3y ago
762.03 KB
164 Pages
Last View : 8d ago
Last Download : 5m ago
Upload by : Aydin Oneil

FIXED ASSET ACCOUNTING ANDMANAGEMENT PROCEDURES MANUALTable of ContentsSection 1 Organizational Responsibilities . 11234567891011Purpose . 1Objectives. 1Scope . 1Responsibilities . 1Acquisitions . 2Transfers. 3Retirements and Disposals . 4Asset Inventory . 4Annual Financial Reporting . 4Records Maintenance . 4Definitions. 5Section 2 Asset Valuation . 7123456789101112131415Purpose . 7Scope . 7Guidelines . 7Valuation Terms . 10Valuation of Land . 11Valuation of Buildings . 14Valuation of Improvements Other than Buildings . 16Valuation of Machinery and Equipment (Including Vehicles) . 17Valuation of Construction Projects in Progress . 18Self-Constructed Assets . 19Multiple-Unit Acquisitions . 19Make-Ready Costs . 20Multiple Funding Sources . 21Recording Valuation Information in the FAMS . 22Controlled Items . 23REVISEDDecember 2005i

FIXED ASSET ACCOUNTING ANDMANAGEMENT PROCEDURES MANUALTable of ContentsSection 3 Multiple Unit Assets . 25123456Purpose . 25Scope . 25Guidelines . 26Recording an Asset System. 27Recording a Group Asset . 29Recording a Component Asset . 30Section 4 Fixed Asset Classification and Useful Lives . 35123456Purpose . 35Scope . 35Guidelines . 35General Procedure . 36Standard Asset Descriptions . 37Asset Class and Useful Life Table . 38Section 5 Numbering and Tagging Fixed Assets . 43123456789101112Purpose . 43Scope . 43Guidelines . 43Tagging Methods and Placement . 44Fixed Asset Identification (FAI)/Tag Numbering Systems . 44Tag Supplies and Inventory . 45Cross References in the Fixed Asset Management System (FAMS). 45Location Assignment Tags. 47Responsibilities for Assignment of Numbers and Tagging . 47Procedures for Assigning Numbers and Tagging . 49Replacing Numbers for Lost or Damaged Tags. 51Sample Approaches. 52REVISEDDecember 2005ii

FIXED ASSET ACCOUNTING ANDMANAGEMENT PROCEDURES MANUALTable of ContentsSection 6 Depreciation . 551234567Purpose . 55Scope . 55Guidelines . 55Assigning Useful Life and Salvage Value . 56Methodology and Calculation . 58Period Processing . 59Depreciation Adjustment Procedure . 60Section 7 Asset Acquisitions . 6312345678910111213Purpose . 63Scope . 63Guidelines . 63Responsibilities by Major Asset Category . 65Responsibilities by Organization or Position Assignment . 66Asset Acquisition by Purchase Order (PO) Procedure . 68Procedure for Recording Related Accounting Transactions . 70Verification Procedure for Assets Tagged and Recorded in the FAMS . 71Capitalization of Rolling Stock Procedure. 71Capitalization Procedure for Machinery and Equipment Purchased by Contract . 72Procedure for Recording Multiple Fixed Assets Acquired by a Single Purchase . 73Capital Leases . 74Grant Funded Assets . 75Section 8 Asset Acquisition by Donation, Confiscation, Condemnation, EminentDomain, Annexation, or Foreclosure . 7912345678910Purpose . 79Scope . 79Guidelines . 79General Procedure . 80Donated Assets . 82Confiscated Assets . 83Eminent Domain . 83Annexation . 85Foreclosure . 85Assets in the Temporary Custody of the City . 87REVISEDDecember 2005iii

FIXED ASSET ACCOUNTING ANDMANAGEMENT PROCEDURES MANUALTable of ContentsSection 9 Constructed Assets . 8912345678Purpose . 89Scope . 89Guidelines . 89Responsibilities . 91Procedure for Accumulating and Tracking Construction Costs . 92Procedure for Placing Constructed Assets in Service . 93Final Close-Out Processing Procedure . 95Capitalization of Interest . 97Section 10 Improvements, Betterments, and Maintenance . 991234567Purpose . 99Scope . 99Guidelines . 99Background for Understanding . 101Determining Whether to Capitalize or to Charge an Expense to Maintenance . 103Procedure for Recording Improvements and Betterments in the Fixed AssetManagement System (FAMS) . 104Retirements Related to Replacements and Renovations . 106Section 11 Transfer of Fixed Assets . 107123456789Purpose . 107Scope . 107Guidelines . 107Types of Transfers . 109Departmental Transfers . 110Interdepartmental/Interfund Transfers . 112Interdepartmental/Intrafund Transfers . 114Transfers of Assets via the Property Disposal Management Office (PDMO) . 115Transfers of Federal or Grant Funded Assets . 115REVISEDDecember 2005iv

