Local Government Corporation

On the Fixed Assets panel, select “Maintenance” and “Asset Maintenance” Entering Assets

 The required fields to enter an asset on the Asset Maint screen are: Dept, Class, Asset #, Description, and Status  Other important fields include: Tag Number, Vendor, Acquired Date, In Service Date, Estimated Life, Model #, and Serial #  Hitting the ‘F4 Update’ key automatically pulls up the Depreciation Schedule screen

Entering Assets  Hit enter on Schedule and the correct Depreciation Schedule will default in for you  Frequency and Schedule Status will default in correctly. They should not be changed  The Start Date will default the In Service Date in from the Asset Maint screen  Make sure that the G/L Interface and GASB34 Reportable flags defaulted in correctly  The Depreciation Life field will default in the Estimated Life from the Asset Maint screen  Hitting the ‘F4 Update’ key automatically pulls up the G/L Accounts screen

Entering Assets  The G/L Account numbers and GASB34 Percentage should pull in here properly from the Default G/L Accounts  There should not be anything that needs to be entered on this screen  Hitting the ‘F4 Update’ key automatically pulls up the Transactions screen

Entering Assets  Enter Transaction 108 Add Asset to add the original value of the asset  Enter the Date and Amount of the original value of the asset  Repeat this process for Transaction 104 Salvage Value  Note: The Date Field on the 108 Add Asset transaction is extremely important. It controls how the asset shows as an Increase/Addition on the GASB34 reports  After hitting the ‘F4 Update’ key here, you have completed entering the asset into the system. Hit ‘Escape’ to bring you out of the Asset Maint/Other Processes screens

Local Government Corporation

On the Fixed Assets panel, select “Maintenance” and “Asset Maintenance” Asset Maintenance

 Department – the department number needs to be the same as the function (account) number of the asset. This allows for the corresponding G/L account numbers to be set up as defaults when entering assets

Asset Maintenance  Class - This is the general classification of the asset. These are meant to be broad categories and should generally be no more than 6 to 8 classes in most offices. Basic classes include: Land, Buildings & Improvements, Infrastructure, Machinery & Equipment, Vehicles, and Construction In Progress

Asset Maintenance  Asset # - This is a number assigned to each asset either by the user or the system as determined upon the setup of the software.  Description -This is a 30-character brief description of the asset. If you need more space an extended description can be given by using the F5 key.

 Tag Number - This would be the number of the fixed asset tag attached to the asset. The fixed asset number could be the tag number assigned to the asset. If this is the case, the tag number field would not need to be used.  Custodian - This is the initials of the person to which the asset is assigned. This field is user-defined. To add or modify a Custodian, select ‘F5 Options’ on the Custodian field

 PO Number/Amount - These fields are accessed through the Documents screen and the PO info is displayed here. The documents option will be discussed later.  Vendor - This is the party from which the asset was acquired. If you select ‘F2 LookUp’, it will bring up the vendor lookup from Purchasing.

 Status – This is the current status of the asset. “Active” should be the only choice used when keying in assets. Other statuses are controlled through processes in the software.  Condition - This is the current condition of the asset (user-defined)  NOTE: The required fields on the Asset Maint. screen are: Dept, Class, Asset #, Description, and Status

 Tax Map BK & Recording Book – Displays the tax map and recording information for land. This option is keyed in through ‘F9 Other Processes’ and displayed here. If the ‘Recording Flag’ field on the Class control is set to ‘N’ No, the ‘Recording Info’ option is not listed under ‘F9 Other Processes’ on that asset

Asset Maintenance  Acquired Date – This is the date that the asset was obtained. This date is for reporting purposes only and does not affect depreciation  In Service Date - This is the date that the asset actually started being used. It is recommended that this be the same as the Acquired Date  Estimated Life - The estimated useful life of the asset (does not affect depreciation process)

 Units & Type – These fields allow you to enter life based on something other than time such as miles, hours, etc. This is for informational purposes only and does not affect depreciation  Ins Policy – This allows you to key in insurance policy information related to an asset. The Insurance Policy information will be automatically displayed from the information on the Ins Policy control file. To add or modify a Insurance Policy, select ‘F5 Options’ on the Ins Policy field

