Capital (Fixed) Assets in MMARS

Transcription

1 Capital (Fixed) Assets in MMARS

2 Agenda Fixed Assets Types/Capitalization thresholds Fixed Assets Documents Adding a Fixed Asset MMARS Reference Tables Depreciation Reports Policy and Compliance Q&A

3 Capital (Fixed) Assets Types Capital (Fixed) Assets are tangible property owned by the Commonwealth with a useful life of more than one year Fixed Asset Type Fixed Asset Type Name USEFUL LIFE, years CAPITALIZATION THRESHOLD B Building 40 $ 100,000 C Construction In Progress N/A - E Equipment Other Than H, K Or V 10 50,000 H Landmarks/Monuments/Artwork N/A - I Infrastructure ,000 K Computers/Software/Cabling 3 50,000 L Land N/A - S Computer Software over $1Million 7 1,000,000 V Vehicles - Air/Land/Water 5 50,000

4 FIXED ASSET LIFE CYCLE

5 Fixed Asset Documents FA FD FM FT FI FX Change asset type ( FC ME Acquire / Better a fixed asset Dispositions Modifications (non accounting) Transfers Increases/Decrease to costs CIP Change asset type (e.g. e.g. B to L ) Cancellations Mass Depreciation (system generated)

6 Creating a Capital (Fixed) Asset in MMARS System Generated Commodity-based purchase: Commodity and Unit Price match or exceed the Capitalization threshold for each fixed asset type User Generated (manually entered) Fixed Asset was not entered in MMARS when it was originally purchased Fixed Asset was donated to the Commonwealth

7 ADDING A FIXED ASSET 1) Payment requests with proper accounting & commodity code lines update FAPR for pending asset creating a shell 2) Manual creation can be done by management 3) OSC adjudicates a shell to agree that a fixed asset is to be generated 4) Assets are created, journals and registry updated

8 MMARS Reference Tables FAR = Fixed Asset Registry Central registry of all fixed assets Split into FARHDR Asset Header FARCOMP- Asset Components FARACTG Asset Accounting

9 FAR MMARS Tables FAR Header

10 FAR MMARS Tables FAR Component

11 FAR MMARS Tables FAR Component - continued

12 FAR MMARS Tables FAR Accounting

13 FAHIST MMARS Table

14 FAHIST MMARS Table, Cont d.

15 MMARS Reference Tables FATP = Fixed Asset Type Hard-coded reference table contains: Type, Type Name Balance Sheet Account Accumulated depreciation account

16 FATP MMARS Table

17 MMARS Reference Tables FACLG = Fixed Asset Catalog Assigns useful lives to various types of assets, not specific assets Depreciation method defaults to straight- line unless changes in specs

18 FACLG MMARS Tables

19 MMARS Reference Tables FADM = Fixed Asset Acquisition/Disposition Method Regulates how acquisition / disposition is handled Calculates gain / loss through SPEC entries

20 FADM MMARS Table - acquisition

21 FADM MMARS Table

22 Memo (Non-GAAP) Assets Created if departments want to keep track of assets below thresholds in MMARS Flagged as memo when processing a FA acquisition document Good for items that can be stolen

23 Depreciation Run through a parameter driven batch process Can be done daily, weekly, monthly, annually Straight line by days (Cost life in days x number of days between in service and date of batch)

24 Reports Departmental monthly reports: NGA155 s s and NGA156 s s are available MMARS has fixed asset histories online FAHIST table Once an FA is added to MMARS, you can search the history of the assets based on the unique FA # given to each FA at a component level

25 Policy and Compliance Fixed Assets Policy - refer to Publications and Reports on Comptroller s Internet Page Job Aids refer to How to on Comptroller s Intranet Page Semi-annual inventory review every February and August (instructions are in eupdate and FY Memo) CFO s s to certify the accuracy of departmental fixed assets data in MMARS

26 Where to find the guidelines?

27 Where to find the guidelines?

28 Where to find the guidelines?

29 Where to find Job Aids?

30 Where to find Job Aids?

31 Questions? Comptroller's HelpDesk: (617) Or