Introduction
This section provides information and step-by-step procedures to follow when you do the following:
• Verify that the fixed asset information you have entered is correct
• Post the fixed assets to the general ledger Before You Begin
Before you begin to use the following procedures for verifying and posting the institution’s fixed assets, remember the following:
• If you want to verify a single asset entry, use the procedures in Adding or Updating Fixed Asset Information to locate the system-assigned number for the asset.
• Recording asset information in the CX Fixed Assets module is a two-step process, requiring the use of at least two menu options. First, you must add or update the fixed asset records, then you must post the transactions. If desired, you can verify the information before you post it. Until you post the information using the procedures in this section, your accounting records will not reflect the disposal.
• Most reports for the Fixed Assets module appear on the Fixed Assets: Reports menu. The exceptions are the reports that are produced automatically when you verify and post Fixed Asset transactions. Samples of the verification and posting reports appear in this section.
• You can use the field descriptions in Using the Fixed Asset Screens section of this guide when you complete the fields on the Asset screen, and the procedures in Adding Or Updating Fixed Asset Information or Disposing Of Fixed Assets to perform the preliminary information entry procedures.
The Process
This list shows the general phases that take place before, during, and after verifying and posting fixed asset information.
1. Enter or update information about the assets.
2. If desired, verify the entries that the Fixed Asset Posting program will make.
3. If applicable, review the verification reports for accuracy, and make corrections as required.
4. Post the entries.
5. If desired, produce Fixed Asset reports from the Fixed Assets: Reports menu.
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Verifying Fixed Asset Information
How to Verify Fixed Asset Information
Follow these steps to verify fixed asset information.
1. From the Fiscal Management: Fixed Assets main menu, select either of the following two menu options, then select Finish.
• Verify Asset Entries
• Verify Single Asset Entry
A parameter screen for producing a report appears. The only difference between the parameter screens for each option is that the screen for verifying a single asset contains a field for entering the asset number.
2. Enter the calculation date, the verification date and, if required, asset number that you want to use, then select Finish. The Output Parameters and Scheduling window appears.
• The calculation date determines the assets to load for processing, and the assets for capitalization or disposal. It also defines the date for computing depreciation.
• The verification date indicates the posting date that would be used if the transactions were to be posted.
3. Enter the time of day you want to produce the verification report, then select Finish. You can schedule the verification report, or produce it immediately.
Note: Enter NOW if you want the process to run immediately, and enter Y in the Background field if you want to perform other CX tasks while the process executes.
Results of the Verification Process
CX sends an electronic mail message to you to report the results of the verification process. You must review your electronic mail for error messages, and resolve the errors. After you resolve the errors, rerun the verification process to review the effect of your corrections.
When you run the verification process, you generate a report that shows what the results will be when you actually post your fixed asset transactions. CX routes the report to your home
directory.
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Following is an example of the verification report.
• The example report contains capitalization (new acquisitions) and depreciation only; no disposals occurred during the time specified on the parameter screen.
• The report is clearly labeled REPORT ONLY. This label indicates that the report is the result of verifying assets, and that no general ledger update occurred.
---Asset Capitalization: REPORT ONLY--- For Period: 3/1995
Asset # Description Salvage Value Capitalized Amount
57 Computer 200.00 1,500.00 58 Computer 200.00 1,500.00 ________________
Total Capitalized Amount: 3,000.00
---Asset Depreciation: REPORT ONLY--- For Period: 3/1995
Asset # Description Accumulated Expense Period Expense
40 Building - Wilson Hall 120,000.00 1,000.00 41 Building - Davidson Hall 136,000.00 1,000.00 42 Building - Men’s dorm 132,000.00 1,200.00 43 Building - Women’s dorm 132,000.00 1,200.00 51 Building - Admin l 100,000.00 2,000.00 52 Equipment - Dorms l 160,000.00 1,600.00 53 Equipment - Classrooms 180,000.00 1,800.00 54 Equipment - Groundskeeping 5,708.33 5,708.33
--- Total Period Expense: 15508.33
Report date: 3/28/1995
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Fixed Assets User Guide 27 Verifying/Posting
Posting Fixed Asset Information
How to Post Fixed Asset Information
The following lists the steps to follow when you post fixed asset information.
• You can run this process as often as necessary. The Fixed Asset module will not duplicate posting entries if you run the posting program multiple times.
• Use Accounting Query (ACQUERY) to review the results of posting your institution’s fixed assets.
1. From the Fixed Asset menu, select either of the following two menu options, then select Finish.
• Post Assets to G/L
• Post Single Asset to G/L
A parameter screen for posting the transactions appears.
Note: The only difference between the parameter screens is: the screen for posting a single asset contains a field for entering the asset number.
2. Enter the calculation date, the posting date and, if required, asset number that you want to use, then select Finish. The Output Parameters and Scheduling window appears.
• The calculation date determines the assets to load for processing, and the assets for capitalization or disposal. It also defines the date for computing depreciation.
• The posting date is the date used in the journal created by the posting process.
3. Enter the time of day you want to post the entries, then select Finish. You can schedule the verification report, or produce it immediately.
Note: Enter NOW if you want the process to run immediately, and enter Y in the Background field if you want to perform other CX tasks while the process executes.
Results of the Posting Process
CX sends an electronic mail message to you to report the results of the posting process. If you ran the verification process, you should receive no error messages. However, if errors occurred, you must review your electronic mail for error messages, and resolve the errors. After you resolve the errors, rerun the verification process to review the effect of your corrections, then rerun the posting.
When you run the posting process, you generate a report that shows the results of posting your fixed asset transactions. CX routes the report to your home directory.
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Following is an example of the posting report.
• The example report contains capitalization (new acquisitions) and depreciation only; no disposals occurred during the time specified on the parameter screen.
• The report is clearly labeled ENTRIES POSTED. This label indicates that the report is the result of posting, and that the general ledger reflects the entries.
---Asset Capitalization: ENTRIES POSTED--- For Period: 3/1995
Asset # Description Salvage Value Capitalized Amount
57 Computer 200.00 1,500.00 58 Computer 200.00 1,500.00 ________________
Total Capitalized Amount: 3,000.00
---Asset Depreciation: ENTRIES POSTED--- For Period: 3/1995
Asset # Description Accumulated Expense Period Expense
40 Building - Wilson Hall 120,000.00 1,000.00 41 Building - Davidson Hall 136,000.00 1,000.00 42 Building - Men’s dorm 132,000.00 1,200.00 43 Building - Women’s dorm 132,000.00 1,200.00 51 Building - Admin l 100,000.00 2,000.00 52 Equipment - Dorms l 160,000.00 1,600.00 53 Equipment - Classrooms 180,000.00 1,800.00 54 Equipment - Groundskeeping 5,708.33 5,708.33
--- Total Period Expense: 15508.33
Report date: 3/28/1995
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Fixed Assets User Guide 29 Verifying/Posting