Fixed Assets Procedural Checklist

Use this guide when processing Fixed Assets.

Before Processing the First Time

Perform the following after initialization and before processing for the first time.

	Step	Description
	1	(Optional) Reconcile Cost and Accumulated Depreciation account totals in Costpoint Fixed Assets to G/L account balances. Generate the Print Fixed Assets/General Ledger Reconciliation Report to assist in the reconciliation of the accounts. You can also print the detail versions of the Print Schedule of Asset Activity Report and the Print Schedule of Accumulated Depr Activity Report to provide additional detailed information. Do this for the first time after your historical records have been initialized, before you begin processing for the first time. Although reconciliations are always optional, we strongly urge that you complete this step routinely.
	2	(Optional). Print and review the Compute/Update Depreciation Computation Data for exceptions only. This optional step allows you to confirm that the correct data has been entered in the Depr Start Date, Current Depr Yr, and Days/Pds Remaining fields for your historical Asset Master records. The system uses this information to compute current period depreciation. (Make sure you have initialized all prior fiscal years and periods on the Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens.) You can optionally apply the system-computed values (based on the Depr Start Date) for the Current Depr Yr and Days/Pds Remaining fields by running the Update process from this utility. (Use caution if you perform the Update portion of this utility.)

For Each Accounting Period

Perform the following for each accounting period.

	Step	Description
	1	Manually add new Asset Master records acquired during the period (or use the optional autocreation process to automatically create the new records).
	2	(Optional) Generate the Print Asset Book Value Report (or the Print Asset Master List or the Print Schedule of Asset Activity Report) to ensure that the Cost total for new records added in the Costpoint Fixed Assets for the period agrees with the total for new acquisitions booked to the General Ledger. Create the Print Schedule of Accumulated Depr Activity Report to review data for the accumulated depreciation accounts if necessary.
	3	Compute Depreciation.
	4	(Optional). Print and review the Compute/Update Depreciation Computation Data report for exceptions only for the range of assets added in the current period. (Run the Verify process only.) This step allows you to confirm that the correct dates have been entered in the Depr Start Date field for new Asset Master records. The system uses this date to automatically insert the proper values in the Current Depr Year and Days/Pds Remaining fields for new Asset Master records when depreciation is computed. (Normally, for new records, you should leave the Current Depr Year and Days/Pds Remaining fields blank. If you have inadvertently entered incorrect data in these fields, however, the system will not overwrite your entries. Running this report also allows you to verify that you have not made this type of error.)
	5	(Optional) Generate and review the Print Current Period Depreciation Report.
	6	Enter disposals on the Manage Disposal Transactions screen. Entries in this screen are initially on hold by default. You can change the status to Selected for Posting when you first enter the disposal data, or you can change the status at a later time, after you have reviewed the entries. Check to ensure that current period depreciation for each disposal, if applicable, is correct. If depreciation has been calculated for a disposal and you do not want to post depreciation for the current period for the disposal, go into the Asset Master record and zero out the value in the Current Pd Depreciation field.
	7	(Optional) Create and review the Print Disposal Transactions Edit Report, if applicable.
	8	Print and review the Fixed Assets Journal (from the Post Fixed Assets Journal screen). If you have unposted depreciation expense, unposted disposals/depreciation adjustments on disposals, and transfers, select all check boxes before you print the Journal. DO NOT POST at this time. Note: If you have questions about the summary totals from the Journal, re-print a detail Journal, in which the amounts to be posted can be identified by asset/item number.
	9	(Optional) Compare totals from the Print Fixed Assets/General Ledger Reconciliation Report (last page of Journal). Reconcile the Depreciation Expense Accounts total from the Journal to the Grand Total of the Curr Pd Depr column on the Print Current Period Depreciation Report. Reconcile the Disposals and Depreciation Adjustments on Disposals account totals from the Journal to the values in the Totals fields on the Print Disposal Transactions Edit Report. Reconcile the Transfer account totals from the Journal to the values printed on the Print Asset/Template Change History Report for the cost and accumulated depreciation accounts. If you need more information, re-print the Fixed Assets Journal in detail format. DO NOT POST at this time. Identify discrepancies and make corrections, as necessary.
	10	Run the Post Fixed Assets Journal for depreciation, disposals, and transfers. (Optional) Retain the Journal in your permanent audit trail file.
	11	(Optional) Generate the Print Current Period Depreciation Report again. Because this report is time-sensitive, you may want to retain this report in your permanent audit trail file. Once you have closed the current Fixed Assets period, you cannot re-create the data for this report.
	12	(Optional). Create the Print Posted Transactions Detail Report and retain it in your permanent audit trail file. This report is not time-sensitive and can always be printed for any prior period or range of periods (unless you have purged this data).
	13	(Optional) Reconcile Cost and Accumulated Depreciation account totals in Costpoint Fixed Assets to G/L account balances. Run the Print Fixed Assets/General Ledger Reconciliation Report to assist in the reconciliation of the accounts. You can also print the detail versions of the Print Schedule of Asset Activity Report and the Print Schedule of Accumulated Depr Activity Report to provide additional detailed information. Although reconciliations are always optional, we strongly urge that you complete this step routinely.
	14	Perform the Close Fixed Assets Accounting Period.