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IRISFA101: INTRODUCTIONTOIRISFIXEDASSETS VER1.0
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IRISFA101:INTRODUCTIONTOIRISFIXEDASSETS
INSTRUCTOR:INGRIDPOWELL
IRISFA101: INTRODUCTIONTOIRISFIXEDASSETS VER1.0
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TABLEOFCONTENTSCOURSEOUTLINE.........................................................................................................................................2
1 ASSETS.................................................................................................................................................3
2 ASSETTYPES.........................................................................................................................................3
2.1CAPITALIZEDASSETS........................................................................................................................3
2.2 ATTRACTIVEASSETS.........................................................................................................................3
2.3 CIP(CONSTRUCTIONINPROCESS)...................................................................................................3
3 PROCESSESOFADDINGASSETS...........................................................................................................4
3.1 QUICKADDITIONS............................................................................................................................4
3.2 DETAILADDITIONS..........................................................................................................................6
3.3 MASSADDITIONS..........................................................................................................................10
3.3.1 CREATINGANATTRACTIVEASSET......................................................................................11
3.3.2 CREATINGAFIXEDASSET...................................................................................................13
3.3.3 CREATINGACONSTRUCTIONINPROCESS(CIP)ASSET......................................................14
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COURSEOUTLINECourseObjec,ve:
• Tounderstandthe3differentassettypesandthe3processesofaddingassetstothesystem
• Iden%fyingthecorrectassetclearingaccounttobeusedforthedifferentassettypes
Audience:
• FixedAssetsUsers
Prerequisites
• BeaGovernmentEmployee• IRIS101IRISNaviga,onCourse• IRISPO101PurchasingBeginners• IRISPO505PurchasingIntermediate• IRISAP101AccountsPayableBeginners• IRISAP505AccountsPayableIntermediate
CourseOutline:
• Enter3typesofAssetso A"rac&veo FixedAsseto Construc)oninProgress(CIP)
• Addassets3processeso QuickAddi)ons,o Addi$onso MassAddi(ons
Mul$pleChoiceMiniTest
• Thiswillbeanopportunityforthea3endeetoevaluatetheskillslearnedinthiscourseandassessiftheirobjec0veshavebeenmet.
NextRecommendedCourse:
• FA505FixedAssetsIntermediateisthenextcourserecommended
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1 ASSETSAnassetcanbedefinedasanitemofeconomicvaluethatisexpectedtoyieldabenefittotheowningen(tyinthefutureperiods.Ifnexpenditureisinsteadconsumedwiththecurrentperiod,itwillbeclassifiedasanexpense.
2 ASSETTYPESThereare3validassettypescurrentlybeingusedbyCIG.Belowarethecharacteris9cs:
2.1CAPITALIZEDASSETSi. Itemsthathasavalue$1000ormore(e.g.Land,Building,Vehicles)ii. Usuallyincludedonthebalancesheetiii. Assetsthatusuallydepreciateswithexcep*onofLandiv. Automa'callytrackedintheFixedAssetRegisterwhenchargedto17020GL
clearingaccountv. AssignedtoFAMajorcategories01to20andminorcategoriesrela6ngto
themajorcategories
2.2 ATTRACTIVEASSETSi. Anexpenseitemhasvalueoflessthan$1000(e.g.Monitors,Mobilephones
orotherhandhelddevices)ii. ItemsthatdoNOTdepreciate,theen-recostischargedinasingleperiodto
anexpenseaccount.iii. ChargedtoGLExpenseaccount51086iv. MustbemanuallyselectedinAPtobetrackedasanAssetv. AssignedtoFAcategories99andminorcategoriesrela2ngtothemajor
category
2.3 CIP(CONSTRUCTIONINPROCESS)i. Unfinishedassetbeingbuilt,notyetinuseandnotyetdeprecia6ngii. Anassetthatdoesnotdepreciateun#litisCapitalizediii. Automa'callytrackedinFixedAssetRegisterwhenChargedtotheGLaccount
17021clearingaccountiv. Codedtoanassetcostaccountanddepreca.onaccountwhencapitalizedand
PlacedinServicev. AssignedtoFAMajorcategories01-20andminorcategoriesrela/ngtothemajor
categoriesbeingusedtoconstructtheprojectvi. AssignedtoaProjectNumber(AssetKey)atall9mes
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3 PROCESSESOFADDINGASSETSThereare3processestoenterassetsandeachprocesswillbedescribedbelow:
3.1 QUICKADDITIONSAssetsaddedthroughtheQuickaddi1onswindowshouldonlybeenteredmanuallywhenassetshavenotbeenaddedthroughMassAddi2onsprocess.Youcanenterminimalinforma(onintheQuickAddi$onswindow,andtheremainingassetinforma&ondefaultsfromtheassetcategory,book,andthedateplacedinservice.
