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This procedure covers the tasks to be completed in closing the IS Fixed Assets module at month end.
This procedure does not cover closing procedures in other IS modules.
Mass Additions - Preparing Mass Additions to Become Assets.
Additions - Creating Journal Entries in GL.
ADI - Opening and Exporting Cost Transfer Report Data.
ADI - Uploading Asset Information.
The Director of Fixed Assets Accounting is responsible for ensuring that the Fixed Assets module is closed properly and that Fixed Assets' closing is coordinated with the system wide month end closing activities.
FA Administrator*
Director of Fixed Assets Accounting
UVA ASC Administrator - Fixed Assets
The Director of Fixed Assets Accounting is responsible for ensuring that this document is necessary, reflects actual practice, and supports University policy.
This activity is performed whenever
1. Ensure mass additions create, posting and PTAO transfer programs run nightly.
2. Ensure cost transfer report runs daily and items pushed to mass additions table are not listed on the report.
Note: Mark items as they are pushed to the mass additions table and when they are posted to Fixed Assets. This information will be used for the monthly reconciliation.
3. Review asset lines in the mass additions table that are not in the post queue for possible posting. This ensures that asset lines are not delayed in posting to Fixed Assets.
Refer to Mass Additions - Preparing Mass Additions to Become Assets.
4. Ensure scanners are uploaded to the additions temp table and the temp table updates Fixed Assets. This verifies asset lines are updated for additional information obtained through the tagging process.
Refer to Scanner - Synchronize Data.
One Day Before Fixed Assets Closing
5. Review cost transfer reports to ensure all unprocessed cost transfers are on CST hold. Handle cost transfers mapped to old expense object codes similar to invoices above. Resolve differences. This is to ensure all cost transfers have either been processed or are on hold
6. Ensure all scanners have been uploaded to additions temp table, and that the temp table has been uploaded to the mass additions table. This ensures all asset lines with all their additional information are posted.
Refer to Scanner - Synchronize Data.
7. Determine whether or not all department requests have been processed.
8. Process all retirements, transfers, and other changes. Review for ETF, inventory, and surplus property actions.
9. Process all journal entries related to manual additions.
Note: Journal entries not processed will be reconciling items.
Refer to Additions - Creating Journal Entries in GL.
Morning of Fixed Assets Closing
10. Ensures that all items available for posting are posted. Verify that the nightly posting and transfer PTAO program was run correctly on the night before Fixed Assets is closed.
Refer to Mass Additions - Posting.
11. Run delete mass additions program for the month.
Refer to Mass Additions - Delete.
12. Download mass additions table to excel for monthly reconciliation. This will be the balance by asset clearing account to be reconciled to the General Ledger asset clearing accounts.
13. Run depreciation. This closes the month for Fixed Assets.
Refer to Depreciation - Running.
14. Send monthly Fixed Assets journal entries to General Ledger by running the standard journals program.
Two Days After Month-End Close
15. Run final cost transfer report for the month.
Note: This must be run after month end from ODS. Note cost transfers not pushed to mass additions table and dated in current month will be reconciling items.
16. Run summary and detail reconciliation reports from ODS.
Note: These will be used to reconcile the asset cost and clearing accounts.
Five Days After Month-End Close
17. Reconcile Fixed Assets and General Ledger.
Effective: 08/13/04
Revision: 2
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