Example

When entering information on the Asset Global document for gifts, found assets, transfers in, and state excess assets, the initiator supplies the account number, object code, and the fair market value of the item. Accounting entries are then created based on the financial information provided. The affected account will show offset entries to the expense object code entered on the document and an income object code assigned based on the Asset Acquisition Type Code entry:

4997 - Found

1175 - Gift

1185 - Capital Transfer-in Federally/Other Owned

1175 - Transferred from Other University or Federal

Example: A department receives a projector as a gift from IBM. The gift is valued at $5,000.00.

Account information is entered on the Asset Global document with an Acquisition Type of G- Gift.

General Ledger pending entry generated by the Asset Global document:

Account

Object Code

Object Code Description

Debit

Credit

1912610

7700

GIFTS OF CAPITAL EQUIP

$5,000.00

System-generated by the Asset Global document:

Account

Object Code

Object Code Description

Debit

Credit

1912610

1175

CAPITAL EQUIPMENT GIFT

$5,000.00

Capitalization process entries (system-generated by the GL Scrubber):

Account

Object Code

Object Code Description

Debit

Credit

9510092

8610

CAPITAL EQUIPMENT

$5,000.00

9510092

9899

FUND BALANCE

$5,000.00

Note the following:

The proper 95-XXX-XX plant fund account number is determined by both the financial object code sub type and the organization code of the account. Within KFS, each account number is assigned to an organization and each organization is assigned two 95-XXX-XX plant fund account numbers.

The first 95-XXX-XX plant fund account number, referred to as the organization plant fund account number, is used in the capitalization process when movable equipment items are purchased.

The second 95-XXX-XX plant fund account number, referred to as the campus plant fund account number, is used in the capitalization process when non-movable capital items are purchased.

In the example above, the only information supplied on the Asset Global document was account 1912610, object code 7700, and the amount $5,000.00. The remaining entries were generated by the Asset Global document and the G/L capitalization process.

For capital assets with Acquisition Type of 'New' and all non-capital assets, no General Ledger entries are created.

More:

Asset Location Global