Journal Entry > Create/Update Journal Entries
First Journal ID (ADD): AM01180707
Note: The journal contains transactions from another asset addition.
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Second Journal ID (RET): AM01184333
Step 7: Reverse the Journal ID’sWork with the central accounting office to reverse the journals. Journals may contain transactions for more than one asset only delete the lines for the “deleted” asset.
Step 8: Post, and Review the Reversal Journals.
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Pending Transactions Update / DeleteAsset Management allows users to update, modify or delete Assets that have not gone through the depreciation calculation process. This provides an opportunity for data validation and correction prior to processing.
Capital asset adds, adjustments, transfers, and re-categorizations pending depreciation can be modified or deleted.
Retirement, lease, and parent/child assets cannot be modified or deleted.
Update Pending TransactionsNavigation: Asset Management>Asset Transactions>Financial Transactions>Change/Delete Pending Trans
Enter a Business Unit. Enter the Asset Identification. Click the Search Button.
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Click the Update… button.
The actual screen displayed will vary depending upon the transaction type. Update the appropriate information, depending upon the transaction type, the following fields are
editable:o ADD
Cost, Quantity, ChartFields, Category, Cost Type, In Service Date, Depreciation Status, Accumulated Depreciation
o ADJ Cost, Quantity
o RCT Category, Cost Type
o TRF ChartFields
Click the OK button, the following message appears:
Click the OK button. Click Save to complete the update.
Delete Pending TransactionsDeleting Assets from PeopleSoft is not recommended. If possible, update the Asset. If an update is not possible, retire the Asset.
Navigation: Asset Management>Asset Transactions>Financial Transactions>Change/Delete Pending Trans
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Enter a Business Unit. Enter Asset Identification. Click the Search Button.
Click the Delete… button. Click the OK button, the following message displays:
Click the OK button. Click the Save button.
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Edit Transaction Information
Enter a Business Unit. Enter the Asset Identification. Click the Search button.
To change Transaction Date or Accounting Date click the Edit Trans Info… button.
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Update the Transaction Date or Accounting Date as required. Click the OK button. Click the Save button.
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Purge Open Transactions Purging open transactions clears out old items from the open transaction log.
Navigation: Asset Management > Depreciation > Open Transactions > Purge
Verify/Update the UserID whose transactions are to be purged.o !NDU_PROCESS may have transactions to purge due to processing in the nightly batch.
Enter a Business Unit. Enter a Asset Book Name, enter “GAAP” The To Accounting Date defaults to today’s date, update as required. The Open Transaction ID defaults.
o To purge converted transactions enter “9999999999” Select Preview Open Transaction Purge to preview the number of transactions ready to purge.
o Select Purge Open Transaction to purge the transactions. Click the Save button.
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Adding and Maintaining Non-Capital Assets
Basic Add Non Capital Asset
Navigation: Asset Management > Asset Transactions > Owned Assets > Basic Add
Enter a Business Unit. The Asset Identification defaults to “NEXT.”
o Do not change this value; the system will automatically assign the next ID number upon saving.
Click the Add button.
General Information Tab
Enter the asset *Description. Enter an asset *Short Description.
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o If this field is left blank, PeopleSoft will automatically populate a description. Select a Profile ID of “Track”. CAP # -Not utilized by the NDUS. SEQ # - Not utilized by the NDUS. Verify the Taggable Asset checkbox is correct. Enter the asset Tag Number if applicable.
o Duplicate Tag Numbers within the same Business Unit are not allowed. The Asset Class defaults from the Profile ID.
o The Asset Class classifies assets for reporting purposes. Asset Classes beginning with 151XXX correspond to capitalized Asset Account
numbers. Asset Classes beginning with 681XXX correspond to the expense Account
numbers for non-capitalized purchases. The Asset Type defaults from the profile ID. The *Asset Status defaults to “In Service” select another asset status from the drop down as
required.o Budgeted: Asset is budgeted but not placed in service.o Commitment: Budget has been approved and preparing to acquire the asset.o Disposed: Asset is no longer in service.o In Service: This is the date that the asset is available for use. The transaction date is the
default.o Received: Asset was received but is not yet placed in service.o Requisitnd (requisitioned): Necessary paperwork has been completed for acquisition.o Suspended: Depreciation has been suspended for this asseto Transferred: This asset was transferred from another business unit.o WIP (work in progress): Asset is acquired for a project in progress.
