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Class Presentation with Audio | Part 2
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Accounting for Fixed AssetsPresented by Department of Finance and Administration
Part 2 of 22AASIS has several useful reports
Linda Hensley to presentReports
3ZFI-FALIST Fixed Asset ListAR01 Asset BalancesAW01N Asset ExplorerS_ALR_87012048 Asset Transactions S_ALR_87012050 Asset Acquisitions S_ALR_87012052 Asset Retirements S_ALR_87011990 Asset History SheetS_ALR_87012056 Un-posted Asset ListFixed Asset Reports
There are several reports that can be used to review/maintain your fixed assets on AASIS. To get a listing of the fixed assets on record for the periodic review use transaction ZFI_FALIST. This report can give you a list of your assets in several different ways. You can sort on cost center, fund, WBS Element, Internal Order, Serial Number, inventory number or just an agency wide list of assets. It only returns a list for a specific fiscal year and it doesnt have drilldown capabilities but it does give you the beginning balance and any current activity for the fiscal year you choose. Also it is capable of being downloaded to excel. This report is useful if you have assets for different departments within your agency and just want to give them only the assets they are accountable for.
There are several reports for reviewing specific assets during the reconciliation of your fixed asset inventory. AW01N Asset Explorer is one. This can give you all the activity for a specific asset from the date of purchase. It has drilldown capability so you can go to the PO, the Asset Master Record, or any document that has been posted to the asset. Use this transaction mainly for research when you are reconciling discrepancies. There are 3 reports for tracking transactions, S_ALR_87012048 - Asset Transactions , S_ALR_87012050 - Asset Acquisitions and S_ALR_87012052 - Asset Retirements. These reports are just what their names indicate, all transactions for a specific period, all acquisitions for a specific period and all retirements for a specific period. Again, these reports would be used mainly for research or for verification purposes. The retirement report can be used to verify that the correct assets have been retired for an SDF returned from M & R. The acquisitions report can be used at year end to reconcile the capital outlay for closing book purposes.
At fiscal year end the report used for reporting fixed assets on the CAFR Closing Book is S_ALR_87011990 - Asset History Sheet . This report gives you either a listing of assets or just group totals for each asset class. It has the beginning balance for both assets and accumulated depreciation and tracks acquisitions, retirements, transfers, post caps and ending balances. Also at year end run report S_ALR_87012056 - Unposted Asset List. This gives a list of asset master records that have been created but no acquisition has been posted. Most times this indicates that the payment has been expensed instead of paid to the asset, either on the PO or direct pay invoice. Research each of the assets to determine that either it can be reused or should be deleted. This report is a tool to be used in verifying that your assets are recorded correctly and that something that was intended to be an asset was not incorrectly expensed.
4ZFI-FALIST Fixed Asset ListFixed Asset Reports
There are several reports that can be used to review/maintain your fixed assets on AASIS. To get a listing of the fixed assets on record for the periodic review use transaction ZFI_FALIST. This report can give you a list of your assets in several different ways. You can sort on cost center, fund, WBS Element, Internal Order, Serial Number, inventory number or just an agency wide list of assets. It only returns a list for a specific fiscal year and it doesnt have drilldown capabilities but it does give you the beginning balance and any current activity for the fiscal year you choose. Also it is capable of being downloaded to excel. This report is useful if you have assets for different departments within your agency and just want to give them only the assets they are accountable for.
There are several reports for reviewing specific assets during the reconciliation of your fixed asset inventory. AW01N Asset Explorer is one. This can give you all the activity for a specific asset from the date of purchase. It has drilldown capability so you can go to the PO, the Asset Master Record, or any document that has been posted to the asset. Use this transaction mainly for research when you are reconciling discrepancies. There are 3 reports for tracking transactions, S_ALR_87012048 - Asset Transactions , S_ALR_87012050 - Asset Acquisitions and S_ALR_87012052 - Asset Retirements. These reports are just what their names indicate, all transactions for a specific period, all acquisitions for a specific period and all retirements for a specific period. Again, these reports would be used mainly for research or for verification purposes. The retirement report can be used to verify that the correct assets have been retired for an SDF returned from M & R. The acquisitions report can be used at year end to reconcile the capital outlay for closing book purposes.
