Asset Management Core Users - Training Day 2
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Asset Management Core Users - Training Day 2

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Asset Management Core Users - Training Day 2 Asset Management Core Users - Training Day 2 Presentation Transcript

  • Asset Management Training: Core Users Day 2
  • Agenda: Day 2 Questions from Day 1 Review Day 1 Activities Monthly Tasks Daily Tasks Capital Projects Scenario Break Lunch Break Weekly Tasks GL Allocations Wrap-up & Course Evaluation Depreciation Discuss Department User Responsibilities
  • Asset details get into the Asset Management (AM) module once the asset has been received and asset cost information does once the voucher has been paid. PO Created Item & Invoice Received Voucher Paid Asset Management Module Asset Details Migrated to AM module Asset Cost Migrated to AM module Some capital assets, such as Gifts-in-Kind, have to be manually added by Asset Management Analysts. Pre-Asset Management Tables Weekly job runs to move asset information to AM Module. Depreciation Calculation Interface Tables
  • If you are running additional reports, it is important that you know when and how often batch jobs run. This will tell you the frequency of information update.
    • Remember that asset information is not immediately migrated to the Asset Management module.
    • A weekly job moves information from the pre-AM tables to the AM module.
    • Depreciation Calculation begins once the data is in the AM module.
    • AM reports will show weekly depreciation and net book value, however depreciation only hits the GL once a month.
    • Depreciation is recorded only by fund and account in the GL and is not charged to departments.
  • Agenda: Day 2 Questions from Day 1 Review Day 1 Activities Monthly Tasks Daily Tasks Capital Projects Scenario Break Lunch Break Weekly Tasks GL Allocations Wrap-up & Course Evaluation Depreciation Discuss Department User Responsibilities
    • Calculate Depreciation
      • PeopleSoft calculates depreciation based on the data populated in specific fields for each capitalized asset. These fields are:
        • Depreciation Method
        • Convention
        • Depreciable Basis
        • Useful Life
        • In-Service Date
      • Depreciation calculations are recorded in entities called Books within AM.
      • U of C will use one Book for depreciation expense, called CORP.
      • The Corporate book will be the source of depreciation expense in the General Ledger.
  • Policy & Procedure Changes
      • The useful life of equipment assets and capital betterments is being changed by U o f C for fiscal 2005. These changes are being incorporated into AM profiles.
      • U of C will commence/cease depreciation in the month following asset purchase/disposal. For disposal, the following month convention is applied by the system to process depreciation up to and including the month of disposal.
      • Depreciation will always be recorded as of the last day of the month.
      • Assets with a profile of new building construction, building renovations, site improvements, leasehold improvements, and utilities will be assigned to a non-depreciable category temporarily. Campus Infrastructure will be required to advise AM staff of project completion. AM staff will then reassign the asset to a depreciable category through AM’s recategorization process.
  • Agenda: Day 2 Questions from Day 1 Review Day 1 Activities Monthly Tasks Daily Tasks Capital Projects Scenario Break Lunch Break Weekly Tasks GL Allocations Wrap-up & Course Evaluation Depreciation Discuss Department User Responsibilities
  • Daily, Weekly, & Monthly Tasks Refer to UPK and to AM Queries & Analysis Document that is being developed for you (latter document will be ready week of Aug. 2).
  • Agenda: Day 2 Questions from Day 1 Review Day 1 Activities Monthly Tasks Daily Tasks Capital Projects Scenario Break Lunch Break Weekly Tasks GL Allocations Wrap-up & Course Evaluation Depreciation Discuss Department User Responsibilities
  • Although you have already learned how to perform steps relevant to Capital Projects in PeopleSoft, there are several points to keep in mind.
    • Consolidation of Assets will be a large part of Campus Infrastructure (CI) projects. The CI group has been provided with instructions to enter the Asset ID at receipt of goods/services. This will cause new costs to be consolidated to an existing asset ID and will eliminate some of the consolidation that would otherwise be required on your end.
    • Requested that CI inform you when projects are complete.
    • When you receive notification that projects are complete, follow the recategorization steps outlined in Asset Maintenance in UPK (see next slide for more details).
    Capital Projects
  • Change Category from work in progress to depreciable category (see chart below for details). For steps on recategorization, go to UPK Asset Maintenance and select the lesson highlighted below. Capital Projects BLDG NEW    B WIP then BLDG BLDG RENO    B WIP then BLDG CAP UTILTY    UTWIP then UTIL LSHD IMPRV    B WIP then BLDG SITE IMPRV    STWIP then SITE Category Profile ID
  • Agenda: Day 2 Questions from Day 1 Review Day 1 Activities Monthly Tasks Daily Tasks Capital Projects Scenario Break Lunch Break Weekly Tasks GL Allocations Wrap-up & Course Evaluation Depreciation Discuss Department User Responsibilities
  • GL Allocations Refer to UPK, Batch Schedule Job Aid, and to AM Queries & Analysis Document that is being developed for you (latter document will be ready week of Aug. 2).
  • Agenda: Day 2 Questions from Day 1 Review Day 1 Activities Monthly Tasks Daily Tasks Capital Projects Scenario Break Lunch Break Weekly Tasks GL Allocations Wrap-up & Course Evaluation Depreciation Discuss Department User Responsibilities
  • Department User Responsibilities The following slides include some of the content covered in the Department User Training. These are included for your information so you know what we have communicated to the AM Department users.
  • Department User Responsibilities
    • Enter physical information into PeopleSoft for all capital assets and desirable assets.
    • Put asset tags on items (except for Dell computers, which are received with tags on them).
    • Request asset disposal from Materials Management and inform the Asset Management (AM) Analysts of capital asset disposals.
    • Submit asset transfer requests to the AM Analysts, if applicable.
    • Inform AM Analysts if there are any financial changes associated with a capital asset.
  • Retirement Information Cost Activity Depreciation Activity Asset Transfers Asset Acquisition Asset List by Location Your UPK training shows you how to run reports in PeopleSoft Asset Management. There are other reports available (locations highlighted below). Although these reports are not necessarily required for the tasks you perform, you may find them useful. To find these reports go to Asset Management> Financial Reports >. . .