Asset Subtype - Not utilized by the NDUS. Enter an Acquisition Date; enter the date the Asset was actually acquired. Enter the Placement Date; enter the date the asset was placed into service. Collateral Asset Not utilized by the NDUS. The Acquisition Code defaults to “Purchased,” select another Acquisition Code from the drop
down as required. Enter the Federal Energy Regulatory Commission (FERC Code) if applicable. Financing Code - Not utilized by the NDUS. Enter the Replacement Cost indicating how much it would cost to replace the Asset. (Insured
Value field.) Enter the Last Update date if there is a replacement cost entered. Index & SubIndex Name - Not utilized by the NDUS. Parent/Child Asset defaults to “NONE”
o If adding a parent or child Asset, select “Parent” or “Child” in this field. o If Child is selected, enter the appropriate Parent ID from the lookup.
The Capitalized Asset check box defaults from the asset profile and cannot be changed. o Check box checked – capital asseto Check box not checked – non capital asset.
New Asset - Check to indicate this is a new Asset. Available For Use- Check to indicate the asset is available to be used. Composite Asset -Not utilized by the NDUS.
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Asset Acquisition Detail Tab
Enter an asset *Description. o Free form field up to 30 characters in length.
Select the *System Source used to add the Asset, select “AM Online Entry Panel.” Incentive ID - Not utilized by the NDUS. Enter the asset *Quantity being added. Enter the asset total *Cost, not unit cost. The *Currency defaults to a value of “USD”. Enter the Sales Tax amount. Enter the Use Tax amount. Enter the Freight amount. Enter the Misc charge amount. Verify the Total Amount is correct. The *Capitalize button defaults to “Never Capitalize” for non capitalized (tracked) assets. Select the Vendor ID. (optional) Enter the Vendor Name. (optional) Click the Interfaces Info link to review Projects/AP/Purchasing information on assets entered
from a feeder system. (optional) Enter a *Category of “TRACK” Enter a Cost Type
o “Blank” if the asset is not funded by a Granto “F” for Assets funded with a Federal Grant.o “S” for Assets funded with a State Grant.
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Click the Acquisition Detail Chartfields link to enter the Chartfields associated with the Asset.
Enter the Fund Code; enter the Net Investment in Plant Fund, or the Fund code used to purchase the Asset.
Enter other chartfields as required. Click OK to return to the Asset Acquisition Detail page.
Location/Comments/Attributes Tab
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The Location/Comments/Attributes tab is used to enter the physical asset Location, Room Number, Comments, and the Physical Attributes.
Select the asset Location from the lookup.o Only valid locations are accepted.
Locations are maintained by the Financial Systems staff; contact the NDUS Help Desk to add new location.
Image Guidelineso Capitalized assets only.o One image per asset.o Image format is jpg.o Image no larger than 800 kb.
Manufacturer/ License/Custodian/ Tab
This Manufacturer/ License/Custodian/ Tab page is used to record Manufacturer Information, License Information, and Custodian Information.
Note: Make sure to populate the asset Department ID for inventory purposes. The Inventory query depends on this field.
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Asset Fabrications
Step 1: Add the First Asset Portion using Basic Add
Navigation: Asset Management > Asset Transactions > Owned Assets > Basic Add
Enter a Business Unit. The Asset Identification defaults to “NEXT.”
o Do not change this value; the system will automatically assign the next ID number upon saving.
Click the Add button.
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Enter this required information; see the Basic Add section of this document information on the fields not detailed in this section.
o Enter the asset *Description.o Enter a Short Description, or allow the system to enter it automaticallyo The Asset Class defaults from the Profile ID.o The Asset Class classifies assets for reporting purposes.
Asset Classes beginning with 151XXX correspond to capitalized Asset Account numbers.
Asset Classes beginning with 681XXX correspond to the expense Account numbers for non-capitalized purchases.
o Enter the date the asset was acquired in the Acquisition Date field. The Acquisition Code defaults to “Purchased” select another Acquisition Code
from the drop down as required. Click the Asset Acquisition Detail tab.
Verify the information on this tab. Do not capitalize the Asset. Click the Save button.
o The following error message displays:
Click the OK button, note the Asset ID.
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Step 2: Add the Additional Asset Portion(s) When the next asset portion comes in, add a new Acquisition Detail row to the existing Asset.
Navigation: Asset Management > Asset Transactions > Owned Assets > Basic Add > Find an Existing Value
Asset Acquisition tab
Click on the icon to add a new row for the asset portion.
