OSC/Core-CT Asset Management User Group · 2015-02-20 · OSC/Core-CT Asset Management User Group Asset Management User Group Meeting Session #0001 February 24, 2015 Session #0002

OSC/Core-CT Asset Management User Group

Asset Management User Group Meeting Session #0001 February 24, 2015 Session #0002 February 26, 2015 Board of Regents Conference Room 61 Woodland St Hartford, CT

Agenda Asset Management Facts Reconciliation Receiving Assets Asset Processor Loading Capitalization Reporting (what's new)

Audit Queries Non-Cap Expenditures PI Unders

Physical Inventory (the road ahead) Forms Property Control Manual Intangible Assets

Important Dates

Asset Management Facts

480,000 Assets

275 Users

$19.4 Billion

53 Business

Units

Reconciliation

“You bought it, they lost it”

Save on Time and Frustration…

RECONCILE

Reconciliation

Challenge Why Important? Approach

Capture all PO Acquisitions

CT Identify Queries

Capture all AM Expenditures

• Ensures accuracy • Minimize Audit Findings • Avoid duplication

AP Expenditure Validations

Review Capitalization Thresholds

• Ensure that assets are not over/under stated.

Voucher/Asset Audit Query Assets Over/Under Query

Capture all AM Receipts

• Avoid need to Basic Add • Reduce Data Entry Error

Identify Open Receipts Review Received Status Assets

Reconciliation

CT Identify Queries Public Financials Reporting Tools

CT_IDENTIFY_ASSETS_IN_PO CT_IDENTIFY_CNTRL_IN_PO Displays asset distribution lines on dispatched

and/or Approved Purchase Orders Looks for distribution lines with an Asset

Expenditure account Examine Account Codes and Profiles

Reconciliation

Reconciliation

Reconciliation

AP Expenditure Validations Public EPM Queries

CT_CORE_CAPITAL_ASSET_EXPENDI CT_CORE_NON_CAP_ASSET_EXPENDI (new) A/P Folder Displays asset distribution lines on Posted

Vouchers Looks for distribution lines with an Asset

Expenditure Account Code Validate Purchase Order/Voucher in AM

Reconciliation

Reconciliation

Reconciliation

Reconciliation

Voucher/Asset Audit Query Public EPM Query

CT_CORE_FN_AM_VCHR_ASSET_AUDIT AM Folder Displays Voucher Lines Posted to AM (ASSET

ID) Displays Voucher Lines NOT Posted to AM

(NO ASSET ID) Reconcile Missing Assets

Reconciliation

Reconciliation

Reconciliation

Assets Over/Under Query Public EPM Query

CT_OSC_ASSETS_OVER_UNDER OSC Folder Verify that assets are Capitalized correctly Assets over $999.99 in NON-Capitalized Cost

Tables Assets under $1000.00 in Cost Tables

Reconciliation

Reconciliation

Reconciliation

Reconciliation

Identify Open Receipts On-line Search

Add/Update Receipts Search for Asset Lines Still Pending Serialized Lines Require Serial Numbers Update Serial if Voucher has NOT been Created

Reconciliation

Reconciliation

Reconciliation

Reconciliation

Review Received Status Assets Search for an Asset

Change Asset Status to RECEIVED Displays all Assets not yet Capitalized Verify that assets are not yet Paid Reconcile Missing Assets Reconcile Costs

Reconciliation

Reconciliation

Receiving Assets


Interface Receipt • Ensure accuracy • Automate Asset Load • Immediate Tracking

Check Box Default

Create Many Assets from One Line

• Minimize need to Unitize Later • Assets created Immediately

Serialize

Assign Tag/ID • Deter misuse • Streamline Tracking

Tag at Receipt System Assigned Asset ID

Capture all AM Information

• Avoid need to Basic Add Later • Reduce Data Entry Error

Use MORE DETAILS Tab

Accommodate Split Funded Assets

• Ensure that assets are not over/under stated.

