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Capital Asset Management. May 14, 2008 Today’s Presenters: Anna Jensen, Director of Auxiliary Accounting, Capital Asset Management, Accounts Receivable, and Student Loan Administration Indiana University Shelley Pierce, Senior Accountant San Joaquin Delta College. Presentation Outline.
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Capital Asset Management May 14, 2008 • Today’s Presenters: • Anna Jensen, Director of Auxiliary Accounting, Capital Asset Management, Accounts Receivable, and Student Loan Administration Indiana University • Shelley Pierce, Senior Accountant San Joaquin Delta College
Presentation Outline • Introduction • Current Functionality • Kuali Screens
System Benefits • Automation of journal entries • Standard reporting and reconciliation tools • Multiple user access • Ability to handle specialized government reporting requirements • Inventory tracking and reporting • System Integration consistent with Kuali FIS system. • Automated process for creation of capital assets • Automation of manual processes, data entry • Ability to accept batch feeds from other systems • Web Access by Department Note: Based on analysis of processes of participating institutions
CAB/CAMS • The capital asset builder or “CAB” is used to create assets for the capital asset system using information from the gl and purchasing system. • Capital Asset Management System also referred to as “CAMS” tracks information using a series of documents for capital moveable, non-moveable and non-capital items.
Asset Creation How the assets are created at IU Capital Asset Builder (CAB) • Equipment • Fabrications assets are created by the fabrication document. Invoices modify the existing asset. • Capital Lease assets are created on a Financial Document • Art and Museum Add Asset Document & Add Payment Document • Buildings & Building Improvements • Infrastructure • Land • Leasehold Improvements • Library books Add Asset Document • Non-capital assets are created by departments • Capital Equipment Gifts
Additions Processed in CAB • Moveable additions are processed in the Capital Asset Builder. • Process: • Requisition issued in the Electronic Processing and Invoicing Center (EPIC). Capital object code is assigned. • Purchase Order is approved • Payment Request is issued and approved • Payment hits the General Ledger • Batch process loads data into CAB
Capital Asset Builder (CAB) Additions are Created by the University Capital Asset Office Invoice Line Items • Moveable Equipment purchased on PO • Art and Museum Items • Fabrications
PREQ is extracted to general ledger FIS Financial Document with Capital Object Code General Ledger Data Flow for Capital Asset Builder • Data Flow
CAB Invoice Line Item Screen Purchasing Invoices (PREQ) CAB GL Transaction Screen Pre-asset tagging CAB • Process Flow
Process PREQ, Line item is ready to create asset Pre-Asset Tagging table is checked to see if data exists CAB Create View Asset Screen Asset is saved to CAMS Database CAB • Process Flow
New Version Invoice Line Item Processing Trade-ins • Trade-ins are allocated in CAB by pressing the “allocate” button. • The allocate routine will first allocate any additional charges (freight); then allocate the trade-in allowance.
CAMS • Capital Asset Management System also referred to as “CAMS” tracks information using a series of documents for capital moveable, non-moveable and non-capital items.
Physical Inventory • Intermec Antares Trakkers scan equipment. • Filecopy utility is used to extract file and copy to PC. • File Uploaded to FIS • Bar-code Error Document • Inventory Reconciliation Report
Depreciation • Depreciation expense is calculated from a stored procedure that updates the asset database on a monthly basis. The Straight Line method is the basis for the calculation, along with a method for Salvage Value. Federally owned payments are excluded from the depreciation calculation. In addition, no Deprecation will be taken on Art and Museum Objects, Land, or Leasehold Equities. Each asset is depreciated from the asset create date, and the assets useful life assigned to the asset type code. • Kuali will provide a more universal process for depreciation. Institutions will now have the flexibility to utilize a full year or half year depreciation convention. Two new dates have been added to the capital asset management system. In-service date, and depreciation date. The new depreciation date will be used to calculate depreciation.
Capital Asset Management Capital Asset Management is currently under development in Kuali. The screens displayed in this presentation may not be the final version of the document.
Security for Asset Maintenance • For departmental users update access is granted on the KFS user document. Default access is granted using the chart and organization in the “user” section. • The Capital Asset Management User Properties tab can grant update access by chart, or at the highest level for central administration.
KFS Main Menu • Asset- lookup criteria is based on asset information. • Asset Payment - lookup criteria is based on payment information.
Create New /Global (Actions) • Create New • create new fabrication request • Global • create new retirement global • create new location global • create new add asset global
Fabrication continued Information tab The “location tab” and the “organization tag” are also displayed on the fabrication document.
Global Retirement • First select retirement reason from lookup table. • Once the retirement reason is selected the system will determine if additional information is required. Examples: a) gift, external transfer, sold, theft.
Asset Lookup Criteria • Several fields are available as search criteria to retrieve assets from the database.
Actions • Edit • Loan • Merge (this was added to retirement) • Payment • Separate • Transfer
Asset Maintenance Continued Land Information Tab Several key requirements identified by the subcommittee were already implemented in Kuali. Three new fields have been added to track non-moveable land assets.
