am341: adjusting, recategorizing, transferring, and retiring assets welcome

AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets

Welcome


Please set cell phones and pagers to silent

Refrain from side discussions. We all want to hear what you have to say!

Feel free to ask questions. If your question is off-topic or will be discussed later in the training course, we will write it on a flip chart (parking lot) to be sure we cover it later

Two breaks and a one hour lunch are planned

Bathrooms / Snacks

First Things First


Get to know your fellow Trainers and Drivers!

Icebreaker


Training Materials Overview


Produced in Microsoft Word

Contains key concepts, processes, and task information

required to complete a user’s role in SMART

Process flows and screenshots of the SMART system are

included

This is a great reference to use after training!

Participant Guide


Used to help the Trainer facilitate the course materials

Produced in Microsoft PowerPoint

Contains key content and graphics

Generally used at the beginning or end of each Lesson

Concept Slides


Used to present the flow of either business processes or

information within SMART

Business Process Flows


Produced in Microsoft Word

Contains a scenario for each activity completed in the training

database

Provides data that you must enter for the exercise

Organized by classrooms and users

Take note of the user ID assigned to you

Activity Guide


Demonstration – instructor only (hands off)

Walkthrough – instructor leads and participants complete

exercise with instructor (hands on)

Exercise – Participants complete on their own

Challenge – Participants complete on their own

Activity Types


An online help tool that contains user procedures for completing

tasks in SMART

Used in training to perform a simulation of a SMART task or to

be used during an activity as a help guide

UPKs are also available after training on the SMART Training

website

UPKs are simulated to have the look and feel of SMART, but do

not impact the production environment. It is a safe way to

practice tasks that you perform in SMART.

User Productivity Kits (UPKs)


A short document that contains key concepts or steps involved

in a course

Can be content or system related

Available for all participants to use during training

Used after training for quick reference from the Training Portion

of the SMART website

Referenced as often as possible during training to indicate the

“handiness” of the material

Job Aids


Questions


Course Objectives

Upon completion of the course, you will be able to:

Understand asset adjustment, transfer, recategorization, retirement, and reinstatement

Adjust and recategorize an asset

Transfer assets within a business unit

Retire and reinstate Assets


Lesson One

Understanding Asset Adjustment,

Recategorization, Transfer, and Retirement


Key Terms and Concepts for Asset Adjustment, Recategorization, Transfer, and Retirement

Adjustment – The process of modifying a change to fields that have financial impacts, such as changes to an asset’s costAdditions – Adds an additional cost line as a result of alternate or multiple funding sourcesRecategorization – The process of changing an asset’s category as a result of an incorrect asset profile selection

These topics are found on pages 4 – 5 of your Participant Guide


Key Terms and Concepts for Asset Adjustment, Recategorization, Transfer, and Retirement

Transfer – The process of moving an asset to a different area within a business unit or to another business unit

InterUnit Transfer – The process of moving assets from one business unit to another business unitIntraUnit Transfer – The process of moving assets between departments within the same business unit

Retirement – The disposal or removal of an asset from useReinstatement – The process of restoring an asset to service from retirement


Defining Key Terms for Asset Adjustment, Recategorization, Transfer, and Retirement

End to End Asset Management Business Process Flow


Understanding Asset Adjustment, Recategorization, Transfer, and Retirement Processes

Roles associated with Asset Adjustment, Recategorization, Transfer, and Retirement Processes

Agency Asset Adjustment, Transfer, and Retirement Processor – role is responsible for recategorizations, adjustments, transfers and retirements. This role handles higher level activities then the Asset Processor who enters and reviews asset information.


Lesson Summary

In this lesson, you learned to:

Explain key terms and concepts for asset adjustment, recategorization,

transfer, and retirement

Describe the end-to-end processes for adjusting, recategorizing,

transferring, and retiring assets and how they fit into the end-to-end

Asset Management process

The responsibilities of the Agency Asset Adjustment, Transfer, and

Retirement Processor


Questions


Lesson Two

Adjusting Assets


Adjust an Asset

Periodically, it is necessary to make changes to asset records to correct errors or add newly received information. You can adjust any information that has been entered about assets, including cost, market value, quantity, depreciation rules, location, physical attributes, and so on.

Adjusting Asset Cost Process

This topic is covered on pages 8 – 12 in your Participant Guide


Begin ActivitiesWe will now complete Activity 1 in your

Activity Guide


Recategorize an Asset

You might need to recategorize an asset because an incorrect asset profile was selected, resulting in an incorrect asset category which affects balance sheet reporting.