Use ONE ASSET ID button

Receiving Assets

Check Box Default Determines when Asset is Created

Deselect to “STAGE” Assets Always defaults to Selected Kicks Off Receiver Interface Push Process Important to Make Sure Process Runs

Receiving Assets

Receiving Assets

Receiving Assets

Serialize Most Efficient Way to Receive

Streamlines the Business Process Eliminates Consolidate/Unitize Saves Time Serial Number Required

Receiving Assets

Receiving Assets

Receiving Assets

Tag at Receipt Immediately Identifies Ownership

Proof of Receipt Link to Acquisition Documents Physical Inventory Ready Minimize Chance for Discrepancies

Receiving Assets

Receiving Assets

System Assigned Asset ID Preferred Method

Eliminates Duplicate Errors No Need to DELETE Assets Allows for Auto Assign Tags Accommodates excess Quantities

Receiving Assets

Receiving Assets

More Details Tab Capture More Details Upfront

Verify Location Assign Custodian Manufacturer Model

Receiving Assets

Receiving Assets

One Asset ID Button Multiple Distributions to Single Asset

Not available for single distribution Must have Quantity of One Assigns Sequence Number Value to Each Row

Receiving Assets

Receiving Assets

Receiving Assets

Asset Processor Loading


Preview Data in the Loader Tables

• Ensure that Load Type/Status is updated

Approve/Review

Combine many load lines into a single asset, or split a load line into many assets

• Needs to be done BEFORE the Voucher is created

Consolidate and Unitize

Load Physical/Capitalize Lines in a Timely Manner

• Needs to be in an Open Accounting Period

• Allow subsequent Receipts to Load • Once paid, Assets need to be placed

In-Service

Load Transactions into AM


Approve/Review Defines the Individual Assets

Review Load Status Review Trans Load Type Time Sensitive


Asset Processor Loading •Not Processed

•Requires immediate action

•Will not allow for additional transactions

PENDING

•An error exists on this transaction and it will not be processed

•Will not allow for additional transactions ERRORED

•The transaction has been consolidated into a different transaction and it will not be loaded CONSOLIDATED

•The transaction has been unitized into a different transaction and it will not be loaded UNITIZED

•The transaction has been successfully processed LOADED



•Asset Capitalization

•Payment Line from AP

•Needs to be Manually Loaded in Open Accounting Period

Capitalize

•Non-Financial Add

•Receipt Interface Checkbox determines whether or not the system will load automatically

Phys Add

•Adjust Cost and Add Acquisition Detail

•Needs to be Manually Loaded in Open Accounting Period

AdjCstAcqD

UNITIED

LOADED


Consolidate/Unitize Defines the Individual Assets

Combine Pending Distribution Lines Split Pending Distribution Lines Time Sensitive




Load Transactions into AM Reads Staged Data and Populates

Asset Management Tables Pending Load Status Monitor/Load Often Physical Lines (PO Receipt) Capitalize Lines (Auto loaded)



Capitalization


All Asset's eventually need to be Capitalized

• Create Cost Records Load Capitalize Interface

Manual Capitalization

• No Capitalize Interface • Creates Issues • Not Recommended

Basic Add

Capitalize in an Open Accounting Period

• Needs to be in an Open Accounting Period

• Minimize Audit Findings • Once paid, Assets need to be placed

In-Service

Monthly Reminders

Capitalization

Load Capitalize Interface Create Cost Record

Create Book Record (Capital Assets Only) Changes Status to In-Service Available for Depreciation Time Sensitive

Capitalization

Capitalization

Basic Add Not Recommended

Can cause duplicates May be necessary Confirm that there is no associated Interface Can make changes without capitalizing Time Sensitive

Capitalization

Capitalization

Capitalization

Monthly Reminders Email

Capitalize lines loaded by 10th of month Interfaces set to Error if not loaded Time Sensitive

Capitalization

Reporting (what's new)


Include Non-Financial Assets on PI Unders Report

• Have a record of all assets not found during a Physical Inventory

Update Physical Inventory Report

Review Non-Capitalized Expenditures

• Help with Reconciliation New EPM Non-Cap Expenditure Query

Identify Assets with the wrong cost

• Minimize Audit Findings • Accurately report Asset Cost Basis

Three new EPM Audit Queries

Reporting (what’s new)