At fiscal year end the report used for reporting fixed assets on the CAFR Closing Book is S_ALR_87011990 - Asset History Sheet . This report gives you either a listing of assets or just group totals for each asset class. It has the beginning balance for both assets and accumulated depreciation and tracks acquisitions, retirements, transfers, post caps and ending balances. Also at year end run report S_ALR_87012056 - Unposted Asset List. This gives a list of asset master records that have been created but no acquisition has been posted. Most times this indicates that the payment has been expensed instead of paid to the asset, either on the PO or direct pay invoice. Research each of the assets to determine that either it can be reused or should be deleted. This report is a tool to be used in verifying that your assets are recorded correctly and that something that was intended to be an asset was not incorrectly expensed.
5AR01 Asset BalancesFixed Asset Reports
There are several reports that can be used to review/maintain your fixed assets on AASIS. To get a listing of the fixed assets on record for the periodic review use transaction ZFI_FALIST. This report can give you a list of your assets in several different ways. You can sort on cost center, fund, WBS Element, Internal Order, Serial Number, inventory number or just an agency wide list of assets. It only returns a list for a specific fiscal year and it doesnt have drilldown capabilities but it does give you the beginning balance and any current activity for the fiscal year you choose. Also it is capable of being downloaded to excel. This report is useful if you have assets for different departments within your agency and just want to give them only the assets they are accountable for.
There are several reports for reviewing specific assets during the reconciliation of your fixed asset inventory. AW01N Asset Explorer is one. This can give you all the activity for a specific asset from the date of purchase. It has drilldown capability so you can go to the PO, the Asset Master Record, or any document that has been posted to the asset. Use this transaction mainly for research when you are reconciling discrepancies. There are 3 reports for tracking transactions, S_ALR_87012048 - Asset Transactions , S_ALR_87012050 - Asset Acquisitions and S_ALR_87012052 - Asset Retirements. These reports are just what their names indicate, all transactions for a specific period, all acquisitions for a specific period and all retirements for a specific period. Again, these reports would be used mainly for research or for verification purposes. The retirement report can be used to verify that the correct assets have been retired for an SDF returned from M & R. The acquisitions report can be used at year end to reconcile the capital outlay for closing book purposes.
At fiscal year end the report used for reporting fixed assets on the CAFR Closing Book is S_ALR_87011990 - Asset History Sheet . This report gives you either a listing of assets or just group totals for each asset class. It has the beginning balance for both assets and accumulated depreciation and tracks acquisitions, retirements, transfers, post caps and ending balances. Also at year end run report S_ALR_87012056 - Unposted Asset List. This gives a list of asset master records that have been created but no acquisition has been posted. Most times this indicates that the payment has been expensed instead of paid to the asset, either on the PO or direct pay invoice. Research each of the assets to determine that either it can be reused or should be deleted. This report is a tool to be used in verifying that your assets are recorded correctly and that something that was intended to be an asset was not incorrectly expensed.
6AW01N Asset ExplorerFixed Asset Reports
There are several reports that can be used to review/maintain your fixed assets on AASIS. To get a listing of the fixed assets on record for the periodic review use transaction ZFI_FALIST. This report can give you a list of your assets in several different ways. You can sort on cost center, fund, WBS Element, Internal Order, Serial Number, inventory number or just an agency wide list of assets. It only returns a list for a specific fiscal year and it doesnt have drilldown capabilities but it does give you the beginning balance and any current activity for the fiscal year you choose. Also it is capable of being downloaded to excel. This report is useful if you have assets for different departments within your agency and just want to give them only the assets they are accountable for.
There are several reports for reviewing specific assets during the reconciliation of your fixed asset inventory. AW01N Asset Explorer is one. This can give you all the activity for a specific asset from the date of purchase. It has drilldown capability so you can go to the PO, the Asset Master Record, or any document that has been posted to the asset. Use this transaction mainly for research when you are reconciling discrepancies. There are 3 reports for tracking transactions, S_ALR_87012048 - Asset Transactions , S_ALR_87012050 - Asset Acquisitions and S_ALR_87012052 - Asset Retirements. These reports are just what their names indicate, all transactions for a specific period, all acquisitions for a specific period and all retirements for a specific period. Again, these reports would be used mainly for research or for verification purposes. The retirement report can be used to verify that the correct assets have been retired for an SDF returned from M & R. The acquisitions report can be used at year end to reconcile the capital outlay for closing book purposes.
