Costpoint Online Help

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In what sequence should I perform monthly procedures and processes?

There is also a Workflow Definition template already set up in Costpoint Workflow called Fixed Assets Monthly Procedure. You can modify this existing workflow to incorporate the specifics of your company procedures or you can create your own Workflow model. The general steps are listed below.

To modify your existing workflow or create your own:

  1. Add new Asset Master records manually and/or create new records by using the autocreation functionality.
  2. Enter changes to Asset (ownership) Accounts, Organizations and Projects, and to Depreciation Expense codes and Accumulated Depreciation Expense Codes.
  3. (Optional) Generate the Print Asset Book Value Report (and any related Costpoint Enterprise Reporting reports, as needed).
  4. (Optional) Reconcile the totals of the Cost and Accum Depreciation values by account from the Print Asset Book Value Report with the General Ledger balances for the same accounts.

    Identify discrepancies or reconciling items and make corrections, as necessary.

  5. (Optional) Print the Compute/Update Depreciation Computation Data for exceptions only.
  6. Compute Depreciation.
  7. (Optional) Generate and review the Print Current Period Depreciation Report.
  8. Enter disposals on the Manage Disposal Transactions screen (or create them in batch mode using the Create Multiple Disposal Transactions process), if applicable.
  9. (Optional) Print and review the Print Disposal Transactions Edit Report, if applicable.
  10. Print the Fixed Assets Journal in summary format. DO NOT POST at this time.
  11. (Optional) Reconcile the Fixed Assets Journal (last page) with the Print Current Period Depreciation Report and the Print Disposal Transactions Edit Report (as applicable).

    If you need more information, re-print the Fixed Assets Journal in detail format. Again, DO NOT POST at this time. Identify discrepancies and make corrections, as necessary.

  12. (Optional) Generate the Print Current Period Depreciation Report again to review a final time.
  13. Run the Post Fixed Assets Journal for depreciation, transfers and/or disposals.

    You can print the required Journal in summary or detail format, per your preference. Remember that you can always print the details of the posted transactions after-the-fact, because the system saves the posted history on an asset-by-asset basis (until you purge it).

  14. (Optional) Generate the Print Posted Transactions Detail Report. You can print this report any time after posting.
  15. (Optional) Generate the Print Current Period Depreciation Report and Print Disposal Transactions Edit Report again to make certain that there are no unposted entries.
  16. (Optional) Generate the Print Asset Book Value Report and related CP Reports.

    This is one last opportunity to ensure that the Fixed Assets totals for Cost and Accum Depreciation reconcile to the totals by account/organization/project in the General Ledger before you close the current Fixed Assets Accounting period.

  17. Run the Close Fixed Assets Accounting Period in Costpoint Fixed Assets.