Tracking Government Furnished Equipment and Other Fixed Assets
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1 Tracking Government Furnished Equipment and Other Fixed Assets Presented By: Susan Smith, GCS Practice Director, WJ Technologies Karen Louis, Managing Member, WJ Technologies Remember to Scan Badge for Educational Credits GC-162
2 Agenda Fixed Assets Module Overview Tracking/Grouping Reporting Government Furnished Property (GFP) Defined Government Furnished Equipment (GFE) Compliance GFE Tracking Module Overview Tracking/Grouping Assets Inventory Maintenance Transfer Records Best Practices for Tracking GFE 2 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
3 Fixed Assets Module 3 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
4 Fixed Assets Module Overview Used to track and report Asset Costs Depreciation Asset Disposals GFE Inventory Asset Maintenance Records Asset Transfers 4 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
5 Fixed Assets Module Overview Integrated with Accounts Payable (A/P), Purchasing and General Ledger (G/L) Modules Post depreciation and disposals to G/L from Fixed Assets Module Create asset records automatically from A/P vouchers Can calculate depreciation for five different books Book 1: Accounting book which interacts with G/L Books 2 5: Optional books which do not interact with G/L 5 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
6 Fixed Assets Tracking/Grouping Tracking/Grouping codes are set up in the Asset Master File Single Item or Incremental Components of an Asset Asset # and Item # Property Types (required) Personal Property, GFE, Real Property, etc. Classification Codes (required) - Furniture & Fixtures, Software, etc. Physical Location (optional) three location codes Loc 1 = Building (i.e. Headquarters) Loc 2 = Floor Loc 3 = Office User Defined Labels used to specify characteristics/attributes that may be collected for each asset 6 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
7 Sample Asset Master File 7 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
8 Sample of Location Codes 8 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
9 Sample Labels 9 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
10 Fixed Assets Reporting There are Four Categories of Reports #1 System Definition Reports display system codes specific to your company (found under Control Files module) 10 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
11 Fixed Assets Reporting #2 Asset/GFE Data Reports display information on assets, inventory, maintenance and transfers #3 Activity Reports display calculation and posting details #4 Projection Reports display information on anticipated asset purchases and estimated future depreciation 11 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
12 GFP Defined Government Furnished Equipment (GFE) Durable Government Furnished Materials (GFM) Consumable Contractor Acquired Property (CAP) Not GFE until delivered to the Government Tracked as contract cost in materials module 12 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
13 GFE Compliance Guidebook for Contract Property Administration FAR provides the rules contractors must follow for proper stewardship of GFE FAR (d) Property control The Contractor shall maintain property control procedures and records and a system of identification of the facilities in accordance with the provisions of Federal Acquisition Regulation (FAR) subpart 45.5 in effect on the date of this contract /14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
14 GFE Compliance FAR Basic information (excerpted) (a) The contractor s property control records shall provide the following basic information for every item of Government property in the contractor s possession, regardless of value 1) The name, description, and National Stock Number (if furnished by the Government or available in the property control system) 2) Quantity received (or fabricated), issued, and on hand 3) Unit price (and unit of measure) 4) Contract number or equivalent code designation 5) Location 6) Disposition 7) Posting reference and date of transaction 14 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
15 GFE Tracking Overview GFE can be tracked at the same level of detail as company-owned assets GFE Assets must be set up in the Asset Master File GFE Tracking Module Used for three functions Entering Inventory Recording Maintenance Transferring records of GFE Three functions are independent of one another 15 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
16 GFE Tracking Module 16 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
17 GFE Labels Overview GFE Labels Available used in GFE Inventory File 3 optional fields 15 alphanumeric characters Set up in Fixed Asset Control File Displays in GFE Inventory File Samples include: Agency, Contract Office, Contract Number, Contracting Officer 17 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
18 GFE Labels 18 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
19 GFE Inventory Optional application used to record inventory data for the assets you choose Fields in Application Asset Number number assigned in Asset Master File Item Number number assigned in Asset Master File Date (required) 999 inventory records available for each date for an asset Record (required) 3 numeric characters to identify unique record number Reference (optional) 12 alphanumeric characters for additional notes GFE Label 1 through 3 (optional) titles are taken from GFE Labels set up in Fixed Asset Control File GFE labels 19 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
20 GFE Maintenance Records File Optional module used to record maintenance data for the assets you choose Fields in Module Asset Number number assigned in Asset Master File Item Number number assigned in Asset Master File Date (required) 999 inventory records available for each date for an asset Record (required) 3 numeric characters to identify unique record number Reference (optional) 20 alphanumeric characters for additional notes Description of Work (optional) 25 alphanumeric characters Amount (optional) cost of each GFE maintenance record 20 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
21 GFE Transfer Records File Optional module used to record transfer data for the assets you choose Fields in Module Asset Number number assigned in Asset Master File Item Number number assigned in Asset Master File Date (required) 999 inventory records available for each date for an asset Record (required) 3 numeric characters to identify unique record number Reference (optional) 15 alphanumeric characters for additional notes From Contract (optional) 20 alphanumeric characters To Contract (optional) 20 alphanumeric characters 21 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
22 Best Practices for Tracking GFE Organize How You Want to See Things Before You Start Asset /Item Number Lots of related fields to think about Property Types. Classification Codes Location Codes Files 1, 2, 3 Government Equipment Labels 1, 2, 3 User Defined Labels 18 of them! Think about the data to be entered in each field (Government Requirements) Internal Assessment or Self Audit (FAR (f)(3)) Evaluates contractor s property management system effectiveness Policies and procedures 22 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
23 Questions? 23 10/14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
24 Contact Us For more information feel free to call or us: Susan Smith, CPA, MBA, Practice Director Karen Louis, Managing Member Dulles Technology Drive Herndon, VA /14/2013 CONFIDENTIAL 2013 Deltek, Inc. All Rights Reserved
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