Asset Maintenance  Parent Dept, Class, & Asset – This is a previous asset from which the current asset was derived. An example would be an addition to an existing building  Location – This is the location where the asset is located or assigned. The location information will be automatically displayed from the information on the location control file. To add or modify a location, select ‘F5 Options’ on the Location field

 Srv Contr - This allows you to key in service contract information related to an asset. The Service Contract information will be automatically displayed from the information on the Service Contract control file. To add or modify a Service Contract, select ‘F5 Options’ on the Location field

Asset Maintenance  Model # - This field is used to track the model number of the asset  Serial # - This field is used to track the serial number of the asset. For vehicles this will be the VIN #. If the serial number is too long to view on the screen, select ‘F8 View’ to display the entire number on screen

 Vendor – This is the vendor number assigned to the entity that manufactured the asset  Warranty Expires – This is the date the manufacturer’s warranty will expire. There is a Warranty Expiration report that keys off of this field  Disposal & Method – Disposal date and method are displayed here once the asset is disposed. These fields are display only and are not accessible

Local Government Corporation

From the Asset Maint. screen, select “OthPrc(F9)” and “Depr Schedule” Depreciation Schedule

 Schedule - Most assets will fall under Schedule 100 which is for straight line monthly depreciation. Land is not be subject to depreciation and would be schedule 300. Construction in Progress is also not subject to depreciation and would be schedule 200. These should default in correctly based on the Class.

Depreciation Schedule  Frequency -The frequency choices include M- Monthly, L-Land (no depreciation), and N-Work in Progress (no depreciation). If you are going to depreciate your assets on an annual basis, you will still choose M-Monthly. The system will handle the depreciation either once a month, once a quarter, or once a year depending on how many times you run the calculation.

Depreciation Schedule  Schedule Status – The Schedule Status will default in appropriately based on the Schedule. Most assets will be “A” for active.  Start Date – This is the date you want depreciation to start. The software defaults in the “In Service” date from the Asset Maint screen.

Depreciation Schedule  G/L Interface - This field will usually be “N” (No) except for those funds for enterprise activities such as Water and Sewer Funds, Landfill Funds, E-911 Funds, etc. which could be “Y” (Yes) if you want the program to generate the G/L entries for accumulated depreciation and depreciation expense. All assets in governmental funds should be set to “N” (No).

Depreciation Schedule  GASB34 Reportable - This field needs to be set to “Y” (Yes) if the asset is a capital asset that will be depreciated and reported for GASB 34. It will be set to “N” (No) if the asset will be used for tracking and inventory purposes only.  Depreciation Life - This is the length of time the asset is to be depreciated. The depreciable life of like assets needs to be the same. If the Estimated Life is entered on the Asset Maint. screen, then it will default in here for you.

Local Government Corporation

Disposing Assets  When an asset is disposed, it is not deleted from the system. The asset status is changed from Active to Disposed, but all of the asset history remains  The Disposal Date is the cut off date for depreciation (as long as depreciation has not already been ran)  Disposals are reflected in the Decreases column on the Capital Asset Reports and in the Disposals column on the Function/Activity Reports  Disposals need to be kept current to avoid overstating depreciation on disposed assets General Info…

From the Asset Maint. screen, select “OthPrc(F9)” and “Disposal” Disposing Assets

 Disposal Date – This is the date the asset was actually disposed. It is also the cut-off date for depreciation  Method – This is how the asset was disposed (sold, scrapped, donated, etc.)  Reason – This is why the asset was disposed (obsolete, replaced with new, etc.)

