BUSINESS PRACTICES FIXED ASSETS INVENTORY

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1 BUSINESS PRACTICES FIXED ASSETS INVENTORY Prepare and maintain inventory listings for all facilities and departments of all fixed assets, such as land, buildings, machinery, equipment, construction in progress, and infrastructures as determined to be tracked by the Board of Education Conduct annual reviews of all facilities and departments to determine that all assets are being properly accounted for Assign asset tags and enter detailed information into the Fixed Asset Inventory System pertaining to new acquisitions upon proper notification from the responsible administrator Transfer assets from one site location to another (or one classroom to another) upon proper notification from the responsible administrator Remove tags and retire assets from the Fixed Asset Inventory System upon proper notification from the responsible administrator Compile an annual list of surplus assets and submit to the School Board for approval to sell as surplus items Classify missing assets (lost/stolen) and notify the responsible administrator Reconcile and report differences between annual fixed asset inventory and actual physical inventory to responsible administrator

2 Prepare the Fixed Asset Year End Report of missing assets to be submitted to the Board of Education Remove assets not located for two consecutive annual site location inventories from the Fixed Asset Inventory System Assist in the preparation of the GASB report, a complete set of financial statements, both to fulfill auditor s requirements and to fully reflect investments in fixed assets

3 Forms and Asset Tags Request to add assets or make adjustments by employees of Wilson County Schools to the Fixed Asset Inventory require notification to Inventory Control by completing the following forms. First, the employee completes the appropriate form. Then the form is submitted to the appointed administrator responsible for the Fixed Asset Inventory at the site location the asset is located. Finally, the administrator will forward the form to Inventory Control via . Items to Be Added to the Inventory Request to Surplus Property Request to Transfer Property Request and Approval to Remove Asset From Premises Theft and Loss of Property Report Request to Surplus at Auction Request to Dispose of Equipment Valued Less Than $250 (Example of letter on school letterhead) Technology Department does not use these forms. They have their own system and send copies of spreadsheets with detailed notations of requests for additions or adjustments to the Fixed Asset Inventory via .

4 The information detailed on these forms is what you use as the starting procedure for processing fixed assets. Start by assigning asset tag numbers to new equipment and handwriting them on the form. The tags are located in the second drawer of the file cabinet on the right side of the cubicle. You may either visit the location site and apply the tags for the new equipment yourself or send the tags to the responsible administrator for application. Tags for computers, network printers, and LCD projectors purchased through Technology are tagged before they are sent to the location site. Technology notifies you of these tag numbers. You enter the information Technology sends you into the database. You must assign an asset number to land, buildings, other structures, vehicles, trailers, and musical instruments. However, this is not a physical tag. These asset numbers are entered into the database only. The asset numbers for land and buildings are six digit numbers beginning with The asset numbers for vehicles and trailers are four digit numbers beginning with The asset numbers for heart monitors are four digit numbers beginning with Due to the size of the monitor, we do not physically tag this equipment. These asset numbers are entered into the database only.

5 After the information is entered into the database from these forms, the hard copies are filed in the two drawer file cabinet on the right side of the cubicle.

6 ENTERING ASSETS IN THE MUNIS DATABASE Click on the MUNIS Live Icon located on the computer desktop Enter Username (lowercase letters) Enter Password (lowercase letters) Go to MUNIS Application Menu Click on Financials Go to G. Fixed Assets This is your starting point!

7 A. Auxiliary Programs The Auxiliary Programs refer to a set of eleven interrelated steps to follow to set up a set of parameters and codes for the Fixed Assets module, including defining and maintaining User Defined Fields. Once these parameters and codes are in place you are ready to start entering new fixed assets into the database and maintaining the old assets converted from the old database. These parameters and codes are built. These lists are included in this section. Occasionally you may need to make adjustments in the Auxiliary Programs. Follow the Instruction Guidelines in the MUNIS Manual, Fixed Asset Auxiliary Programs.

8 B. Fixed Assets Processing Menu C.New Asset and General Maintenance - This is where you create a fixed asset from scratch by clicking on the white sheet to add. This could be an assisting asset, a donation, or any other asset. There is a minimum of 3 screens to be filled in, with the remaining screens being optional. These pages include data such as: Detailed description, class, quantity and model Serial number, tag number, or parcel number Location, room, department, and custodian Acquisition method, date, cost, purchase order, and vendor Improvement, insurance, or maintenance information Examples are copies of the 3 screens which must be completed before an asset can be added to the database. The other screens can be completed but are not mandatory. After these three mandatory screens are completed the asset must be posted.