Updated Physical Inventory Report

CTAM2210 New name Lists all assets not found during Physical

Inventory





EPM Queries CT_CORE_NON_CAP_ASSET_EXPENDI

Posted vouchers w/asset dist codes

CT_OSC_ASSETS_NO_COST In-service assets missing cost record

CT_OSC_ASSETS_OVER_UNDER In-service assets with cost in wrong table

CT_OSC_ASSETS_UNDER_DOLLAR In-service assets w/cost of $1.00 or less



http://www.core-ct.state.ct.us/epm/pdf/EPM_asset_mngmt_lab_exercise.pdf

EPM Asset Management Job Aid:




Physical Inventory (the road ahead)


How to deal with current Asset scanners that are at End Of Life

• Battery Life is no longer consistent • Units Lock Up

Scanner replacement batteries Data Clean

Accommodate new 9.2 Mobile Inventory

• New Real Time application • No 3rd Party Software Required

IOS/Android Devices

Allow for Manual Physical Inventory

• Accommodate Agencies that do not have access to Wi-Fi/Wireless

• Backup Option

Excel Spreadsheet Template

Scanner Replacement Batteries Current Intermec Scanners

• CK31 (no longer supported by Intermec)

• CK3

• Replacing Batteries

– Battery #1 User Replaceable

– Battery #2 Return to Vendor for Replacement


Data Clean Core-CT Help Desk Ticket Required

• Update software on the scanner

• Perform asset data clean-up


IOS/Android Devices Oracle adding new Mobile Asset Physical

Inventory (9.2)

• Real Time Application

• WIFI or Cellular Capable

• Browser Based

– Nothing to Upload

– Manual Option still Available


IOS/Android Devices



IOS/Android Devices

Capability to scan via inexpensive add on: Honeywell Scanner Sled Bluetooth Scanner

Minimum investment $


IOS/Android Devices


IOS/Android Devices

Agency Benefits:

Utilize existing hardware Eliminate lost data files Access data in real time No additional software programs Improved battery technology Streamline processing

4 step process


IOS/Android Devices

Timeframe Objective

• 2016 – Propose/Release Plan

• 2016/2017- Testing

• 2017 - Implement



Manual Physical Upload Tool Supported now and in the future Good backup option Works off Line Time consuming Subject to data entry error



• ADJUSTMENT TO REAL AND PERSONAL PROPERTY

CO-853

• RECORD OF EQUIPMENT ON LOAN CO-1079

• TRANSFER OF ASSETS BETWEEN STATE AGENCIES CO-64

• EQUIPMENT TRANSFER FORM

Forms

Adjustment to Real and

Personal Property –

CO-853

Forms

RECORD OF EQUIPMENT ON

LOAN CO-1079

Forms

State equipment is not intended to be used for personal reasons. Loan permission is to be granted only in order to conduct State business. The equipment may be loaned if the agency head is convinced that the removal of such equipment will not:

• INTERFERE WITH THE NORMAL OPERATION OF THE AGENCY • CAUSE UNREASONABLE WEAR AND TEAR ON THE EQUIPMENT • CAUSE EXPENSE TO BE INCURRED BY THE AGENCY • PROVIDE FOR PROFIT-MAKING ACTIVITIES

Forms

• ASSET PERSON COMPLETES THE CO-1079

• INDIVIDUAL TAKING THE EQUIPMENT SIGNS THE CO-1079

• PHYSICAL INVENTORY

Forms

• One copy of the CO-1079 is retained by the asset person, one copy is given to the division or department loaning the equipment, and the final copy should be given to the individual authorized to use the equipment.

• Equipment should not leave State premises unless an inventory tag is on the equipment.

• If the equipment has not been returned by the expected date indicated, procedures should include making direct contact by letter or phone on a weekly basis with the individual until the equipment is returned.

• Equipment should not be loaned for extended periods of time. • All equipment must be returned to the agency during a physical

inventory.