At fiscal year end the report used for reporting fixed assets on the CAFR Closing Book is S_ALR_87011990 - Asset History Sheet . This report gives you either a listing of assets or just group totals for each asset class. It has the beginning balance for both assets and accumulated depreciation and tracks acquisitions, retirements, transfers, post caps and ending balances. Also at year end run report S_ALR_87012056 - Unposted Asset List. This gives a list of asset master records that have been created but no acquisition has been posted. Most times this indicates that the payment has been expensed instead of paid to the asset, either on the PO or direct pay invoice. Research each of the assets to determine that either it can be reused or should be deleted. This report is a tool to be used in verifying that your assets are recorded correctly and that something that was intended to be an asset was not incorrectly expensed.
7S_ALR_87012048 Asset Transactions Fixed Asset Reports
There are several reports that can be used to review/maintain your fixed assets on AASIS. To get a listing of the fixed assets on record for the periodic review use transaction ZFI_FALIST. This report can give you a list of your assets in several different ways. You can sort on cost center, fund, WBS Element, Internal Order, Serial Number, inventory number or just an agency wide list of assets. It only returns a list for a specific fiscal year and it doesnt have drilldown capabilities but it does give you the beginning balance and any current activity for the fiscal year you choose. Also it is capable of being downloaded to excel. This report is useful if you have assets for different departments within your agency and just want to give them only the assets they are accountable for.
There are several reports for reviewing specific assets during the reconciliation of your fixed asset inventory. AW01N Asset Explorer is one. This can give you all the activity for a specific asset from the date of purchase. It has drilldown capability so you can go to the PO, the Asset Master Record, or any document that has been posted to the asset. Use this transaction mainly for research when you are reconciling discrepancies. There are 3 reports for tracking transactions, S_ALR_87012048 - Asset Transactions , S_ALR_87012050 - Asset Acquisitions and S_ALR_87012052 - Asset Retirements. These reports are just what their names indicate, all transactions for a specific period, all acquisitions for a specific period and all retirements for a specific period. Again, these reports would be used mainly for research or for verification purposes. The retirement report can be used to verify that the correct assets have been retired for an SDF returned from M & R. The acquisitions report can be used at year end to reconcile the capital outlay for closing book purposes.
At fiscal year end the report used for reporting fixed assets on the CAFR Closing Book is S_ALR_87011990 - Asset History Sheet . This report gives you either a listing of assets or just group totals for each asset class. It has the beginning balance for both assets and accumulated depreciation and tracks acquisitions, retirements, transfers, post caps and ending balances. Also at year end run report S_ALR_87012056 - Unposted Asset List. This gives a list of asset master records that have been created but no acquisition has been posted. Most times this indicates that the payment has been expensed instead of paid to the asset, either on the PO or direct pay invoice. Research each of the assets to determine that either it can be reused or should be deleted. This report is a tool to be used in verifying that your assets are recorded correctly and that something that was intended to be an asset was not incorrectly expensed.
8S_ALR_87012050 Asset AcquisitionsFixed Asset Reports
There are several reports that can be used to review/maintain your fixed assets on AASIS. To get a listing of the fixed assets on record for the periodic review use transaction ZFI_FALIST. This report can give you a list of your assets in several different ways. You can sort on cost center, fund, WBS Element, Internal Order, Serial Number, inventory number or just an agency wide list of assets. It only returns a list for a specific fiscal year and it doesnt have drilldown capabilities but it does give you the beginning balance and any current activity for the fiscal year you choose. Also it is capable of being downloaded to excel. This report is useful if you have assets for different departments within your agency and just want to give them only the assets they are accountable for.
There are several reports for reviewing specific assets during the reconciliation of your fixed asset inventory. AW01N Asset Explorer is one. This can give you all the activity for a specific asset from the date of purchase. It has drilldown capability so you can go to the PO, the Asset Master Record, or any document that has been posted to the asset. Use this transaction mainly for research when you are reconciling discrepancies. There are 3 reports for tracking transactions, S_ALR_87012048 - Asset Transactions , S_ALR_87012050 - Asset Acquisitions and S_ALR_87012052 - Asset Retirements. These reports are just what their names indicate, all transactions for a specific period, all acquisitions for a specific period and all retirements for a specific period. Again, these reports would be used mainly for research or for verification purposes. The retirement report can be used to verify that the correct assets have been retired for an SDF returned from M & R. The acquisitions report can be used at year end to reconcile the capital outlay for closing book purposes.