Recategorizing Asset Process

This topic is covered on pages 13 – 18


Begin ActivitiesWe will now complete a walkthrough using a

UPK: Recategorizing Assets



Activity Guide


Lesson Summary


Describe the impacts of adjusting and recategorizing assets

Adjust asset information

Recategorize Assets


Questions


Lesson Three

Transferring Assets


Understanding Asset Transfers



In addition to adjusting asset information, you may need to periodically transfer assets within a business unit or from one business unit to another.

The intraunit transfer of assets involves transferring assets from one department, product, or project to another within a business unit. You need to relocate the assets and change some of the ChartField elements to post the asset cost correctly



Begin ActivitiesWe will now complete Activity 3 – 4 in your

Activity Guide


Transferring an Asset between Business Units

Transferring an Asset between Business Units is a process performed centrally because of business unit security. However, the agency will need to complete a spreadsheet and send to central with all pertinent information needed to complete this transfer. This spreadsheet will be available on the course material web page as a resource.



Lesson Summary


Explain asset transfers within and between business units

Transfer assets within a business unit

Transfer an asset between a business unit


Questions


Lesson Four

Retiring and Reinstating Assets


Understanding Asset Retirement and Reinstatement

Retirement Process



Reinstatement Process



Assets are fully or partially retired by quantity or by cost. You retire assets when they are either disposed of or no longer in useDisposal type for an asset

Abandonment – Use when the asset has no resale value and is left behindCannibalize for Other Assets – Use when the asset has been dismantled and the parts reused within your agencyCasualty Loss – Use when an asset is unintentionally destroyed. If you cannot sell the asset, you might incur removal costs disposing of it.Donated to External Group – Use when an asset is donatedKS Surplus (Retired to State Surplus) – Use when an asset is sent to State Surplus




Disposal type for an asset (cont)Missing Asset – Use when the asset is missing. Missing

assets have no proceeds or removal costs.Retirement by Sale – Use when you sell an assetRtn_Fed (Returned to Federal Government) - Use when an

asset is returned to the Federal GovernmentScrapped Assets – Use when the asset is no longer useful and

has no resale valueTraded In for Another Asset – Use when you are trading one

asset for another



When you retire an asset, Asset Management creates all of the necessary journal entries

There can be instances where a retired asset needs to be reinstated. Asset Management enables you to reinstate retired assets. Asset Management will then update the appropriate depreciation tables with the newly reinstated asset information.



When retiring a parent asset you are able to select some or all child assets with the parent in the transaction that you have initiated using the Child Assets page in the Retire an Asset overall page

When you retire an asset, SMART creates the appropriate accounting and depreciation entries through a batch process, which is automatically run on a regular basis. The accounting entries are sent to the general ledger and update the value and depreciation information for the asset.

Note: When you reinstate an asset, the accounting entries created by retiring the asset are reversed.


Retiring an Asset by Sale

This topic is covered on pages 32 – 37 of your Participant Guide

The Asset Management module allows the proceeds received from the sale of an asset to be recorded when a retirement by sale transaction is recorded. The actual deposit for the cash received is not recorded in the Asset Management module. Record this transaction in the Accounts Receivable module as a deposit, which then posts to the GL Actuals Ledger in the General Ledger module


Begin ActivitiesWe will now complete Activity 5 – 6 in your

Activity Guide


Retiring an Asset by Trade-In


•The trade-in value of the retired asset is included in the cost valuation of the new asset

•New assets resulting from a trade-in must use the “Trade-in” acquisition code

•Use the Express Add to add the new asset. An agency will do this because the acquisition code is automatically defaulted to purchased when coming from Purchasing and the code cannot be changed.

•Depreciation has to be run on the asset being traded in before the new asset is added



Activity Guide


Retiring an Asset Using a Disposal Worksheet


The Disposal Worksheet page provides a quick method to select assets to retire based on the following elements: Category, Book, Location, Profile ID, Acquisition Details, and ChartField values.


Begin ActivitiesWe will now complete a walkthrough using a UPK: Retiring Assets by Disposal Worksheet


Reinstating Assets


Only one asset can be reinstated at a time

Reinstating an asset reverses all journal entries created by the retirement



Activity Guide


Lesson Summary


Retire assets by sale

Retire assets by trade-in

Retire assets using a disposal worksheet

Reinstate assets



Activity Guide


Closing the Day


Use the following resources

SMART Training Website http://da.ks.gov/smart/training.html

SMART Training Team Contact us at [email protected]

SMART materials Review, Review, Review your SMART materials after

training!!


Questions


Evaluation

Please fill out the evaluation for today’s instructor led training session!

http://www.surveymonkey.com/s/SMARTtrainingAM341


Thanks for coming and participating

today!

am341: adjusting, recategorizing, transferring, and retiring assets welcome

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