Asset Management Module Overview The Asset Management Module

asset management module ======================= overview the asset management module is fully integrated with other financial modul

Asset Management Module
=======================
Overview
The Asset Management module is fully integrated with other financial
modules to provide the mechanism to accurately record and track the
state’s investment in infrastructure, capital purchases, historically
significant items and valuable donations. It is also used to add
assets, adjust and transfer assets, process depreciation, conduct
physical inventory, and report on agency assets. Assets are added
through the integration of Purchasing and Accounts Payable to the
Asset Management module. The Basic Add feature should only be used on
an exception basis. All real property, regardless of cost or value
must be maintained in Core-CT. All capital assets (personal property)
with a cost or value of $1000 or more must be listed in Core-CT. If
personal property with a cost or value of less than $1000
(controllable) is on the agency’s personal property list, it must be
listed in Core-CT.

Management/Supervisor Review Checklist
*
The Asset Management module tracks Capitalized and Controllable
Assets by Business Unit
*
The Asset is ready for integration into the Asset Management
module from the Accounts Payable module when the voucher paying
for the asset has been posted
*
The asset open accounting period closes on the 10th of each month
*
Agencies must verify that all assets to be integrated have
been processed from Purchasing/Payables to Asset Management
*
Assets not loaded in an open accounting period need to be
entered manually with all the required purchasing/ receiving/
payable information
*
Basic Add should be used on an exception basis and not as the
primary method of entering assets
*
Assets are identified on the Purchase Order by Profile ID (the
trigger that allows the receiver to tag the Asset)
*
The Profile ID represents the depreciation method of the
asset, the estimated life of the asset, and the depreciation
rules for the asset.
*
All Assets should have an Asset Expenditure Account Code
(Capitalized are 55420-55890 / Controllable is 54150). This should
be consistent with the purchase order through to the voucher
*
Review with PO/AP managers and staff the entry and processing of
purchase orders and vouchers for assets
*
In-Service Assets should be regularly reconciled with actual
expenditures
*
Use the EPM query, CT_CORE_CAPITAL_EXPENDI. This query
replaces the ACBY67 - CAPITAL ASSET EXPENDITURES report
*
For assets that need to be removed from Active Status
*
Submit the applicable documentation to the Office of the State
Comptroller (see the State Property Control Manual)
*
Retire the asset through the Asset Module Retirement
functionality
*
Assets transferred between business units
*
Require completion of the applicable documentation (see the
State Property Control Manual)
*
Use Cost Adjust / Transfer Asset functionality to transfer the
asset
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Assets must be inventoried on an annual basis using the Core-CT
Physical Inventory functionality
*
The annual GAAP Reporting Form (CO-59) is completed in conjunction
with Asset Module EPM Queries. The following EPM queries will
assist you in filling out the report
*
CT_CORE_FIN_AM_COST_NEG - this query is used to calculate the
negative cost of assets for a range of accounting dates for
the CO-59 report to the Office of the State Comptroller. This
report is displayed by Business Unit and Category
*
CT_CORE_FIN_AM_COST_POS - this query is used to calculate the
positive cost of assets for a range of accounting dates for
the CO-59 report to the Office of the State Comptroller. This
report is displayed by Business Unit and Category
*
Some asset management reports are only updated monthly. See the
Catalog of Online Reports section of this guide to see when
reports are updated
*
Ensure that unitization and consolidation are done in a timely
manner
*
Unitizing is an asset management process that divides one load
line into multiple load lines before the asset processor runs the
Transaction Loader. This will create multiple assets from the one
load line, each with a proportional amount of the cost of the
original load line
*
Consolidation is the asset management process that takes multiple
load lines and creates one asset load line with multiple
distributions before the asset processor runs the Transaction
loader. For example, if you have a voucher with multiple
distribution lines that should be tracked as one asset, you can
consolidate the information to create one asset ID number in
Core-CT

Figure 1 – Purchasing to Asset Flow
Asset Management Reports from the Catalog of Online Financial Reports
Note: Some reports are only updated monthly.
Report Number
Report Name
amas2000
(Updated Monthly)
Cost Activity Detail by Chartfield
http://www.core-ct.state.ct.us/reports/docs/amas2000.doc
This report is used to monitor and review asset cost activity data.
The report displays a detail listing of asset cost activity by
chartfield. The report allows the user to specify agency business
unit, date range, category and chartfield combination. Report output
includes asset ID, description, beginning cost, additions/adjustments,
transfers and retirements ending cost.
amas2100
(Updated Nightly)
Asset Acquisitions Detail by Chartfield
http://www.core-ct.state.ct.us/reports/docs/amas2100.doc
This report is used to monitor and review asset acquisition data.
The report displays a detail listing of asset acquisition information
by chartfield. The report allows the user to specify agency business
unit, date range, and chartfield combination. Report output includes
asset ID, description, cost balance, YTD depreciation, LTD
depreciation, net book value and total.
amas2110
(Updated Monthly)
Asset Acquisitions Detail By In Service
http://www.core-ct.state.ct.us/reports/docs/amas2110.doc
This report is used to monitor and review asset acquisition data.
The report displays a detail listing of asset acquisition information
by in service year and period. The report allows the user to specify
agency business unit, date range, and chartfield combination. Report
output includes in service year and period, category, asset ID,
description, cost balance, YTD depreciation, LTD depreciation, net
book value and total.
amas2300
(Updated Monthly)
Asset Transfer Detail by Chartfield
http://www.core-ct.state.ct.us/reports/docs/amas2300.doc
This report is used to monitor and review asset transfer activity.
The report displays a detail listing of asset transfer transactions in
chartfield order. The report allows the user to specify agency
business unit, date range, category and chartfield combination. Report
output includes transfers in and out, category, asset ID, description,
cost balance, LTD depreciation, net book value and total.
amdp2100
(Updated Monthly)
Asset Net Book Value Detail by Chartfield
http://www.core-ct.state.ct.us/reports/docs/amdp2100.doc
This report is used to monitor and review asset net book value data.
The report displays a detail listing of asset net book value
information by chartfield. The report allows the user to specify
agency business unit, date range, category and chartfield combination.
Report output includes asset ID, description, category, cost balance,
current depreciation, YTD depreciation, LTD depreciation, and net book
value.
amrt2100
(Real Time Update)
Retirement Activity
http://www.core-ct.state.ct.us/reports/docs/amrt2100.doc
This report is used to monitor and review asset retirement data.
The report displays a detail listing of asset retirement information
by asset ID. The report allows the user to specify agency business
unit, book name and as of date. Report output includes asset ID,
description, retirement date and quantity. Report also displays a
calculation of net gain or loss on the retirement of each asset.
Useful Links
Asset Management Home Page
http://www.core-ct.state.ct.us/financials/asset/Default.htm
Asset Management Job Aids
(Also see the UPK)
Asset Management Navigation
http://www.core-ct.state.ct.us/financials/asset/doc/am_nav.doc
List of Capital Asset Accounts
http://www.core-ct.state.ct.us/financials/asset/doc/lst_cptl_assts.doc
Physical Inventory Guide
Under Revision
Asset Profiles
http://www.core-ct.state.ct.us/financials/asset/xls/updtd_asst_prfls.xls
Connecticut Property Control Manual
http://www.osc.state.ct.us/manuals/PropertyCntl/index.html