At fiscal year end the report used for reporting fixed assets on the CAFR Closing Book is S_ALR_87011990 - Asset History Sheet . This report gives you either a listing of assets or just group totals for each asset class. It has the beginning balance for both assets and accumulated depreciation and tracks acquisitions, retirements, transfers, post caps and ending balances. Also at year end run report S_ALR_87012056 - Unposted Asset List. This gives a list of asset master records that have been created but no acquisition has been posted. Most times this indicates that the payment has been expensed instead of paid to the asset, either on the PO or direct pay invoice. Research each of the assets to determine that either it can be reused or should be deleted. This report is a tool to be used in verifying that your assets are recorded correctly and that something that was intended to be an asset was not incorrectly expensed.
9S_ALR_87012052 Asset RetirementsFixed Asset Reports
There are several reports that can be used to review/maintain your fixed assets on AASIS. To get a listing of the fixed assets on record for the periodic review use transaction ZFI_FALIST. This report can give you a list of your assets in several different ways. You can sort on cost center, fund, WBS Element, Internal Order, Serial Number, inventory number or just an agency wide list of assets. It only returns a list for a specific fiscal year and it doesnt have drilldown capabilities but it does give you the beginning balance and any current activity for the fiscal year you choose. Also it is capable of being downloaded to excel. This report is useful if you have assets for different departments within your agency and just want to give them only the assets they are accountable for.
There are several reports for reviewing specific assets during the reconciliation of your fixed asset inventory. AW01N Asset Explorer is one. This can give you all the activity for a specific asset from the date of purchase. It has drilldown capability so you can go to the PO, the Asset Master Record, or any document that has been posted to the asset. Use this transaction mainly for research when you are reconciling discrepancies. There are 3 reports for tracking transactions, S_ALR_87012048 - Asset Transactions , S_ALR_87012050 - Asset Acquisitions and S_ALR_87012052 - Asset Retirements. These reports are just what their names indicate, all transactions for a specific period, all acquisitions for a specific period and all retirements for a specific period. Again, these reports would be used mainly for research or for verification purposes. The retirement report can be used to verify that the correct assets have been retired for an SDF returned from M & R. The acquisitions report can be used at year end to reconcile the capital outlay for closing book purposes.
At fiscal year end the report used for reporting fixed assets on the CAFR Closing Book is S_ALR_87011990 - Asset History Sheet . This report gives you either a listing of assets or just group totals for each asset class. It has the beginning balance for both assets and accumulated depreciation and tracks acquisitions, retirements, transfers, post caps and ending balances. Also at year end run report S_ALR_87012056 - Unposted Asset List. This gives a list of asset master records that have been created but no acquisition has been posted. Most times this indicates that the payment has been expensed instead of paid to the asset, either on the PO or direct pay invoice. Research each of the assets to determine that either it can be reused or should be deleted. This report is a tool to be used in verifying that your assets are recorded correctly and that something that was intended to be an asset was not incorrectly expensed.
10S_ALR_87011990 Asset History SheetFixed Asset Reports
There are several reports that can be used to review/maintain your fixed assets on AASIS. To get a listing of the fixed assets on record for the periodic review use transaction ZFI_FALIST. This report can give you a list of your assets in several different ways. You can sort on cost center, fund, WBS Element, Internal Order, Serial Number, inventory number or just an agency wide list of assets. It only returns a list for a specific fiscal year and it doesnt have drilldown capabilities but it does give you the beginning balance and any current activity for the fiscal year you choose. Also it is capable of being downloaded to excel. This report is useful if you have assets for different departments within your agency and just want to give them only the assets they are accountable for.
There are several reports for reviewing specific assets during the reconciliation of your fixed asset inventory. AW01N Asset Explorer is one. This can give you all the activity for a specific asset from the date of purchase. It has drilldown capability so you can go to the PO, the Asset Master Record, or any document that has been posted to the asset. Use this transaction mainly for research when you are reconciling discrepancies. There are 3 reports for tracking transactions, S_ALR_87012048 - Asset Transactions , S_ALR_87012050 - Asset Acquisitions and S_ALR_87012052 - Asset Retirements. These reports are just what their names indicate, all transactions for a specific period, all acquisitions for a specific period and all retirements for a specific period. Again, these reports would be used mainly for research or for verification purposes. The retirement report can be used to verify that the correct assets have been retired for an SDF returned from M & R. The acquisitions report can be used at year end to reconcile the capital outlay for closing book purposes.
