Business Process Flowchart Fixed Assets Packet Description The Fixed Assets Packet describes how to create and maintain assets in MAGIC. Key components within this package include integration points with Supplier Relationship Management (SRM), asset lifecycle, asset retirements, asset transfers, and the close process. MAGIC Roles The MAGIC Roles used in these flows are: FA - Fixed Assets Property Officer IM - Goods Receipt Processor Non-stock SRM - Manager Purchasing / SRM Approver SRM - Buyer Operational SRM Approver / Manager SRM Requisitioner FA- Asset Disposal Approver FA - OPTFM Approver A description of each role can be found on the MMRS Website. MAGIC Flows The individual MAGIC flows that are included in this packet are: Asset Acquisition to Capitalization Asset Internal Transfer Fixed Asset Disposal Asset Acquisitions without a PO or for Lapse Help or Questions Click here to learn how to read a MAGIC Business Flowchart. If you have a question, please use the MAGIC Feedback webpage to submit your question.
Business Process Flowchart Fixed Assets Significant Changes Property Officers will have to collaborate with Purchasing and Accounting within their agency to ensure that the assets are created and reported correctly in the system. Asset master shell records will be created at the beginning of the purchasing process and assigned directly to a purchasing document. Depreciation will be calculated within the system. OSA will no longer approve disposals. DFA/OPTFM will begin approving disposals of certain asset classes. OSA will be able to run required monthly reports and documents related to disposals/additions to OSA. In MAGIC, asset transfers will be changed to financial information. High Level Process Description Every asset has a lifecycle l of four distinct t phases: 1. Acquisition: assets can be purchased from vendors (e.g., laptops), acquired by donations, acquired by confiscation, or through capital projects 2. Capitalization: through goods receipt or asset module transaction, value is added 3. Useful life: assets depreciate during their operational life 4. Retirement: assets that are no longer useful are transferred, sold, or scrapped Chart of Accounts is the group of G/L accounts used to classify revenue, expenses, g p y, p, assets, and liabilities. Every fixed asset has sub-ledger account where depreciation and other costs are posted. Postings to this account result in postings to reconciliation accounts and funding sources responsible
SRM Requisitioner Agency Requires an Asset Create Shopping Cart Order shopping cart SRM Approver/ SRM Manager Reject Shopping Cart Approve SRM Buyer Operational No Is SC to be Sourced? Yes Assign Source of Supply (Contract/ Supplier) Create/Edit PO, SOLE or EMER Create Asset Shell or Enter Asset Number Order (Agency decision) May require additional asset approver SRM Manager Purchasing/ SRM Approver Rejected Approved Is Oversight Required? Yes Oversight Rejected No Goods Receipt Processor Non Stock Asset Capitalized Approved Post Goods Receipt MIGO FA- Property Officer Update Asset Master Record If Necessary AS02
Asset Internal Transfers Agency Transfer request received. Transfer Complete FA-Property Officer Create Receiving Asset Shell AS01 Transfer Within Company Code ABUMN
Fixed Asset Disposal FA-Property Officer Agency needs to dispose of an Asset Create/Submit Worklist AR01 Asset Class Determines Non-Vehicle Vehicle OPTFM Approver Reject Asset Worklist Approve FA-Disposal Approver Reject Asset Worklist NOTE: If FA-Disposal Approver removes an asset from the worklist with the editing function, that asset remains on the agency s inventory. Approve Agency Asset is now inactive
Asset Acquisitions without PO or for Lapse Agency discovers prior year asset that has not been tagged Asset is now active. FA-Property Officer Create Asset Record AS01 Post value to asset ABNAN Update asset record AS02 Adjust useful life (if applicable)