Step1. Navigator-FixedAssetManager!Assets!AssetWorkbench
Step2. ChooseQuickAddi.ons
Step3. ChangeAssettypetoCIP,CapitalizedorExpensed
Step4. EnterDescrip,on(prefixedwithcostcenter)
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Step5. EnterAssetCategory
Step6. EnterAssetKey(shouldbe000000unlessitsCIP)
Step7. Unitswilldefaultto1canbechangedifneedbe.
Step8. SelectCIGasyourBook
Step9. EnterCost
Step10. Op#onally,updateDateinService
Step11. Op#onally,AssignAssettoanEmployee(orleaveblank)
Step12. Enterexpenseaccount(expenseaccountwilldefaultbasedonassetcategory)
Step13. EnterLoca+onandPost(postcanbeNone)
Step14. ChooseDone
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Step15. Onceyourworkhasbeenhasbeensavedanotewillbeappearsta.ngyourassetnumber
Step16. ChooseOK
3.2 DETAILADDITIONSUsetheDetailAddi-onsprocesstomanuallyaddcomplexassetswhichtheQuickAddi-onsprocessdoesnothandle:
• Assetsthathaveasalvagevalue• Assetswithmorethanoneassignment• Assetswiththanonesourceline• Assettowhichthecategorydefaultdeprecia0onrulesdonotapply• Subcomponentassets• Leasedassetsandleaseholdimprovements
BelowarestepstoaddassetsusingtheDetailAddi4onsprocess:
Step1. Navigator-FixedAssetManager!Assets!AssetWorkbench
Step2. ChooseAddi*ons
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Step3. EnterAssetDescrip-on
Step4. ChangeAssettype(IfnotCapitalized)
Step5. EnterAssetCategory(listofvaluesavailable)
Step6. EnterAssetKey(should00000unlessitsproject)
Step7. EnternumberofUnits
Step8. Ifyouareaddingasubcomponentasset,entertheParentAssetnumber.
Step9. Choosewhethertoincludetheassetinphysicalinventorycomparisons.Bydefault,theInPhysicalInventorycheckboxissetaccordingtotheassetcategoryyouspecified,butyoucanoverridethatvaluehere.
Step10. Enteraddi*onalinforma*onsuchaswhethertheassetisownedandNewor
Used
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Step11. ChooseCon(nue
Step12. Op#onally,ChooseSourcelinestoenterpurchasinginforma#onsuchasSupplierNameandPurchaseOrdernumberrela1ngfortheasset
Step13. Assignassettocorporatedeprecia/onBookCIG
Step14. EnterCurrentCost
Step15. Op#onal–EnterSalvageValue
Step16. UpdateAssetsDateinService
Step17. Indicatewhetheryouwanttodepreciatetheasset
Step18. ChooseCon(nuetoenterAssignmentDetailsforyourasset
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Step19. Enterexpenseaccountdetails(Expenseaccountdefaultsfromassetcategory
selected)
Step20. Enterloca+onnameandpost
Step21. ChooseDone
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Step22. Onceworkhasbeensavedthesystemautoma4callygeneratesanassetnumber
asshownbelow.
Step23. ChooseOK
3.3 MASSADDITIONSThemassaddi*onsprocessletsyouaddnewassetsorcostadjustmentfromothersystemstoyoursystemautoma+callywithoutreenteringthedata.Forexample,youcanaddnewassetsfromInvoiceLinesbroughtfromOraclePayablestoOracleAssets.TheCreateMassAddi.onsforOracleAssetssendsvalidinvoicelinedistribu3onsandassociateddiscountsfrompayablestoaninterfacetableinOracleAssets.ThenyoureviewthemintheAssetModuletodeterminewhethertocreateassetsfromthelines.
Belowarethestepsofcrea/ngthedifferenttypesofassetsusingthemassaddi/onprocess:
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CREATINGANATTRACTIVEASSET3.3.1Step1. ChoosePOBuyerUsertype/Responsibility
Step2. Createpurchaseorderforana0rac1veasset
Note:EnsureAssetDescrip/onisprefixedwithcostcenterasshowninthebelowscreenshot
Step3. ChooseShipments
Step4. ChooseDistribu-ons
Step5. EnterexpenseaccountandCategory
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Step6. Savework
Step7. ApprovePurchaseOrder
Step8. SwitchResponsibili0estoyourCIGPOReceiver
Step9. Receiptitemsonpurchaseorder
Step10. EnterAPInvoiceBatchdetails
Step11. MatchPOReceipttoInvoice
Step12. Chooselinestabandscrollacrossclickin“TrackasAsset”checkbox
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Step13. ChooseSave
Step14. ValidateInvoiceBatch
Note:CreateAccoun,ngandCreateMassAddi$onsprocessesmustbecompletedforassetsdetailstobetransferredtoMassaddi/onstables.
