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