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GAAP Schedules and EISEMS

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  1. EIS GAAP Schedules and EISEMS

  2. GAAP Schedules The Governmental Accounting Standards Board (GASB) requires school districts, for financial reporting purposes, to create an annual balance sheet based on Generally Accepted Accounting Principles (GAAP). Capital Assets are to be included on the balance sheet. The GAAP Schedules in EIS provide the information needed for GAAP reporting. They include capitalized assets only. They are: • EIS101 – Schedule of Fixed Assets by Source • EIS102 – Schedule of Fixed Assets by Function and Class • EIS103 – Schedule of Changes in Fixed Assets • EIS104 – Schedule of Changes in Depreciation

  3. EIS101 Summary of the original cost of capitalized items by their “source”. Source means “the fund the items were originally charged to when purchased”. It uses the PO information from the acquisition record (ACQTRN) to identify the source fund used in purchasing the items. Each fund type is printed on a separate page and an additional page is printed for “unknown fund” types Made up of items without an acquisition record, blank account code on acquisition or original cost < total amount of all acquisitions. Item record is missing fund code or fund code does not have a valid fund type specified in EISMNT/FNDSCN

  4. EIS102 Displays the original cost and/or book value of capitalized assets by their function and/or class. Can be generated by detailed function and class, and/or summary function and class, or detailed class only. NOTE: If the function and/or asset class for an item is blank in ITMSCN, the amount for that item will appear on the EIS102 on a line titled "Unclassified". Book Value is original cost minus total depreciation.

  5. EIS103 • Contains “changes” in capital asset balances during the current fiscal year • The information may be reported by fund, function or asset class • Specific entities can be included or excluded (i.e. NOGAAP) • This program is mainly run at the end of the fiscal year before closing out. • The GAAP flag in EISMNT/DATSCN must be set to "Y" before the EIS103 will produce any meaningful results.

  6. EIS103 • The EIS103 creates three reports: • EIS103S generates summary schedule of changes in fixed assets. • EIS103D is a detailed schedule of changes; includes tag numbers that may have incurred acquisitions, dispositions, transfers, or adjustments. • EIS103E is an error report. • The reports will page break on each fund type: fiduciary, governmental, proprietary, and unclassified (items that have an undefined function, fund, or asset class code will be placed on a line titled "unclassified".) • The report excludes: • items which do not meet the capitalization criteria • items which have a status of "disposed of", "inactive", or "old tag number" • items coded as operating leases

  7. EIS103 Summary Report Beginning Balance is the total original cost amount at the beginning of the fiscal year. Should equal the ending balance from the prior fiscal year.

  8. EIS103 Summary Report Acquisitions consists of any capitalized items that have been added during the current fiscal year.

  9. EIS103 Summary Report Disposition amounts consist of items that were disposed of during the current fiscal year.

  10. EIS103 Summary Report Total amount of Transfers into this fund.

  11. EIS103 Summary Report Total Amount of transfers out of this fund.

  12. EIS103 Summary Report Includes amounts for any transactions which have the error adjustment flag set to “Y”. Also includes amounts for items that may have been capitalized at the beginning of the year but are no longer or vice versa (i.e. EISCAP to change cap threshold)

  13. EIS103 Summary Report + = + - + - Ending Balance is comprised of the: Beg Bal + Acq. – Disp. + Trans In – Trans. Out +/- Adjustments.

  14. EIS GAAP Reports • Totals by Fund Type on the EIS101, EIS102, and EIS103 should match when balancing out for the fiscal year-end. • Any errors reported on the EIS103E report should be resolved prior to closing the fiscal year. Assistance from your ITC is usually required. It usually requires being able to look at the hidden GAAP fields to figure out what has caused the error(s).

  15. EIS104 Report • Contains changes in depreciation of fixed assets during the fiscal year • The information may be reported by fund, function or asset class • This program is mainly run at the end of the fiscal year before closing out • May be used as a depreciation balancing tool with the EIS305.

  16. EIS104 Report • The EIS104 creates two reports as listed below: • EIS104S generates a summary schedule of changes in depreciation • EIS104D is a detailed schedule of changes. This report includes tag numbers that may have incurred acquisitions, dispositions, transfers or adjustments • Reports will page break on each fund type: fiduciary, governmental, proprietary and unclassified (items that have an undefined function, fund, or asset class code will be placed on a line titled "unclassified". • The report excludes: • items which do not meet the capitalization criteria • items which have a status of "inactive“ or "old tag number"

  17. EIS104 Report Beginning Balance: Life-to-Date depreciation as of June 30 of the prior fiscal year for all items that were capitalized at the beginning of the current fiscal year.

