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.
• oUp if additional costs need to be added to the previously capitalized asset value.
• oDown if an expense previously capitalized with an asset is refunded or otherwise reduced.
• oView 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.

• oAdjust 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.