Mass Additions - Prepare for Capital Projects

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Distribution

Director of Fixed Assets Accounting

FA Administrator

FA Plant Funds Manager

Related Procedures

None.

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 ® Mass Additions ® Prepare Mass Additions
B ® Open
Mass Additions

103688

1. Click [Book] to display the default UVA FA BOOK. Click [Find] to display all the asset lines sent to Fixed Assets. If you know it, key the Project Number in the appropriate field and click the [Find] button. This will retrieve only the assets for that specific project.

2. When the capital project asset lines are sent to Fixed Assets, the lines are automatically merged into one line per asset and the new line(s) is put on the POST Queue. You can review the Post lines by placing the cursor on the line and clicking the Open button. You can also Navigate directly to Post Mass Additions and post the lines without viewing them. See Mass Additions - Posting. The Post line contains the asset information that will be posted to Fixed Assets. You can view the information that was recorded when the asset was created in Defining Capital Assets. Lines are posted to Fixed Assets in the nightly processes.

3. Review information on the 'Source' tab to insure it is correct. Changes can be made to the description and category if needed.

4. Click the Asset Details tab to view additional information that was established with the asset. Recorded information can be changed and information can be added. UVA will generally not use a tag number. Note that the "Cost" field is blank. The cost will appear on the asset after it has been posted. You can view the cost by opening the merged line of the asset.

5. If this asset is a component of a building, key the Parent Asset number. If there is no Parent Asset for this asset record the building designation (see Note below) and tax parcel ID number in the appropriate segments of Asset Key FlexField.

Note: Keying the Parent Asset number insures that components are grouped with the appropriate building or improvement and reflected that way in reports.

Note: Buildings are designated as:

E&G
Auxiliary & Other
Infrastructure

Note: The parent asset number should be the building number.

6. Record the building address in the DFF if there is no parent associated with this asset.

Note: 'Responsible Org' is a REQUIRED field.

7. Click the [Assignments] button on the Mass Additions screen to view or edit assignment information. Confirm that the depreciation expense account is correct. If the asset was funded from multiple fund sources, add the additional expense accounts with the prorated percentage for the "Units" column.

Note: the assignment units for the unique Fund Sources should be the same as the pro-rated share of funding by Fund Source costs.

8. Navigate back to the Mass Additions screen. When activated you can click the [Project Details] button to see Project information. This takes you to the "Asset Line Details" screen.

9. Click [Done] when you have completed reviewing the information and you are ready to post the asset to Fixed Assets.

10. To view the merged line information, place the cursor on the merged line and click the [Open] button. You cannot change any information since that line is no longer active. The cost associated with the asset is shown on the 'Merged' line. Except for the cost, all the information on the 'Merged' line has been added to the Post line. For more information on merging lines see Mass Additions - Merging.

11. If you are ready to turn a mass addition line into an asset, make sure the queue name is POST. While you are processing, put a mass addition line in the ON HOLD or a user-defined queue.

Note: If the line was sent over in error, you must post the asset and then reverse the line in Grants Management. This insures that the appropriate accounting entries are generated.

Effective: 08/18/04

Revision: 2

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