Fixed Assets

Fixed Assets Fixed Asset Setup

Fixed Asset Entry FMS Interface

Maintaining Assets

Inventory

Depreciation

Setup

• FMS setup• Depreciation method• Control options• Asset codes (location, category, etc)

FMS Setup

• Fixed asset subledger• Control documents• Fixed asset accounts

Depreciation Methods

• Straight line– Cost – salvage value/useful life=annual depreciation

• Sum of year digits– Cost – salvage value* (number of years remaining/total of

all years digits)

• Declining balance– Double straight line rate * remaining book value

Fixed Asset Setup• Member setup• Control options

– Asset defaults (document, salvage percent, minimum asset value)

– FMS Interface

• Asset codes (location, categories, classifications,etc.)

Fixed Asset Input

Fixed Asset Fixed Asset InputInput

• Entry for each Entry for each assetasset

• Enter donated Enter donated assetsassets

Fixed Asset File

FMS InterfaceFMS Interface• Automatic from Automatic from

receiving receiving • Create suspense fileCreate suspense file

Manual Entry

• Assign Asset number• Purchasing information (Po ,vendor, invoice) • Acquisition method• Condition of asset• Depreciate asset

FMS Interface

• Receiving module triggers• Creates suspense file with assets• Edit suspense file for location, etc.• Transfer suspense file to fixed assets

Duplicating Records

• Based on fixed asset number• Control quantity to duplicate• Duplicate manual entries or inside suspense file

Transfer/retire/adjust assets

• Transfer asset to new location• Retire asset (disposition, sale price, etc)• Post retirements• Adjust asset value• Post asset adjustments

Inventory

• Take inventory manually or with bar code scanner• Inventory worksheet by location• Enter adjustments/retirements as needs• Bar code upload process• Upload exceptions report to indicate

discrepancies.

Depreciation

• Calculate depreciation – based on period• Review calculated depreciation• Post depreciation