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In the new row, enter the following required fields: Enter the same Description as was entered on the Asset Information tab Select the *System Source used to add the Asset, select “AM Online Entry Panel.” Enter the asset *Quantity being added. Enter the asset total *Cost, not unit cost The *Currency defaults to a value of “USD”. The *Category defaults from the Profile ID when the Default Profile button is clicked. Select “To be Capitalized” from the Capitalize dropdown. Enter other information as necessary. Do not capitalize the Asset. Click the Save button.
o The following error message displays:
Click the OK buttono Repeat step 2 as many times as necessary to add all the Asset portions. When all Asset
portions are entered, proceed to step 3.
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Step 3: Combine Lines and CapitalizeWhen all the Asset portions are added, combine all rows into a single row for the Asset.
Navigation: Asset Management > Asset Transactions > Owned Assets > Basic Add > Find an Existing Value
Click on the View All link to see all lines at once.
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Manually add the Amount in each of lines to get the total amount for all the combined portions of the Asset. In this example, the total is $11,000.00.
Enter the total amount in the Amount field in the first line. Subtract all the additional lines by clicking on the icon(s), leaving the first line with the total
amount. The following message displays:
Click the OK button.
Verify the necessary information is correct. Click on the Acquisition Detail Chartfields link to verify Chartfield information.
On the Asset Acquisition Details page, verify all the information for the Asset. Click the Save button.
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o The following error message displays:
Click the OK button.
Capitalization Information
Select a Profile ID. The *Book Name defaults to “GAAP” for assets greater than $5,000. Enter a *Trans Date, defaults to the current date, update as required.
o The Trans date is the date Asset was acquired. The *Rate Type defaults to “CRRNT.” Accum Depr in Current Pd
o If checked, any accumulated depreciation for the Asset will be booked to the current period. Otherwise, accumulated depreciation will be booked to the previous period, which may need to be re-opened.
Enter an *Acctg Dateo Represents the date the transaction posts to the General Ledger. o The Accounting Date validates against the General Ledger Open Periods to determine
the Posting Period. o The difference between the Transaction Date and the Accounting Date will determine if
any prior period depreciation needs to be calculated. For example, an Asset was acquired and placed in service on March 15, 2011
but was not entered in PeopleSoft Asset Management until August 1, 2011. All General Ledger periods prior to August are closed. In this case, PeopleSoft Asset Management will automatically calculate depreciation starting in March and post it to the General Ledger in August.
Trans Code - Not utilized by the NDUS. Verify the Amount and Quantity left to capitalize amounts. Click the Capitalize button. Click the Save button.
o The Fabricated Asset is now complete.
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Federally Titled AssetsThis section describes the steps necessary in order to add an Asset, which the institutions may not have full title to because of an Asset being funded by a federal grant. Asset Management will track the Asset without booking depreciation until the institution has received title for the Asset. Once title has been received, the Asset will be capitalized at fair market value (approximated by book value) and beginning the depreciation on that new amount over the remaining useful life of that Asset.
There are three Grant scenarios listed below: Title vests with the University during the award Title vests with the University at end of award Title transfers to another award
Step 1: Add Asset using “DEFERRED” Asset Profile in ExpressAdd
Navigation: Asset Management > Asset Transactions > Owned Assets > Express Add
Follow the instructions for Express Add selecting a Profile ID of “DEFERRED” and a “Category” of DEFER
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Note the Status is Non Depr…
Step 2: Run Depreciation Calculation.
Step 3: Create Accounting Entries
Accounting Entry Template – Deferred AssetThe Accounting Entry Template is used to send the debits and credits over to the General Ledger. The net impact on the GL is zero. The Accounting entries debit and credit the same Account code. This is done for the purpose of the Asset residing in Asset Management without being depreciated until the institution has been granted title.
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Step 4: Activate the AssetThe next series of steps to follow in “activating” the Asset (simulating the transferring of title which will result in capitalizing the Asset at fair market value (approximated by book value) and beginning the depreciation on that new amount over the remaining asset useful life.
A. Change the DatesThe first step in “activating” the Asset is to change all the dates (Acquisition Date, Effective Dates) to the date that the institution has been granted title to the Asset.
Navigation: Asset Management > Asset Transactions > Owned Assets > Basic Add > Find an Existing Value Tab
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Enter a Business Unit. Enter other search criteria as desired. Click the Search button.
Change the Acquisition DateOn the General Information tab, change the Acquisition Date.
Change the Location Effective DateOn the Location/Comments/Attributes tab, change the Effective Date.
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Change the Custodian Effective DateOn the Manufacturer/License/Custodian tab, Custodian Information section, change the Effective Date.
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Click the Save button.
