Asset Detail Information Tab

Description: Wor3ABB

The Asset Detail Information tab contains an Old section and a New section. The Old section displays the current asset information. The New section on the right may be used to update the information.

Description: pencil-small Asset condition is not displayed for users assigned to the role of KFS-CAM Processor. Also, the Organization Owner Chart of Accounts Code, Organization Owner Account Number, and In-Service Date fields are editable only for users assigned to the role of KFS-SYS Asset Manager and KFS-Sys Plan Fund Accountant.

Asset Detail Information tab definitions

Title

Description

Asset Number

Display-only. The system-assigned identifier unique to the asset.

Organization Owner Chart Of Accounts Code

Enter the chart code for the owner account that is responsible for the asset or search for the code from the Chart lookup Description: searchicon. This value is editable for users assigned to the role of KFS-SYS Asset Manager and KFS-Sys Plan Fund Accountant.

Organization Owner Account Number

Enter the account number for the owner that is responsible for the asset or search for the number from the Account lookup Description: searchicon. This value is editable for users assigned to the role of KFS-SYS Asset Manager and KFS-Sys Plan Fund Accountant.

Organization Owner Organization Code

Display-only. Identifies the organization responsible for the asset and is set by the owner account number.

Owner

Optional. Used when the title is vested in other universities or agencies. Enter the name of the owner or search for it from the Agency lookup Description: searchicon.

Acquisition Type Code

Display-only. Describes how the asset was acquired by the institution (for example, gift, found, etc.).

Asset Status Code

Required. Enter the code indicating the current status of the asset. The current asset status determines the available choices for changing the asset status. See the business rules below.

Asset Condition

Select the condition of the asset from the list (for example, 'Excellent,' 'Good,' 'Fair,' and 'Poor'). For the KFS-CAMS Processor role, this field is not displayed.

Asset Description

Required. Enter a detailed description of the asset.

Asset Type Code

Required. Enter the code used to classify types of assets grouped by categories or search for the code from the Asset Type lookup Description: searchicon.

Vendor Name

Enter the name of the company or person who sold the asset to the institution and to whom the first payment was made. Users assigned to any one of the following roles may update this field: KFS-SYS Asset Processor, KFS-CAM Manager, KFS-SYS Asset Manager, KFS-SYS Plant Fund Accountant.

Manufacturer

Enter the name of the person or company that manufactured the asset.

Model Number

Enter the number assigned by the manufacturer to that model of asset.

Serial Number

Enter the unique identification number assigned by the manufacturer to the asset.

Tag Number

Enter the unique identification number issued by the University and affixed to the asset.

Old Tag Number

Enter the identification number (if any) previously affixed to the asset.

Government Tag

Enter the number assigned by a governmental entity to the asset if purchased with federal and/or state funds.

National

Stock Number

Enter the federal identification number assigned to the asset.

Last Inventory Date

Display-only. The date of last inventory performed by the University or the date an asset was last physically verified, moved, relocated, inventoried, or tagged.

Create Date

Display-only. The date in which the asset was added to the asset database.

Fiscal Year

Display-only. The fiscal year in which the asset was added to the asset database.

Period

Display-only. The period during which the asset was added to the asset database.

Financial Object Subtype Code

Enter the designated subtype for the object code or search for it from the Object Sub-Type lookup Description: searchicon. The subtype code assigned to the asset is used in conjunction with the Asset Depreciation Convention table. The Asset Depreciation Convention table is used to determine whether the asset depreciates using a half year convention or a full year convention. Subtype codes are assigned to a full-year convention, or a half-year convention. Any subtype code not assigned sets the in-service date and deprecation date to the current year. Users assigned to one of the following roles may update this field: KFS-SYS Asset Manager, KFS-SYS Plant Fund Accountant.

In-Service Date

Enter the date the asset is placed in service and becomes eligible for depreciation. To change an asset from construction-in-progress to complete, update the asset type code and the in-service date.

Depreciation Date

Display-only. The date on which the asset depreciation begins. When the in-service date is changed, the depreciation date is automatically updated. The system uses the Asset Depreciation Convention table to set the depreciation date. The update is based on the deprecation convention code assigned to the subtype.

Total Cost

Display-only. The total amount or the final cost of the asset.