Disposing Assets  Sale/Disposal Price – The amount that is gained or lost from disposing of the asset is entered here  Cost – If there are any costs/fees involved in disposing of the asset enter it here

How Do Disposals Affect Depreciation?  If depreciation has not been ran prior to disposal, the software will only calculate depreciation up to the Disposal Date  If depreciation has already been run prior to disposal, the software does not back out the overstated depreciation after the Disposal Date (those depreciation transactions have already been posted to the history file)  Disposals need to be kept current to avoid overstating depreciation on disposed assets Disposing Assets

Local Government Corporation

From the Asset Maint. screen, select “OthPrc(F9)” and “Documents”Documents

Documents  Documents - This is where you can set up and track multiple documents related to a specific asset (purchase orders, checks, invoices, etc.). Any asset can have more than one document. If a purchase order is entered, the PO information will show on the Asset Maint. Screen.

Local Government Corporation

From the Asset Maint. screen, select “OthPrc(F9)” and “G/L Accounts” Asset G/L Accounts

 These accounts should be set up to default in when assets are entered. G/L accounts must be entered here regardless of how you answered the G/L Interface question on the Depreciation Schedule screen. Each asset should show at least three accounts: 1) Asset, 2) Accumulated Depreciation, and 3) Depreciation Expense. The GASB34 % on the Depreciation Expense Account should also default in (it will be 100% unless the asset needs to be split across multiple departments.)

Local Government Corporation

From the Asset Maint. screen, select “OthPrc(F9)” and “Inactivate”Inactivate

Inactivate  This option allows you to change the status of an asset to inactive.  Enter the Inactive Date and Reason and the status of the asset will be set to Inactive.  The depreciation process will not calculate depreciation on inactive assets until they are changed back to active.

Local Government Corporation

From the Asset Maint. screen, select “OthPrc(F9)” and “Miscellaneous Codes” Miscellaneous Codes

 This option allows you to assign miscellaneous codes to an asset  Miscellaneous codes are user-defined in the control files  They can be set up for any tracking purpose  Each asset can carry multiple miscellaneous codes

Local Government Corporation

From the Asset Maint. screen, select “OthPrc(F9)” and “Notes”Notes

Notes  This option allows you to enter any miscellaneous notes/additional information you may have about the asset  The software generates some notes based on processes (transfers, re-numbers, etc.) These system generated notes cannot be deleted

Local Government Corporation

From the Asset Maint. screen, select “OthPrc(F9)” and “Reactivate”Reactivate

Reactivate  This option allows you to change the status of an inactive asset to active  Enter the Reactivate Date and Reason and the status of the asset will be set to active.  The depreciation process will now calculate depreciation on this asset

Local Government Corporation

From the Asset Maint. screen, select “OthPrc(F9)” and “Transactions”Transactions

Transactions  Transaction - The F2 Lookup function shows the types of transactions that are available. Initially the Add Asset and Salvage Value transactions will be the primary transactions used.  Transaction Notes - This optional field allows you to provide any additional information that may be helpful in recounting the details of the transaction.

Transactions  Date - This would be the date that the transaction took place. No default date is used. This date needs to match the acquired date when adding an asset.  Amount - This is the dollar amount of the transaction

Local Government Corporation

From the Asset Maint. screen, select “OthPrc(F9)” and “Print Tags” Print Tags

 This option allows you to print an inventory tag for the selected asset  The tags print on continuous feed labels  This option only prints an individual label for the selected asset, but the “Print Tags” option on the “Other” panel allows printing individually or by Dept & Class

Local Government Corporation

From the Asset Maint. screen, select “OthPrc(F9)” and “Transaction History” Transaction History

 This is a history report on the specific asset that is selected. It lists every transaction that has been entered on this asset including each monthly depreciation transaction amount

Local Government Corporation

On the Fixed Assets panel, select “Processing” and “Depreciation Process” Depreciation Process

 Reset Depreciation Process - This step allows you to clear the calculated depreciation amounts and recalculate depreciation if needed. This option will not clear depreciation amounts that have already been applied. Once the ‘Apply Depreciation’ option has been run, the depreciation cannot be reset.

Depreciation Process  Calculate Depreciation - You will select the Departments and Classes that you want to run depreciation for by pressing enter to select individually or by pressing ‘F9’ SelectAll. You will then enter the Effective Date that you want to calculate depreciation through.  NOTE: The first time that depreciation is run, the Effective Date needs to be entered for the year prior to the compliance year.