B: Update Useful Life
Navigation: Asset Management > Asset Transactions > Asset Book Information > Define Tax/Depr Criteria
Update the Transaction Date and Accounting Date to the date the institution has been granted title to the Asset.
Reduce the Useful Life by the number of periods (months) it took to get title for the Asset. o For example, if it took 3 months to get title and the useful life is 60, change the useful life
to 57. Click the Save button.
C. Re-categorize AssetThe third step in “activating” the Asset is to re-categorize the Asset from a non-depreciable category to a depreciable category so that depreciation will start to occur after title has been granted to the institution.
Navigation: Asset Management > Asset Transactions > Financial Transactions > Cost Adjust/Transfer Asset
Change the Category from “DEFER” to the appropriate asset category. Click the Save button.
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D: Asset Cost AdjustmentThe fourth step in “activating” the Asset is to adjust the asset cost as if depreciation would have occurred while the institution did not have title to the Asset. This manual step/calculation needs to be completed.
Navigation: Asset Management > Asset Transactions > Financial Transactions > Cost Adjust/Transfer Asset
Calculate the asset book value after title has been granted to the institution. o For example, if the Asset cost was $10,000.00 and the useful life was 60 periods
(months) and it took 3 months to get title. $10,000 / 60 = $166.66 $166.66 X 3 = $499.98
Enter the amount of depreciation that was not booked when the institution did not have title to the Asset. In this example, the amount to put into the first Cost field is –499.98. This will decrease the Cost to $9500.02, which represents the asset fair market value (approximated by book value).
Step 5: Depreciation Calculation
Step 6: Create Accounting Entries
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Monthly ProcessingThis covers the processes that should be followed every month to close Asset Management and generate the associated journals. At a high level, the necessary steps are as follows:
Ensure that all Assets have been entered into PeopleSoft including:o Transfers to Net Investment in Plant fund for Assets that are initially entered using the
chartfields that purchased the Asset.o Adjustments to existing assets
Review Open Transactions Ensure that Depreciation Calculation has been processed for all Assets. Run Depreciation Close for the period Close the Asset Accounting period Purge the Open Transactions.
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Copy Existing Asset
Navigation: Asset Management > Asset Transactions > Owned Assets > Copy Existing Asset
Enter a Business Unit. Enter other search criteria as desired. Click the Search button.
Verify the Trans Date, Acctg Date, and Acquisition Dates are correct, update as required. Enter the Num of Asset Copies to create. Select the Asset Copy Options to include in the new asset. Click the Create Assets button, an Asset row is added for the number of assets specified.
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Enter the details for the new asset:o The Asset ID defaults to “NEXT”, “NEXT1” etc. o Enter a new asset Description.o Verify the Taggable Asset checkbox is correct.
Enter the new asset Tag Number.o Enter the new asset Serial ID.
Edit the Cost and Chartfield data as necessary. Click the Save button to complete the copy.
o The Asset ID field greys out and the “NEXT” fields is the Asset ID. o Search Basic Add to verify the assets.
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Search for an AssetThe search for an asset allows users to search for an asset with minimal details.
Navigation: Asset Management > Search for an Asset
Enter a Unit. Enter other search criteria as desired.
o Click the Hint link for additional information when selecting criteria. Click the Search button. Search results display with details available from these tabs:
o Asset Information displays business unit, asset ID, description, asset type, asset subtype, tag number, serial ID, and status.
o Asset Cost Information displays business unit, asset ID, description, ChartFields, cost type, quantity, cost, and currency.
o Acquisition Detail displays business unit, asset ID, description, PO business unit, PO number, receiving business unit, receipt number, AP business unit, voucher ID, PC business unit, project ID, and activity.
o Owner/Custodian displays business unit, asset ID, description, employee ID, custodian, asset custodian department ID, and offsite status.
o Work Maintenance displays business unit, asset ID, description, use-as-tool option, schedulable option, capitalized asset option, overbooking option, work order location, work order business unit, work order shop, and VIN.
o More displays business unit, asset ID, description, profile ID, parent ID, group ID, location, lease end date, manufacturing ID, model, and replacement cost.
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Select an asset to continue, click the radio button. To display detailed information select an option from the Drill-Down To options include:
o Asset Accounting Entrieso Asset Basic Informationo Asset Cost Adjust/Transferso Asset Cost Historyo Asset Depreciationo Asset Retirements o Copy Asseto Define Tax/Depr Criteria (define tax and depreciation criteria)o Print an Asseto View Component Hierarchy
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Reports and Queries
Navigation: Reporting Tools > Query > Query Viewer For a list of Asset Management Queries, enter “NDU_AM” in the search criteria field.
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