Capitalizing - Reversing Capital Assets

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Distribution

Director of Fixed Assets Accounting

FA Administrator

FA Plant Funds Manager

Related Procedures

Capitalizing - Defining Capital Assets in Grants Management

Capitalizing - Generating Asset Lines

Capitalizing - Quick Addition for Adding a Parent Capital Project Asset

Capitalizing - Setting Capital Project for Common Tasks

Ownership

The Director of Fixed Assets Accounting is responsible for ensuring that this document is necessary, that it reflects actual practice, and that it supports University policy.

IS Assets
N ® Capital Projects ® Find
Find Capital Projects

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.

1. Find the capital project containing the asset(s) you want to reverse.

Key the capital project number in the 'Number' field if you know it. In this example we are searching for project number 103686. To see a list of capital projects key the percent sign (%) in the 'Project Number' field and click [Find].

Note: Only assets that have not been depreciated should be reversed.

2. Click the [Assets] button.

3. Select the asset that you want to reverse.

4. Click the [Reverse] button.

Note: Asset must be posted before it can be reversed.

5. Save your work.

Fixed Assets generates the lines required with the appropriate debits and credits.

If the reversed asset shares lines with another asset, the following message box appears. If all assets are to be reversed click [All Assets] or if only the one selected asset is to be reversed click [Current Asset].

6. Close the Assets window. The Capital Projects window will appear.

7. Click the [Generate]. A dialog box appears.

8. Record appropriate dates and check [Include Common Tasks].

The program automatically sends the lines to the Fixed Assets Mass Addition table.

9. Go to 'Find Assets,' prepare Mass Additions and add the reversed lines (negative amounts) to the assets in Fixed Assets. You can retire the zero cost asset if it will not be capitalized at a later date.

Effective: 3/29/05

Revision: 3 mr

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