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AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Get to know your fellow Trainers and Drivers!
Icebreaker
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Used to present the flow of either business processes or
information within SMART
Business Process Flows
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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)
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Lesson One
Understanding Asset Adjustment,
Recategorization, Transfer, and Retirement
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Defining Key Terms for Asset Adjustment, Recategorization, Transfer, and Retirement
End to End Asset Management Business Process Flow
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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.
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring 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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Begin ActivitiesWe will now complete Activity 1 in your
Activity Guide
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Begin ActivitiesWe will now complete a walkthrough using a
UPK: Recategorizing Assets
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Begin ActivitiesWe will now complete Activity 2 in your
Activity Guide
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Lesson Summary
In this lesson, you learned to:
Describe the impacts of adjusting and recategorizing assets
Adjust asset information
Recategorize Assets
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Lesson Three
Transferring Assets
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Understanding Asset Adjustment, Recategorization, Transfer, and Retirement Processes
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
This topic is covered on pages 22 – 24 in your Participant Guide
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Begin ActivitiesWe will now complete Activity 3 – 4 in your
Activity Guide
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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.
This topic is covered on pages 25 – 28 in your Participant Guide
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Lesson Summary
In this lesson, you learned to:
Explain asset transfers within and between business units
Transfer assets within a business unit
Transfer an asset between a business unit
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Lesson Four
Retiring and Reinstating Assets
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Understanding Asset Retirement and Reinstatement
Retirement Process
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Understanding Asset Retirement and Reinstatement
Reinstatement Process
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Understanding Asset Retirement and Reinstatement
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
This topic is covered on pages 30 – 31 in your Participant Guide
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Understanding Asset Retirement and Reinstatement
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Understanding Asset Adjustment, Recategorization, Transfer, and Retirement Processes
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.
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Understanding Asset Retirement and Reinstatement
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.
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Begin ActivitiesWe will now complete Activity 5 – 6 in your
Activity Guide
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Retiring an Asset by Trade-In
This topic is covered on pages 38 – 40 of your Participant Guide
•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
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Begin ActivitiesWe will now complete Activity 7 in your
Activity Guide
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Retiring an Asset Using a Disposal Worksheet
This topic is covered on pages 40 – 46 of your Participant Guide
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.
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Begin ActivitiesWe will now complete a walkthrough using a UPK: Retiring Assets by Disposal Worksheet
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Reinstating Assets
This topic is covered on pages 46 – 47 of your Participant Guide
Only one asset can be reinstated at a time
Reinstating an asset reverses all journal entries created by the retirement
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Begin ActivitiesWe will now complete Activity 8 in your
Activity Guide
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Lesson Summary
In this lesson, you learned to:
Retire assets by sale
Retire assets by trade-in
Retire assets using a disposal worksheet
Reinstate assets
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Begin ActivitiesWe will now complete Activity 9 in your
Activity Guide
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
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!!
AM341: Adjusting, Recategorizing, Transferring, and Retiring Assets
Evaluation
Please fill out the evaluation for today’s instructor led training session!
http://www.surveymonkey.com/s/SMARTtrainingAM341