Sunday, October 19, 2014

Fixed Asset Period-End Procedures Checklist

Fixed Asset Period-End Procedures
1)      TO MANUALLY ADD A FIXED ASSET FROM PAYABLE TRANSACTION:
Cards – Fixed Assets – General
·        Put in the Asset ID (look at the last asset in the sub-ledger category then add 1)
·        Click “Purchase”
o   If there is not a “Purchase” button there are no assets to add (see #2 below)
·        Select line item in Fixed Asset Purchasing Transaction
·        Enter description, class ID
·        Click on the Go To icon in the top right hand corner
·        Go to Book
·        Select Book ID

2)      TO MANUALLY ADD A FIXED ASSET FROM THE CLEARING ACCOUNT:
Cards – Fixed Assets – General
·        Put in the Asset ID (look at the last asset in the sub-ledger category then add 1)
·        Enter description, class ID, Acquisition date, Acquisition Cost, Physical Loc ID, Location ID
·        Click on the Go To icon in the top right hand corner
·        Go to Book
·        Select Book ID 


3)      TO RUN DEPRECIATION ON ALL ASSETS (make sure AP is closed before depreciating assets):
This process will depreciate all assets for one month and should be run after A/P is closed for the month closing.
Tools – Routines – Fixed Assets – Depreciate
·        Select the “Depreciate All Assets” box to calculate depreciation for all assets
·        Enter the date through which depreciation is calculated in the “Depreciation Target Date”
o   i.e. – if you are closing January 2009 this date should be 01/31/2009
·        Insert the book(s) to be depreciated into the “Selected Books”.
·        Click “Depreciate” to begin the depreciation process
  
4)      RUN PRE-RECONCILIATION TO GL REPORT:
This process is to make sure your depreciation and ledger posting looks correct.  Check depreciation against last month for reason-ability. 
Reports – Fixed Assets – Activity – Fixed Assets to General Ledger Recon
·        Select Report Format
·        Select Modify
·        Print report

5)      General Ledger Posting
Tools – Routine – Fixed Assets – GL Posting
·        Enter:
o   Beginning & Ending Periods (both s/b the year and month closing – ex. 2008-012)
o   Transaction date (last day of the month closing ex. 12/31/08)
o   Comment (this will show up on the GL batch comment)
o   Continue

6)      Run the FA to GL recon again.
o   There shouldn't be anything on this report after the GL posting process

7)      Run inventory Report
Reports – Fixed Assets – Inventory
·        FA Inventory Report
o   Modify
o   Ranges
o   Class ID
·        Computer Equip to Software
o   Placed in Service Date
·        1/1/1995 to date of recon (ex. 7/31/09)

8)      Run Depreciation Ledger by Location
Reports – Fixed Assets – Depreciation – Depreciation Ledger by Location
·        Run for each class ID

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