Mass Additions - Preparing Mass Additions to Become Assets

...

Distribution

Director of Fixed Assets Accounting

FA Administrator

FA Specialist

Related Procedures

None

Ownership

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

IS Assets
N ® Mass Additions ® Prepare Mass Additions
B ® Open
Mass Additions

Preparing Mass Additions

1. From the Mass Additions window, open the Find Mass Additions window. Click in the 'Book' field to select 'UVA FA BOOK' from the LOV.

2. Find mass additions with the queue name NEW or ON HOLD or a user- defined hold queue. If you want to find mass additions by invoice number, purchase order number, or supplier number, the search criteria must match exactly, including capitalization.

3. Select the mass addition line that you want to review and click [Open].

Note: Purchasing (PO) and Accounts Payable (AP) information is imported to display by default on this screen.

4. Enter or edit the description of the asset. Using mixed case (initial capitals), place the noun first and separate the descriptive word(s) with commas.

EXAMPLE: Microscope, Electron

5. 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 owned. Indicate who is the responsible entity: UVA, UVA at Wise, or SWVHEC.

UVA Assets are classified as either

UVA owned
Government furnished (GFE)
Government purchased (GOVP)
Non-owned other

UVA at Wise has similar ownership categories.

6. Key or select required additional information in the Asset Category Descriptive Flexfield (DFF) [REF3500U] shown in the preceding screen shot.

Note: 'Responsible Org' is a REQUIRED field.

Assignments

1. Click the [Assignments] button on the Mass Additions screen. Enter the asset unit for the first assignment in the unit change box. Note the 'Units to Assign' box keeps track of the units remaining to be assigned. Fractional units can be assigned

2. Select the name or employee number of the person responsible for the asset from LOV.

3. Enter the expense account,. The account can be selected from the LOV. It is important to select the appropriate project and organization when completing the account. The object code defaults to 'Depreciation expense.'

Note: The 'Clearing Account' code can be copied to the clipboard then pasted into 'Expense Account' field. Once it has been pasted, change the 'Object Code' segment of the 'Expense Account' to '8585' if the asset is UVA or UVA-Wise Owned. Use '8586' for non-owned and SWVHEC assets.

4. Select the physical location of the asset from the LOV.

5. Click [Done] to save your work.

6. Change the queue name: POST marks the mass addition line as being ready for processing by the Post Mass Additions program; DELETE marks the unwanted line for deletion when you run the Delete Mass Additions program; and ON HOLD places the line on hold.

7. Press [Ctrl-S] to save your work.

Posting Mass Addition Lines

IS Assets
N ® Mass Additions ® Post Mass Additions
Submit Request Set

Submit Request Set

You create assets from the mass additions in the POST queue in IS Assets when you post mass additions. Also add mass additions in the COST ADJUSTMENT queue to existing assets.

1. Open the Submit Requests window.

2. In the Parameters window, select the LOV to display the default book, 'UVA FA BOOK.' If no assets are available for posting an error message appears stating that no entries are found.

3. Click [Submit Request] to submit a concurrent process to post your mass additions to IS Assets.

Note: When the program is successfully completed, IS Assets automatically runs the Mass Additions Posting Report, giving you an audit trail of the processed mass additions.

4. Review the log file and print reports after the request is completed.

Note: Posting mass additions will be a nightly, automated process. Posting can be done manually if necessary. Check with the Property Accounting Manager before posting mass additions manually.

Effective: 08/18/04