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Asset Management: Preparing for Fiscal Year-End

Learn about the expectations, accuracy, and timeliness required for asset management during year-end. Get updates on forms, reports, CAFR preparation, physical inventory, audit assistance, and other important updates.

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Asset Management: Preparing for Fiscal Year-End

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  1. Asset Management: Preparing for Fiscal Year-End Presented by Christa Hodgson

  2. Expectations • Accuracy • All capital assets must be in SMART • The costs should be up-to-date • All capital assets must have a fund • Capital assets must have the CAFR book • Noncap assets should only have the STATE book • Timeliness • Assets should be entered in AM either through integration or • manually via Express Add in the same period the asset was • acquired • Corrections • AM Team periodically reviews Profiles being used • Emails sent to agencies with incorrect profiles • Agency’s responsibility to correct and log Help Desk ticket

  3. Forms/PPM 13,001 • The following form will still be required at fiscal year-end: • DA-82 Certification of Inventory • Due August 31 • K.S.A 75-3729 • The following forms will no longer be utilized: • DA-83 Corrections or Additions to Capital Asset Records • DA-84 Land (for additions and deletions) • DA-86 Buildings (for additions and deletions) • DA-87 Capital Asset Reporting Form • DA-110 Disposition of Property Form • PPM 13,001 is being revised

  4. Monthly Checklist • Outstanding Interface ID’s • Reviewing Transaction Loader Tables job aid

  5. Monthly Checklist (continued) • Validation that correct Profile was used for all added assets • Corrections from AM Team’s Emails

  6. Comprehensive Annual Financial Report (CAFR) Preparation • A&R will pull balances for each Balance Sheet Category • Important to make sure only capital assets have the CAFR • Book because it generates accounting entries • No action on agency’s part as long as costs have been validated • and all assets have the correct Books • Balances should be accurate by 06/30/2011

  7. Reports to Aid in Physical Inventory • Assets by Custodian • Asset Management > Financial Reports > Assets by Custodian

  8. Reports to Aid in Physical Inventory • Assets by Custodian • Displays all active assets by their current custodian • Page breaks on each new custodian • Displays values for the following fields per Asset ID: • Location Code • Area ID • Description • Tag Number • Serial ID • VIN • In-Service Date • Manufacturer • Model • Parent ID • Parent Description

  9. Reports to Aid in Physical Inventory • Assets by Location • Asset Management > Financial Reports > Assets by Location

  10. Reports to Aid in Physical Inventory • Assets by Location • Displays all active assets by their current location • Page breaks on each new location • Displays values for the following fields per Asset ID: • Area ID • Custodian • Description • Tag Number • Serial ID • VIN • In-Service Date • Manufacturer • Model • Parent ID • Parent Description

  11. Reports to Aid in Physical Inventory • Asset Inventory List • Asset Management > Financial Reports > Asset Inventory List

  12. Reports to Aid in Physical Inventory • Asset Inventory List • Displays values for the following fields per Asset ID: • Description • Serial ID • Tag Number • Acquisition Date • In-Service Date • Asset Status • Life • Location Code • Custodian Name • Cost

  13. Reports to Aid with Audit • Asset Acquisitions by ChartField • Asset Management > Financial Reports > Asset Details > • Acquisitions Use the Fiscal Year/Period Range box— not Date Range

  14. Reports to Aid with Audit • Asset Acquisitions by ChartField • Lists out the following fields per Asset ID: • In Service Date • Begin Depreciation Date • Useful Life • Cost Balance • Year-to-date Depreciation • Life-to-date Depreciation • Net Book Value

  15. Reports to Aid with Audit • Retirement by ChartField • Asset Management > Financial Reports > Retirement > • Retirement Information

  16. Reports to Aid with Audit • Retirement by ChartField • Lists out the following fields per Asset ID: • Disposal Code • End Depreciation Date • Retirement Date • Cost Balance • Accumulated Depreciation • Proceeds • Removal Cost • Gain/Loss

  17. Report Format Template • See Help Desk Solutions Article 596

  18. Other AM Updates • Construction in Progress Assets (CIP) • Project Costing module will not be used to track CIP assets • Job Aid in progress • Agency Blast will be sent when complete • KANView Assets Query • Currently in development • All capital assets will be included • Make sure costs are up-to-date

  19. Questions?

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