  18. EIS104 Report Continuing Items: Fiscal-to-Date depreciation for all items that were capitalized at the beginning of the current year.

  19. EIS104 Report Acquisitions: Fiscal-to-Date depreciation for any capitalized items added during the current fiscal year.

  20. EIS104 Report Dispositions: Total depreciation (Life to date + Fiscal to date) for any capitalized items disposed of during the current fiscal year

  21. EIS104 Report Transfers In/Out: Life-to-Date depreciation for any capitalized items transferred during the current fiscal year.

  22. EIS104 Report Adjustments: Total Depreciation (LTD + FTD) for any items that had a transaction posted with the error adjustment flag set to “Y”. Or, items that may have changed capitalization during the year.

  23. EIS104 Report - + + + + - - =

  24. Depreciation Balancing • Depreciation totals on the EIS104 should balance with totals on the EIS305 run for capitalized assets. • Beginning depreciation column on 104 should compare to the LTD depreciation column on the 305 • When running EIS305, select Active Items + Items disposed of during current FY (enter * for Item Status Codes) and accept default disposition dates • Disposed of items need to be taken • Ending depreciation column on 104 should compare to the Total depreciation column on the 305 • Run another EIS305, selecting Active Items (enter A, N, EH,EN for Item Status Codes)

  25. EIS Fiscal Year-end Closing • Finish all current year processing. Items received prior to June 30th (2009) should be added to EIS for FY2009, Any items received after June 30th can be added to the EIS pending file for FY2010. • NOTE: If the depreciation data has been changed so that it is necessary to completely recalculate the life-to-date (LTD) depreciation from the beginning for a number of items, you may need to run the program EISDEPR. However, if you have been tracking depreciation on some of these tags for some time, then this program might cause problems.

  26. EIS Fiscal Year-end Closing • Districts with a Life Limit specified for the capitalization criteria may choose to run an EIS304 Brief Asset Listing to verify all items meeting the dollar capitalization criteria also have a valid Life Limit and are on file as capitalized assets. • To check this, select only non-capitalized items that have an original cost greater than capitalization threshold. (Remember, items not meeting both of the capitalization criteria should not be capitalized). If a report is generated, these are items not currently capitalized that should be. Please review. Enter capitalization option: (C,N,B,?) <B> _ N ….. Do you wish to select items by original cost? (Y,N,?) <N> _ Y Enter original cost: < .00> ________.__ 1000 (= current dollar limit)

  27. EIS Fiscal Year-end Reports • Run the recommended list of reports. These include: GAAP schedules • EIS101: Schedule of Fixed Assets by Source: Output file: EIS101.TXT • EIS102: Schedule of Fixed Assets by Function and Class • Output files: EIS102S.TXT & EIS102D.TXT • EIS103: Schedule of Changes in Fixed Assets • For FYE, it is recommend to generate the report 3 different ways (AC, FC & FD). • The GAAP flag must be set to “Y” to be able to generate this report. • Output file: EIS103S.TXT, EIS103D.TXT and possible EIS103E.TXT • EIS104: Schedule of Changes in Depreciation in Fixed Assets • For FYE, it is recommended to generate the report 3 different ways (AC, FC & FD) • The GAAP flag must be set to “Y” in order to generate a valid report. • Output files: EIS104S.TXT and EIS104D.TXT

  28. EIS Fiscal Year-end Reports Non-GAAP Reports • EIS303: Inventory Master Listing Output file: EIS303.TXT • VERY LARGE report – it can produce a complete listing of all items or of specified subsets; don’t recommend printing out a hard copy of the report • EIS304: Brief Asset Listing Output file: EIS304.TXT • Following are recommended…they include capitalized items only and Status Codes of “A, N, EH, and EN” (with the exception of the disposition report). • Brief Asset Listing by fund - Acquisitions for current fiscal year • Brief Asset Listing by function - Dispositions for current fiscal year • Brief Asset Listing by asset class

  29. EIS Fiscal Year-end Reports • EIS305: Book Value (Deprecation) Report Output file: EIS305.TXT • date 06/xxxx (where xxxx is FY being closed) is used for the reporting date. The following EIS305 reports are recommended…they include capitalized items only and Status Codes of “A, N, EH, and EN” (with the exception of the disposition report). • Book Value Report by function • Book Value Report by class • Depreciation for current FY dispositions by function • Depreciation for current FY dispositions by class • EIS401: Insurance Value Report: Output EIS401.TXT • EIS801: Audit Report: Output file is EIS801.TXT • For FYE, select the “official” option and keep on file for auditors to use as official EIS audit trail.

