Fixed Assets Adjustments
Responsible position(s):
Fixed Assets Accountant
Required documents and access:
Banner general ledger, fixed assets module
Frequency and timing:
As errors are noted
Steps:
Adjust asset values:
Delete assets that should not have been capitalized, e.g., non-capital expenses charged to capital expense accounts that exceeded capitalization threshold in aggregate.
Up if additional costs need to be added to the previously capitalized asset value.
Down if an expense previously capitalized with an asset is refunded or otherwise reduced.
View current fixed asset record.
FFAMAST Fixed Asset Master Maintenance
Asset Tag: Permanent Tag (Ptag) number to be deleted.
Action: Permanent Tag – Update Asset; GO.
Review data that indicates capitalized cost and net book value.
Adjust asset record to reverse Permanent Tag.
FFAADJF Fixed Asset Adjustment
Document Code: NEXT
Function Code: RCAP Reverse Cap for P-tag; GO.
Description: Non-cap exp IXXXXXX (invoice number)
Transaction Date: end of month for open period (may be period 14)
Document Reference: invoice number; NEXT BLOCK
Permanent Tag: P-tag to be deleted.