9 Once the new asset information is completed, click on Post G/L. The following screen appears, allowing you to accept or change the posting dates. Click the green check mark to accept.

10 Mass Copy To mass copy and assign sequential asset numbers follow these instructions: A. Go to your list of assets to be added and determine the lowest number B. Enter the first lowest asset number following the instructions listed earlier. C. Go to Auxiliary Programs, and update the Next Sequential Number Field with the number of the new (last) added in New Asset and General Maintenance D. Find the last asset you added that you wish to copy. Click Copy Asset enter the number of copies (how many assets you are adding) check mark Copy FA Accounts Copies will be created. E. Update any tag numbers, serial numbers, locations, custodians, etc before you post the transactions

11 D.Adjustments and Retirements This is the Fixed Asset Master File where you modify and retire active fixed assets. All fields on all screens can be updated except for the financial and depreciation items on screen 2. These items need to be changed through the Transactions menu. To initiate a transaction you must choose the side menu option Transactions from the Adjustments and Retirements program. Four options are available under side menu option Transaction: Improvements Adjustments Transfer Retirement/Disposal Following is an example of the Adjustment and Retirement Screen. Refer to the Munis Manual for detailed instructions for which option to follow when making adjustments or the retirement of assets.

12 C. Inquiries and Reports There are several reports to choose from depending on the information you wish to obtain. Printed examples of each report are located in the Munis Manual. The report titled Asset List by Location Class is the report most often used in this database. This report list asset information for selected Locations, Classes, Sub-Classes, Departments, Acquisitions Dates, and History Dates. This is a general purpose report for selected assets. This is the report you need before you do a physical site location inventory. Run this report and send a copy to the inventory designee prior to your visit. Instructions and a printed example of an Asset List by Location Class report for Location 001 Central Office is enclosed in the Munis Manual.

13 For a quick search option of assets purchase by Acquisition Method: Click - B. Fixed Access Processing Menu Click - D. Adjustments and Retirements Click Find (the binocular symbol) Click Location and enter location code (example 007 Mt. Juliet) Click Additional Tab Click Acquisition Method Click one of the following options: AR (ARRA Funds), T1 (Title 1), etc. Click Green Check Click Symbol for List Click Output Print List An example of this list is included in the Munis Manual. These instructions may be adapted to run list by others search options such as, funding source, serial numbers, locations, custodians, etc.

14 PROCEDURES FOR RUNNING A CRYSTAL REPORT BY ACQUISITION REASON A Crystal Report by Acquisition Reason is another option for a quick source to define how an asset was acquired. Examples of acquisition reasons are as follows: Purchased, Donated, Carl Perkins, ARRA, Title 1 Following are instructions to run this report: Click on the Crystal Report by Acquisition Reason Icon on the computer desktop. Always hit the refresh button before you proceed. The report will sort by site locations. Due to the size of the report, print back to back.

15 End of Year Procedures Things to remember before proceeding with the end-ofyear process: Update assets reported as missing to the BOE at the completion of physical site location inventories. Go to Adjustment and Retirements Enter number of missing asset and click find Click Update Click the Additional Tab Click Condition and enter M for missing Click Save Continue process with next missing asset number To run a missing report: Go back to Adjustments and Report Click Find Click the Additional Tab Enter Condition M for missing Click List and print report

16 Enter the Last Inventory Date for all locations following these instructions: Go to Adjustments and Retirements Find location that was inventoried Click on Last Inventory Date Click Update Click Process Continue process with next location until complete Never use the Condition Code, Dispose. If you do you can never retire this asset from the database The effective date, year-end-date, and the period should match on all transactions. Run a report of all assets with a current book value of more than $10, following these instructions: Go to Inquiries and Report Click on Fixed Asset Inquiry Enter Fiscal Year Enter Current book value as >10, Run Report This report will serve as an aide to report assets that require depreciation and proof of purchase for the auditor. The auditor requires a copy of the purchase order, invoice, and check for these assets.

17 Now you are ready to proceed with Depreciation and Year End Process for Fixed Assets. Following are instructions for these procedures as outlined by Munis.