At fiscal year end the report used for reporting fixed assets on the CAFR Closing Book is S_ALR_87011990 - Asset History Sheet . This report gives you either a listing of assets or just group totals for each asset class. It has the beginning balance for both assets and accumulated depreciation and tracks acquisitions, retirements, transfers, post caps and ending balances. Also at year end run report S_ALR_87012056 - Unposted Asset List. This gives a list of asset master records that have been created but no acquisition has been posted. Most times this indicates that the payment has been expensed instead of paid to the asset, either on the PO or direct pay invoice. Research each of the assets to determine that either it can be reused or should be deleted. This report is a tool to be used in verifying that your assets are recorded correctly and that something that was intended to be an asset was not incorrectly expensed.
11S_ALR_87012056 Un-posted Asset ListFixed Asset Reports
There are several reports that can be used to review/maintain your fixed assets on AASIS. To get a listing of the fixed assets on record for the periodic review use transaction ZFI_FALIST. This report can give you a list of your assets in several different ways. You can sort on cost center, fund, WBS Element, Internal Order, Serial Number, inventory number or just an agency wide list of assets. It only returns a list for a specific fiscal year and it doesnt have drilldown capabilities but it does give you the beginning balance and any current activity for the fiscal year you choose. Also it is capable of being downloaded to excel. This report is useful if you have assets for different departments within your agency and just want to give them only the assets they are accountable for.
There are several reports for reviewing specific assets during the reconciliation of your fixed asset inventory. AW01N Asset Explorer is one. This can give you all the activity for a specific asset from the date of purchase. It has drilldown capability so you can go to the PO, the Asset Master Record, or any document that has been posted to the asset. Use this transaction mainly for research when you are reconciling discrepancies. There are 3 reports for tracking transactions, S_ALR_87012048 - Asset Transactions , S_ALR_87012050 - Asset Acquisitions and S_ALR_87012052 - Asset Retirements. These reports are just what their names indicate, all transactions for a specific period, all acquisitions for a specific period and all retirements for a specific period. Again, these reports would be used mainly for research or for verification purposes. The retirement report can be used to verify that the correct assets have been retired for an SDF returned from M & R. The acquisitions report can be used at year end to reconcile the capital outlay for closing book purposes.
At fiscal year end the report used for reporting fixed assets on the CAFR Closing Book is S_ALR_87011990 - Asset History Sheet . This report gives you either a listing of assets or just group totals for each asset class. It has the beginning balance for both assets and accumulated depreciation and tracks acquisitions, retirements, transfers, post caps and ending balances. Also at year end run report S_ALR_87012056 - Unposted Asset List. This gives a list of asset master records that have been created but no acquisition has been posted. Most times this indicates that the payment has been expensed instead of paid to the asset, either on the PO or direct pay invoice. Research each of the assets to determine that either it can be reused or should be deleted. This report is a tool to be used in verifying that your assets are recorded correctly and that something that was intended to be an asset was not incorrectly expensed.
12Take regular physical countsUpdate records on a timely basisRemove disposed items promptlyInvestigate missing items
Your agency has primary responsibility for its fixed assets.
Summary
13http://www.dfa.arkansas.gov/offices/informationServices/aasis/MM/Pages/MMAM.aspx
http://www.dfa.arkansas.gov/offices/accounting/financialManagementGuide/Documents/p1_19_4_1503.pdf
http://www.dfa.arkansas.gov/OFFICES/ACCOUNTING/FINANCIALMANAGEMENTGUIDE/Pages/Subchapter15.aspx
Questions?
For further information:
The first link is to the AASIS webpage regarding fixed asset records and procedures.
The second link is the Capital Assets Guidelines
The last link is to the section in the FMG on property and equipment inventory
Thank You!
15To receive a Certificate of Completion for this course, provide the following information in an email to: [email protected]
Your name as it should appear on the certificateYour supervisors name and email addressThe name of your agency The course titleThank you for your participation.