Forms

TRANSFER OF ASSETS BETWEEN STATE AGENCIES

INTER-UNIT TRANSFER OF ASSETS CO -64 7/05

STATE OF CONNECTICUT OFFICE OF THE STATE COMPTROLLER

USE THIS FORM TO FACILITATE ASSET COLLECTION BETWEEN STATE BUSINESS UNITS

1. RECEIVING BUSINESS UNIT: 2. TRANSFERRING BUSINESS UNIT: a. PLEASE COMPLETE THE FOLLOWING SECTIONS : RECEIVING BUSINESS UNIT, CHARTFIELD INFORMATION, b. SIGNATURE OF AUTHORIZATION . SEND COMPLETED FORM TO TRANSFERRING BUSINESS UNIT.

c. RETAIN COPY.

a. b.

PLEASE COMPLETE THE FOLLOWING SECTIONS : TRANSFERRING BUSINESS UNIT, DESCRIPTION OF ASSET (BOTTOM PORTION OF PAGE).

RETAIN IN FILE .

RECEIVING BUSINESS UNIT

RECEIVING BUSINESS UNIT

NEW ASSET ID IF DEPARTMENT OF TRANSPORTATION:

PROFILE ID ASSET CLASS

NEW LOCATION CODE

CHARTFIELD - COMPLETED BY RECEIVING DEPARTMENT

COST LINE FUND DEPARTMENT SID PROGRAM ACCOUNT PROJECT CHARTFIELD

1

CHARTFIELD

2 BUDGET

REFERENCE

PREPARED BY TELEPHONE NO. DATE

RECEIVING BUSINESS UNIT ACCEPTANCE

THE ABOVE DETAILED ASSET TRANSFER IS AUTHORIZED TO BE ENTERED INTO CORE-CT WITH THE CHARTFIELD VALUES LISTED ABOVE.

AUTHORIZED DEPARTMENT SIGNATURE TITLE DATE

TRANSFERRING BUSINESS UNIT

TRANSFERRING BUSINESS UNIT

PDC REFERENCE CODE

TO BE COMPLETED BY TRANSFERRING BUSINESS UNIT

DESCRIPTION OF ASSET:

PREPARED BY TELEPHONE NO. DATE

Forms

EQUIPMENT TRANSFER FORM

6/2010

STATE OF CONNECTICUT EQUIPMENT TRANSFER WITHIN AGENCY

COMPLETE WHEN EQUIPMENT IS MOVED WITHIN AN AGENCY

AGENCY ACRONYM AGENCY NAME

DATE ITEM DESCRIPTION (Include Material Content)

FROM TAG

NUMBER TO

ADDRESS ROOM NO. ADDRESS ROOM NO.

AUTHORIZED BY (Signature) DATE

POSTED BY DATE POSTED

Forms

The Revised Property Control Manual

The revised Property Control Manual will be released as an exposure draft for 90 days.

Please use the asset mailbox [email protected] to comment on the exposure draft.

Property Control Manual

mailto:[email protected]

What’s New

Intangible Assets The Governmental Accounting Standards Board’s Statement No. 51 Accounting and Financial Reporting for Intangible Assets defines intangible assets and how they are to be handled for reporting purposes. All intangible assets that meet the definition in GASB 51 should be classified as capital assets.

Intangible Assets

What is an Intangible Asset?

• Lacks physical substance

• Nonfinancial nature

• Initial useful life extending beyond a single reporting period

Intangible Assets

Common intangible assets include but are not limited to:

– Rights of Way and other easements

– Patents, copyrights, trademarks

– Land use rights

– License agreements

– Permits

– Computer software (internally generated, government websites, purchased or licensed)

Intangible Assets

Physical Inventory completed by June 30

CO-59 Due October 1

[email protected]

Important Dates


Questions ? Comments

Contact: (OSC Asset Management Mailbox)

[email protected]

UPK: (online interactive training)

http://www.core-ct.state.ct.us/training/upk/upk_info.html

General Information: (Core-CT Website)

http://www.core-ct.state.ct.us/

Help Desk:

860.622.2300/ http://footprints.ct.gov/footprints

Thank You!










http://footprints.ct.gov/footprints