Depreciation Process  Projected Depreciation Detail - This report lists the calculated depreciation for each asset. It shows every monthly depreciation amount on each asset. Check this report (or the Projected Depreciation Summary Report) for accuracy before running the ‘Apply Depreciation’ option. It is not recommended to run this report the first time deprecation is run.

Depreciation Process  Projected Depreciation Summary - This report also lists the calculated depreciation for each asset. It lists a one- line summary of the calculated depreciation and values on each asset. Check this report (or the Projected Depreciation Detail Report) for accuracy before running the ‘Apply Depreciation’ option.

Depreciation Process  Apply Depreciation - This option actually posts the calculated depreciation transactions to the assets. Once this option is run, the depreciation cannot be reset.

Local Government Corporation

Prior Accumulated Depreciation  Transaction 11 Prior Accumulated Depreciation is used to enter manual lump sum depreciation amounts on an asset  The software uses the date of this transaction to update the Depreciation As Of field and also recalculates Remaining Life based on the amount  This transaction is used for manually adjusting/correcting depreciation and when beginning the G/L Interface on assets in Enterprise Funds General Info… Prior Accumulated Depreciation

From the Asset Maint. screen, select “OthPrc(F9)” and “Transactions” Prior Accumulated Depreciation

 Transaction – Select transaction 11 Prior Accumulated Depreciation  Date – The transaction date is very important because this date will update the Depreciation As Of field  Amount – Key in the amount of depreciation you wish to enter on this asset

Prior Accumulated Depreciation  From the Depreciation Schedule, you can see that this transaction updated the following fields: Depreciation As Of, Times Depreciated, Remaining Life, Fiscal YTD, Life To Date, and Book Value

Local Government Corporation

GASB34 Reports  These reports are designed to help compile the financial statements required by GASB34. They are not the actual financial statements themselves, but are a valuable tool to use in producing them  When running these reports at year end, customers need to take time to ensure that the Capital Asset and Function Activity reports balance General Info… GASB34 Reports

On the Fixed Assets panel, select “Reports”, “Assets” and “GASB34” GASB34 Reports

 Capital Assets - This report groups all of the assets into five categories: Land, Construction In Progress, Buildings and Improvements, Infrastructures, and Other Fixed Assets. It shows the asset balance and accumulated depreciation amounts (including increases and decreases) for a given date range. GASB34 Reports

 Capital Assets (Detail) - This is the same report as the Capital Assets report, but it lists the amounts from each individual asset that make up the totals. GASB34 Reports

 Function/Activity - This report groups the assets by fund and function (funding source). It shows the asset balances and accumulated depreciation amounts for a given date range. It also includes Additions, Disposals, and Transfer amounts. GASB34 Reports

 Function/Activity (Detail) - This is the same report as the Function/Activity report, but it lists the amounts from each individual asset that make up the totals. GASB34 Reports

Balancing GASB34 Reports  When running these reports at year end, you need to take time to ensure that the Capital Asset and Function Activity reports balance  First verify the totals on the Capital Asset Summary Report match the totals on the Capital Asset (Detail) Report. Do the same for the Function/Activity Reports (and Fct/Act Infrastructure Reports if applicable)  The Transfer column on the Function/Activity Reports should always net back to zero  Balance the Capital Asset Summary Report to the Function/Activity Summary Report General Info… Balancing GASB34 Reports

Capital Asset Report Function/Activity Report Balancing GASB34 Reports

 If the totals on the Capital Asset Summary Report are less than the totals on the Function/Activity Summary Report, check to make sure the Capital Classes are set up correctly  Make sure that each Class is setup with the appropriate Group Flag  Verify that the Depreciate Flag is set to Yes for Classes that are being depreciated and No for Classes that are not Balancing GASB34 Reports

 If the totals on the Function/Activity Summary Report are less than the totals on the Capital Asset Summary Report, run the Verify Schedule & GL Setup Report  Check to make sure that all GASB34 reportable assets have the proper GL accounts and GASB34 percentage(s) Balancing GASB34 Reports