FIXED ASSET ACCOUNTING ANDMANAGEMENT PROCEDURES MANUALTable of ContentsSection 12 Transfer and Removal of Surplus Property . 117123456Purpose . 117Scope . 117Responsibilities . 117Forms . 118Procedure . 118Property Redistribution . 119Section 13 Retirement and Disposal . 121123456789101112131415Purpose . 121Scope . 121Responsibilities by Major Asset Category . 121Disposal Criteria . 123Disposal Methods . 123General Disposal Procedure . 125Disposal by Transfer to the PDMO. 125Disposal by Sale . 127Disposal by Trade-In . 131Disposal by Return to Supplier for Credit . 131Disposal of Stolen Assets . 132Disposal of Missing Assets . 133Disposal of Damaged, Destroyed, or Cannibalized Assets (Including Scrap). 134Abandonment of Fixed Assets . 134Disposition of Federal and Grant Funded Assets. 135Section 14 Physical Inventory . 137123456789Purpose . 137Scope . 137Responsibilities . 137Inventory Frequency . 138Conducting the Physical Inventory . 138Reconciliation Results and Actions . 139Reporting Final Results . 141Damaged or Defaced Tags . 141Grant Funded Assets . 141REVISEDDecember 2005v

FIXED ASSET ACCOUNTING ANDMANAGEMENT PROCEDURES MANUALTable of ContentsSection 15 Periodic and Year-End Procedures and Records Maintenance . 143123456Purpose . 143Scope . 143Periodic Procedures. 143Financial Statements . 144Disclosure Requirements for Leases . 145Records Retention .

accordance with asset management guidelines and procedures established by the Director of Finance & Administration or a designee. 8 Asset Inventory Departments will conduct a full inventory of all property under their stewardship, in accordance with the inventory schedule developed by F&A, and will provide the results of that inventory to the Director of Finance & Administration or a designee .

Related Documents:

Asset Keeper Pro - Fixed Asset Cycle Asset Keeper Pro - Fixed Asset Cycle Page 5. Fixed Asset Cycle: Building your own Fixed Asset Cycle If you would prefer to add your own steps to the Fixed Asset Cycle because you are unsure of the procedure that you currently use, you can use the Add Step button. This provides a very quick method

Newgen Fixed Asset Management Solution Managing fixed asset information across an enterprise to ensure tight operational and financial control is a daunting task. The lack of a proper functioning fixed asset management system can put an organization at risk on various fronts. The Newgen Fixed Asset Management Solution helps you gain access to

The asset master record has been created under the number you specified in company code. You can also use the following functions to maintain your fixed assets: SAP Easy Access Menu Accounting Financial Accounting Fixed Assets Asset AS02 (Change Asset) AS03 (Display Asset) AS06 (Delete Asset) AS05 (Lock Asset) Transaction Code

FINANCIAL ACCOUNTING : MEANING, NATURE AND ROLE OF ACCOUNTING STRUCTURE 1.0 Objective 1.1 Introduction 1.2 Origin and Growth of Accounting 1.3 Meaning of Accounting 1.4 Distinction between Book-Keeping and Accounting 1.5 Distinction between Accounting and Accountancy 1.6 Nature of Accounting 1.7 Objectives of Accounting 1.8 Users of Accounting Information 1.9 Branches of Accounting 1.10 Role .

Welcome to the world of Sage Fixed Assets! Understanding fixed asset management takes the right experience. For almost two decades, Sage Fixed Assets has remained the industry's most reliable, most respected name in fixed asset management. Today, Sage Fixed Assets is hard at work helping more than 25,000 fixed asset managers nationwide.

2. Fixed Asset accounting Team in F&A will identify the nature of asset and create the fixed asset master accordingly. 3. The concerned case worker in F&A or CSSP as the case may be, who is entrusted with the responsibility of settling the claim, will capitalise the asset through the tile “Asset Acquisition

A Practical Guide to SAP . 9.1 Introduction to asset accounting 181 9.2 Structure and methodolgy 183 9.3 Different methods of asset acquisition 184 9.4 Asset master record 185 9.5 Asset acquisitions 190 9.6 Retirements with customer 199 9.7 Asset value adjustments 202 9.8 Reverse asset posting 207 9.9 Asset transfers 208 9.10 Depreciation and closing tasks 211 9.11 Asset drill down and .

Management Structure of NBF NBF's asset management is entrusted to the asset management company. The asset management company conducts asset management of NBF based on the Asset Management Entrustment Agreement concluded with NBF. (i) Organizational Structure for Operation of Duties of the Asset Management Company