Skip Ribbon Commands
Skip to main content
Sign In
Manage PermissionsManage Permissions
|
Version HistoryVersion History

Asset transfers will reflect differently on financial reports for FY 2019

<div>
<br>&nbsp;
<br>&nbsp;&nbsp;&nbsp;
<br>
<br>
<br>&nbsp;&nbsp;&nbsp; During the implementation of the new financial structure in
<br>July 2018, modifications to asset postings were put into place in order to
<br>ensure reconciliation from cash to available balance was easily completed
<br>between the Finance module (FI) and Funds Management (FM). The modification was
<br>recommended in part due to significant issues prior to go-live concerning the
<br>treatment of assets in the FM module.
<br>
<br>
<br>Since go-live, it has become clear that the majority of
<br>assets transfers are at zero value and therefore do not impact the FM module.
<br>After further testing, a new modification has been made to the posting rules.
<br>
<br>
<br>Requests for asset transfers will still be made in the same
<br>way and all entries will be handled by the Property Accounting area, however
<br>users will notice a difference in the way these entries are reflected on their financial
<br>reports (including SFA).  The table below
<br>summarizes all asset transactions that occur in SAP and their impact on the
<br>Funds Management module (FM), the General Ledger (GL) account derived from the
<br>transaction and any additional entries needed.
<br>​Asset Transaction Type ​FM Posting Real/Statistical ​Derivation Account ​Additional Entries  Needed ​External
<br>Asset Acquisition​Real
<br>​537200
<br>– Capital Equipment ​None​Asset
<br>Retirement/Disposal​Statistical
<br>​568020
<br>– Plant Assets Retired ​None​Asset
<br>Construction Settlement ​Real​538xxx
<br>– Land, Buildings, Infrastructure, etc. ​None​Asset
<br>Transfers at no cost ​Statistical​568020
<br>– Plant Assets Retired ​1.)
<br>Offset cash impact on new GL 537201 – Statistical ​Asset
<br>Transfers with Revenue ​Statistical​568020
<br>– Plant Assets Retired ​1.) Offset cash impact on new GL 537201 – Statistical
<br>2.) Transfer cash/available balance between departments for agreed upon value (491700) – Real
<br>​Asset
<br>Transfer to correct funding ​Statistical​568020 – Plant Assets Retired ​1.) Offset cash impact on new GL 537201 – Statistical
<br>2.) Transfer expense to appropriate funding source on new GL 537202 – Real
<br>​Depreciation​Statistical​557160
<br>– Depreciation Expense ​None
<br>
<br>
<br>
<br>
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>
<br>
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>
<br>
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>
<br>
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>
<br>
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>
<br>
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>
<br>
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>
<br>
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>
<br>
<br>
<br>
<br>
<br>
<br>With the process change, the Statement of Financial Activity
<br>(SFA) and other Funds Management transactional reports will display asset
<br>related transactions as expenditures only at initial purchase. The movement of
<br>assets will no longer be reflected unless it is a correction to the funding
<br>source. Anything that has been processed to date is being corrected centrally
<br>and recorded using the new modifications.
<br>
<br>
<br>For further information, contact Accounting Services.  
<br>
<br>
<br>
<br></div>
 
Contact Information:   Accounting Services, , Accounting Services,