CREATINGAFIXEDASSET3.3.2Step1. ChoosePOBuyerUsertype/Responsibility
Step2. CreatePO.EnsureDescrip2onisprefixedwithdepartmentcostcenter
Step3. ChooseDistribu$ons
Step4. Enteraccountcodecombina/onusing17020whichisMassaddi/onsclearing
Step5. ApproveandPrintPO
Step6. ReceiptPurchaseorderusingyourPOReceiverUsertype/responsibility
Step7. CreateinvoicebatchusingyouAPManagerUsertype/responsibility
Step8. MatchPOReceipttoInvoice.
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Note:BymatchingthereceipttotheInvoicetheTrackasAssetwillautoma*callybeselected.IfyourInvoiceisNon-PORelated,theTrackasAssetop4onmustbemanuallyselectedintheinvoicedistribu.onswindow.
Step9. ValidateInvoicebatchforpayment
CREATINGACONSTRUCTIONINPROCESS(CIP)ASSET3.3.3AConstruc+on-In-Process(CIP)assetisanassetyouconstructoveraperiodof6me.YoucreateandmaintainyourCIPassetsasyouspendmoneyonrawmaterialsandlabortoconstructthem.WhenyoufinishbuildingtheCIPasset,youcanplaceitinserviceandbegindeprecia(ngit.YoucantrackCIPassetsinOracleAssetsbyusingAssetKeyfieldwhichisusedtotrackCIPassetsiden0fyinginforma0on,suchasprojectnameandprojectnumberthatyoudefineforeachCIPasset.
Note:BeforePreparingMassAddi1ons,manuallycreateaCIPParentasset(shell)toaddanacquiredassetthat’sneededtoconstructtheCIPasset.
Crea%ngaCIPParentAsset
Step1. ChooseFAManagerUserType/Responsibility
Step2. Navigator–AssetWorkbench
Step3. QuickAddi)ons
Step4. EnterAssettypeCIP
Step5. EnterAssetDescrip(on
Step6. EnterAssetCategory
Step7. EnterAssetkey(mustbeprojectcodeasit’saCIP)
Step8. EnterAssignmentdetailssuchasEmployeename(ifnecessary)andExpensedAccountandprojectcode.
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Step9. Enterloca+on
Step10. ChooseDone
Step11. Anotewillappearwillappearindica&ngthesystemgeneratedassetnumber
Step12. ChooseOK
Note:Whencrea)ngaPOforaCIPassetensureyouselecttheCIPClearingAccount#17021andtherespec)veProjectCodewhenenteringtheChargeAccountcodecombina)onintheShipmentswindow.
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Step1. ChoosePOBuyerUsertype/ResponsibilityStep2. CreatePurchaseOrder;ensurethedescrip2onforrawmaterialspurchasedto
createtheCIPAssetareprefixedwithyourcostcenter.
Step3. ChooseShipments
Step4. ChooseDistribu-ons
Step5. EnterChargeaccountcodecombina(onusingCIPMassaddi(onsclearing
account17021.AProjectcodemustbeassigned.(e.g.TSY00001-Treasury)
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Step6. ChooseOK
Step7. ApproveandPrintPurchaseOrder
Step8. ChoosePOReceiverUsertype/Responsibilitytoreceiptgoods
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Step9. ChooseAPManagertoCreateInvoicebatch
Step10. EnterInvoiceDetails
Step11. MatchPOtoReceipt
Step12. Ac#onsandValidate
Note:BymatchingtheReceipttotheInvoice,theAPaccrualaccount20160willdefaultinthedistribu(onswindow,andtheTrack-As-Assetcheckboxwillautoma*callybeselectedcausingtheCIPlinestobetransferredtotheMassAddi4onsTablea6ertheCreateAccoun4ng(AP/GLTransfer)andMassAddi.onsCreateprocessesarecomplete.
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Note:TheCIPassetdescrip0onenteredatthePOlevelwillautoma,callydefaultintheAPDescrip(onflexfieldintheDistribu/onswindow,whenthePOReceipthasbeenmatchedtotheInvoice,asshownabove.
ForanyNon-POrelatedInvoicescreated,entertheCIPcostclearingaccount17021andprojectcodemanuallyintheintheAPdistribu4onswindowsasshownbelow.OnceagaintheTrackasAgainwillautoma-callybeselectedwhichcausetheCIPlinestobetransferredtoFAMassaddi$onstableonceAPtransfertoGLandMassaddi$onCreateprocesseshavecompletedsuccessfully.
Step1. EnterAPinvoicedetailssuchassupplier,site,andamountforCIPasset
Step2. EnsureDescrip,onisprefixedwithCostCenter
Step3. EntercorrectFixedAssetclearingaccountandprojectcode
Step4. ChooseOK
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Step5. ApproveInvoiceBatch
Step6. CreateAPpaymentforsupplier
Note:MassAddi)onsCreateprocessisscheduledtorunonceeveryday