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Capitalizing - Defining Capital Assets in Grants Management
Director of Fixed Assets Accounting
FA Administrator
FA Plant Funds Manager
Capitalizing - Generating Asset Lines
Capitalizing - Quick Addition for Adding a Parent Capital Project Asset
Capitalizing - Reversing Capital Assets
Capitalizing - Setting Capital Project for Common Tasks
The Director of Fixed Assets Accounting is responsible for ensuring that this document is necessary, reflects actual practice, and supports University policy.
Find the Asset in Grants Management
REMINDER: Though you are logged in as UVA FA Plant Funds Manager, you have menu choices under ‘Capital Projects’ that give you access to screens in Grants Management. The steps you complete below are accomplished in the Grants Management module.
IS Assets
N ®
Capital Projects
B ®
Find
Find Capital Projects
When you set-up capital assets you create the asset name for each component asset category of a completed construction project to be capitalized. For example:
When that asset is ready to be capitalized (placed-in-service) you generate asset lines to pull in the total costs of a completed project in GM and assign those costs to each relevant component asset. These lines will then be interfaced to the Mass Additions Table, which will be subsequently posted to the Fixed Assets System as capital additions in the overnight posting process.
Therefore, you may create many assets for one construction project. A construction project may be capitalized into its various related components such as:
You assign the cost for each of those major components. Each component asset will automatically be assigned a separate asset number by the IS Fixed Asset system when posted. You will need to assign a parent asset number for each component asset number if you need to link that component to its parent asset.
1. [Find] the project with the Find Capital Projects screen.
In this example the project number '121702' is used as Find criteria.
UVA does not use retirement cost tasks: that box should be unchecked.
The RWIP refers to Retirement Work in Process. When this is enabled, you can track the cost of removal and proceeds generated from asset retirements. UVA will not enable this feature.
There are two new active buttons:
The task amounts button allows you to see costs by tasks. UVA does not assign costs by task to assets at this time. This would be useful if asset components were assigned to tasks.
The Capital Events is another way to assign costs to assets. One defines events and costs assigned to assets and interfaced to FA based on defined events. UVA does not use Capital Events.
The Requests button appears grayed out: it is not activated for UVA.
2. When the search results are displayed click the [Assets] button.
3. Enter the asset name you are creating.
4. In the Project Asset Type field, select [As Built].
In order to record the actual Date in Service you must select [As Built] for Project Asset Type. If [Estimate] is selected for Project Asset Type, you cannot enter an actual date in service and the asset is not available to assign asset lines.
5. Complete estimated and actual in service dates. Actual in-service date can be left blank until known.
6. Click the Asset Details tab.
7. Choose the asset category from the appropriate LOVs. Insure the appropriate ownership category is selected based on whether or not the item is owned or not and whether UVA, UVA at Wise, or SWVHEC is responsible for the asset. UVA assets are classified as either:
Note: 'UVA FA Book' appears in the Book field by default. The asset number will be generated automatically when the asset is posted to Fixed Assets.
The Units field does not default. Usually the asset unit will be one.
UVA at Wise has similar ownership categories.
8. On the Addt'l Details tab you can enter the Parent Asset Number.
You can also add the Parent Asset Number on the Mass Additions Table after the asset has been interfaced to Fixed Assets.
The Product Source and Source Reference are not used by UVA and are not available fields.
Employee and Location Assignments
9. Select the Location, Employee tab and complete the Location FlexField as shown in the preceding screen shot.
Note: Location is required. Building number is the building where the asset is located. Generally the floor and room will be zeros unless this project relates to a specific floor and or room. Employee is optional and UVA generally does not assign completed projects to an employee.
10. Click the Depreciation tab.
Note: The Depreciate box should be checked unless the asset will not be depreciated.
11. Select the depreciation expense account from the flexfield's LOVs. Building-related assets will generally use the specific Project and Fund Source for the expense account. The assignment should be split based on the prorated charge of the Fund Sources. There is a unique Object Code for depreciation based on the Asset Major Category.
Note: Only one expense account can be added in Capital Projects. After the asset has been sent to the mass additions table, additional expense accounts with the appropriate fractional (%) assignment can be added.
12. Click the Description tab.
The description will appear as the asset description in Fixed Assets.
13. Save your work.
[Open] opens the following window showing detailed information created for the asset on one screen.
If the asset has not been capitalized, you can change and enter information for the asset on this screen or on the tab screens.
[Assign] opens up a screen where the asset can be assigned to a project or task. UVA uses the common task option and does not assign cost to assets by task or project.
[Copy] opens a screen where you can copy an asset and change the copied information. This is helpful where some of the asset information for different assets remains the same.
Select [OK] after you have added the required information:
Review the copied information and make any changes needed.
Effective: 12/17/04
Revision: 4 mr
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