UR Financials. Fixed Asset Business Process. March 2015
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1 UR Financials Fixed Asset Business Process March 2015
2 UR Financials Fixed Asset Business Process Cross walk between UR Financials and FRS Fixed asset business process in UR Financials (Non Grant FAO s and Grant FAO s) Supplier invoices using trackable spend categories Online manual journal entries and EIB s Integrations feeding capital purchases into UR Financials UR fixed asset capitalization policy Fixed asset identification 2
3 Financial Activity Object (FAO) Worktag that replaces the FRS Account # Begins with two letters indicating the old FRS ledger type FAO
4 FRS to UR Financials FRS Structure Division Ledger Department Account Subcode OR Grant Gifts Debt Services Project Operating Program Loan Program
5 UR Fixed Asset Identification Spend category usage Cost centers must use trackable spend categories to designate fixed asset purchases (capital purchases) within UR Financials Please use the View Trackable Spend Categories report within UR Financials to determine the correct spend category for fixed asset purchases Plant and Debt Accounting review all charges posting to trackable spend categories 5
6 Fixed Asset Business Process in UR Financials Capital spend transactions in UR Financials Supplier invoice Journal Source Integration 6
7 Fixed Asset Business Process in UR Financials Trackable spend categories (movable equipment) Equipment Computers (SC64000) Equipment Electromedical and Electrotherapeutal (SC64050) Equipment Fabricated (SC64100) Equipment Food Service (SC64150) Equipment Furniture (SC64200) Equipment Medical (SC64350) Equipment Musical Instruments (SC64400) Equipment Office (SC64500) Equipment Scientific (SC64550) Equipment Shop (SC64600) Equipment Software Purchases (SC64650) Equipment Telecommunications (SC64700) Equipment Vehicles (SC64750) Note: Equipment not meeting the University s capitalization policy should be charged to Spend Category Non Capitalized Equipment (SC58900) and Ledger Account Non Capitalized Equipment 7
8 Fixed Asset Business Process in UR Financials All other fixed asset trackable spend categories: Art Acquisitions (SC64855) Buildings (SC62250) Building Services (SC63450) Buildings Fixed Equipment (SC62350) Buildings Purchases (SC62300) Fixed Equipment (SC63500) Land Improvements (SC63650) Land Improvements Fixed (SC63660) Land Purchases (SC63550) Leasehold Improvements (SC63800) Leasehold Improvements Fixed (SC63810) Library Materials Continuations (SC63850) Library Materials One Time Purchases (SC63860) Museum Collections (SC64850) 8
9 Supplier Invoice Purchases should be recorded to the appropriate spend category Select appropriate spend category based on University s capitalization guidelines Same method used for all FAO s 9
10 Accounting Journal Accounting journals are referenced with a Journal Source Manual Central Finance Plant and Debt Accounting Select appropriate spend category based on University s capitalization guidelines Different methods used depending on FAO type (Grant versus non Grant) 10
11 Accounting Journal (Non Grant FAO s) Journal lines that are meant to be capitalized should be recorded to the appropriate balance sheet ledger account (Property Plant and Equipment) Journal lines that are meant to be expensed should be recorded to the noncapitalized equipment ledger account 11
12 Accounting Journal (Grant FAO s) Journal lines that are meant to be capitalized should be recorded to ledger account Non Capitalized Equipment with the appropriate trackable spend category Journal lines that are meant to be expensed should be recorded to the non capitalized equipment ledger account * Allocation is run to move cost to Balance Sheet, but allow user to see spend on Grant FAO and allow Sponsor billing. 12
13 Integration Journal Integrations create data feeds from another system to UR Financials and vice versa Examples include Computer Store, Facilities Same method used for all FAO s (non Grant and Grant) 13
14 Non Capitalized Equipment 14
15 Capitalized Equipment Non Grant 15
16 Capitalized Equipment Grant 16
17 UR Fixed Asset Capitalization Policy All fixed assets (except for fabricated equipment, software purchases, and construction in progress) Unit cost is greater than $1,000 and a useful life of greater than one year. A unit consists of a single asset A unit cost includes the cost of modifications, attachments, or accessories necessary for the fixed asset to function. Delivery and installation costs are included in the unit cost calculation 17
18 UR Fixed Asset Capitalization Policy Fabricated equipment Movable equipment that is built in house and will take longer than one year to complete Individual charges in the aggregate must be $1,000 or more Please use the Equipment Fabricated (SC64100) spend category The UR s fabrication policy can be found at y_fabricationpolicy.pdf 18
19 UR Fixed Asset Capitalization Policy Software purchases Stand alone software purchases must have a unit cost of $10,000 and a useful life of greater than one year Please use the Equipment Software Purchases (SC64650) spend category Software purchased in conjunction with movable equipment will be included as part of the total fixed asset cost as long as the purchase meets UR s capitalization guidelines 19
20 UR Fixed Asset Capitalization Policy Construction in progress Costs must be tracked within a PR FAO within the Capital Projects fund Construction costs are capitalized if the total project cost is $50,000 or more and if the construction project either increases the useful life of the asset and/or increases a building s square footage Once the construction project is substantially complete, the asset starts depreciating 20
21 UR Fixed Asset Capitalization Policy The University s fixed asset policy can be found at ce/assets/pdf/cappolicyguidelines%20revised % pdf 21
22 Reports in UR Financials View Trackable Spend Categories View Spend Categories (Outlined) Transaction Details Data Extract (NCL) URF0400 View Ledger Accounts Hierarchy (Outlined) 22
23 Contacts URSpace Equipment Administrator: Plant and Debt Accounting (Financial Reporting) Chris Bunting (Property Accountant) x50844 Vicky Psomiadis (Plant Accountant) x55914 Carrie Ballou (Manager Plant and Debt Accounting) x
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