Federal Contribution

Display-only. The amount the federal government has contributed towards the acquisition of the asset.

The following business rulesapply.

Organization Owner Chart Of Accounts is editable for users assigned to the role of KFS-SYS Asset Manager, and KFS-SYS Plant Fund Accountant.

Organization Owner Account Number is editable for users assigned to the role of KFS-SYS Asset Manager, and KFS-SYS Plant Fund Accountant.

The Owner is editable for users assigned to any one of the following KIM roles: KFS-SYS Asset Processor, KFS-CAM Manager, KFS-SYS Asset Manager, or KFS-SYS Plant Fund Accountant.

Capital Asset Status:

o A - Active and Identifiable: Assets that can be tagged and are currently in use. If the Asset Status code is 'A,' the Asset Status value may be changed to 'C' (Active and Non-accessible) or 'S' (Surplus Equipment).

o C - Active and non-accessible: Assets that cannot be tagged due to the asset's physical size or nature. If the Asset Status code is 'C,' it may be changed to 'A' (Active and Identifiable) or to 'S' (Surplus Equipment).

o U - Under Construction: The Fabrication Document sets the Asset Status code to 'U.' Normally, a constructed Asset Status code is changed only when the construction has been completed and the asset placed into service. If the Asset Status code is 'U,' it cannot be changed on the Asset Edit screen.

o S - Surplus Equipment: The surplus status code is used when an organization is not actively using the equipment. If the Asset Status code is 'S,' it may be changed to 'A' (Active and Identifiable) or to 'C' (Active and Non-accessible).

o R - Retired: Capital assets that are retired. If the Asset Status code is 'R,' it cannot be changed on the Asset Edit screen. For capital equipment, the Asset Status is set to 'R' only by a retirement document.

Non-Capital Asset Status:

o N - Non-capital Active: Non-capital assets that are in use. If the Asset Status code is 'N,' it may be changed only to 'O' (Non-capital Retired).

o O - Non-capital Retired: Non-capital assets that are retired. A non-capital retired asset may be made active again by changing the Asset Status code to 'N' (Non-capital Active).

o D - Non-Cap. Active 2003: Assets that were retired due to a change in the capitalization threshold to $5,000. This code was developed to enable institutions to mark such assets as non-capital. To retire an asset with an 'Asset Status' code of 'D,' change the Asset Status code to 'E' (Non-Cap. Retired 2003). As of July 1, 2002, the capitalization threshold was changed to $5,000 as a result of implementing GASB 34/35.

If the user is assigned a role of KFS-CAM Processor:

If the tag number has not been assigned, the KFS-CAM Processor can update:

o Tag Number

o Asset Type Code

o Asset Description

If the asset is tagged and the asset was created in the current fiscal year, the KFS-CAM Processor can update:

o Asset Type Code

o Asset Description

If the asset is tagged and was created in a prior fiscal year, the KFS-CAM Processor cannot update:

o Tag Number

o Asset Type Code

o Asset Description

Users assigned to any of the following roles may update the Asset Description, Tag Number, and Asset Type Code fields at any time: KFS-SYS Asset Processor, KFS-CAM Manager, KFS-SYS Asset Manager, KFS-SYS Plant Fund Accountant.

Users assigned to any of the following roles may update Vendor Name: KFS-SYS Asset Processor, KFS-CAM Manager, KFS-SYS Asset Manager, KFS-SYS Plant Fund Accountant.

Users assigned to any of the following roles may update Government Tag: KFS-SYS Asset Processor, KFS-CAM Manager, KFS-SYS Asset Manager, KFS-SYS Plant Fund Accountant.

Users assigned to any of the following roles may update the National Stock Number field: KFS-SYS Asset Processor, KFS-CAM Manager, KFS-SYS Asset Manager, KFS-SYS Plant Fund Accountant.

Last Inventory Date is updated with a change to any of the following fields: Campus, Building, Room, Sub Room, or Off Campus Address.

Users assigned to any of the following roles may update the Financial Object Subtype Code field: KFS-SYS Asset Manager, KFS-SYS Plant Fund Accountant.

Users assigned to any of the following roles may update the In-Service Date fields: KFS-SYS Asset Manager, KFS-SYS Plant Fund Accountant.

Manufacturer is not required for non-capital assets.

More:

Asset Location Tab