  30. EIS Fiscal Year-end Closing • After checking EIS103/EIS104, run the EISEMS program (if on GAAP) • EISEMS.SEQ file needs submitted via EMIS (period H) • Make a copy of the EIS files and other appropriate files. • Run EISCLS • Creates EISCLS.TXT which includes ending balances by Fund, Function and Asset Class. (These are the beginning balances for the next year) • Creates an EISDEP.TXT which is a summary report of the current year’s depreciation posted by fund. • Advances EIS last FY closed flag in EISMNT/DATSCN by one year • Adds one year’s worth of depreciation to LTD depreciation field • Updates beginning balance fields for new FY • Once EISCLS is complete, you may start entering inventory for the new fiscal year.

  31. Capital Assets EMIS Requirement • New requirement for Period H Financial Reporting Period (ends 9/25) • Includes Total Original Costs by Asset Class and Total Depreciation by Asset Class • EMIS Required Fields include: • Capital Assets Code (QC971); codes defined on next slide • Specifies which row of statement • One record reported for each code (row) with non-zero amounts • Old Balance (QC972): Starting balance, June 30th of prior year • Additions (QC973): Amounts added during current fiscal year • Deductions (QC974): Amounts subtracted during current FY

  32. Capital Asset Codes From Chapter 4 of the FY09 EMIS Guide • NDC Capital Assets not being depreciated, Construction in Progress • NDL Capital Assets not being depreciated, Land • DBI Depreciable Capital Assets, Buildings and Building Improvements • DBK Depreciable Capital Assets, Books • DFE Depreciable Capital Assets, Furniture, Fixtures and Equipment • DINDepreciable Capital Assets, Infrastructure • DLI Depreciable Capital Assets, Land Improvements • DVE Depreciable Capital Assets, Vehicles Nxx = Non depreciable types Dxx = Depreciable types

  33. Capital Asset Codes cont… • LBI Accumulated Depreciation, Buildings and Building Improvements • LBK Accumulated Depreciation, Books • LFE Accumulated Depreciation, Furniture, Fixtures and Equipment • LIN Accumulated Depreciation, Infrastructure • LLI Accumulated Depreciation, Land Improvements • LVE Accumulated Depreciation, Vehicles Lxx = Accumulated Depreciation

  34. First two sections are amounts from EIS103; they are divided between Nondepreciable Capital Assets, and Depreciable Capital Assets 1 2 3rd section amounts are from EIS104 3 4=2+3 1 + 4

  35. EISEMS Program • EISEMS • Prompts for Entity ID’s to include or exclude • Runs EIS103 for Original Cost amounts • Runs EIS104 for Depreciation amounts • Compiles results into EISEMS.SEQ file • Load into EMIS in normal manner • Generates summary report • Example on previous slide

  36. EISEMS - EMIS Capital Assets Extraction/Report This program will generate a sequential file needed for submission to EMIS. Note: The GAAP flag in EISMNT/DATSCN must be Y for this to run. Continue? (Y/N <Y>): Projection or Actual (P/A <P>)? A You may now choose to include or exclude specific entity ID codes. Do you want to INCLUDE specific entities? (Y/N <N>) N Do you want to EXCLUDE specific entities? (Y/N <N>) Y Enter entity id to EXCLUDE: NOGAAP Enter entity id to EXCLUDE: Running EIS103 for Original Cost Amounts ... Running EIS104 for Depreciation Amounts ... Processing Completed. Output file is EISEMS.SEQ Summary Report is EISEMS.TXT

  37. EISEMS Functionality • Governmental assets only • Fund type = “G” • From EISMNT/FNDSCN for “current fund” • Excluded/Error reports if no or invalid Asset Class • For Asset Class 01xx • Uses “Depreciation Method” in ITMSCN to determine Code to be used (Depreciable=NDL or non-depreciable=DLI)

  38. Items to check before running EISEMS • “Land” items have Deprec. Method = “N” • Fund types all entered and accurate • EISMNT/FNDSCN • Capitalized items all have accurate “Class” • EISSCN/ITMSCN screen 1 • Check with EISRPT/EIS304 • Recommend sorting by AC,IC

  39. Not using EIS? • You must manually enter your capital asset information via EMISWEB. • All amounts should be entered as positive numbers.