Asset Management Training: Department Users

Asset Management Training: Department Users

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Asset Management Training

By the end of this training session, regarding Asset Management, you should. . .

Understand the process changes

Understand the changes to your role & responsibilities

Know how to perform relevant PeopleSoft steps

Be aware of relevant policy changes

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Agenda

Department User Responsibilities

Policy Changes

Frequency of Batch Jobs

PeopleSoft Steps (UPK)

Interfaces

Q & A

Reports

Course Evaluation

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Most Significant Policy & Procedure Changes

The capitalization threshold has been raised to $5,000. Exceptions to this include art and books.

Desirable assets (i.e., computers & lab equipment) valued between $1,000 & $5,000 will be tagged but not capitalized.

The AM module will produce up to date depreciation calculations for inquiry and reporting.

Departments will be responsible for maintaining asset physical information and can run their own capital asset reports.

Proceeds on capital asset disposals will no longer be treated as revenue, but will be factored into the gain/loss calculation.

Asset Management

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Additional Changes

The useful life criteria for capital assets have been modified. This is configured by Profile ID in PeopleSoft.

‘Following Month’ is the convention used for acquisition, depreciation, and disposal.

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There will be an integrated asset recording and tracking system.

Users will have more access to asset data and reports.

There will be real-time reporting.

Departments can view all capital assets that they have funded, including construction related ones.

Depreciation for each asset will be posted monthly to the General Ledger.

Asset Mgmt. Enhancements

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There are numerous changes to Roles & Responsibilities for AM Analysts and Department users.

• Focus primarily on preventing errors rather than correcting them

• Make use of enhanced functionality to track asset relationships, process single step asset transfers, control when work in process capital assets commence depreciation.

• Will reconcile AM data with what’s in feeder systems.

AnalystsAnalysts

• Will now maintain asset physical information

• Can run their own reports

Department UsersDepartment Users

TransitionTransitionReactive Proactive TransitionTransitionLimited Data

Data Access

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There are many links between modules being implemented. The diagram below highlights the “Big Picture.”

General Ledger

Project Costing

Human Resources

Student Admin

Systems

eProj*

eBenefits

Asset Mgmt.

eFIN*

Phase 1

Phase 2 Phase 3

Live 08/01/05

Live 01/2006

Accounts Payable

Data Warehouse

Fit-Gap Analysis in progress

Report Due end of June, 2005

eProcure. & Purchasing

Billing & AR

Expenses

*Note: eProj and eFIN are not PeopleSoft® modules; eProj will not be released to the academic community until October 2005.

Time & Labour

PayrollWould replace Student Information Systems (SIS)

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Asset details get into the Asset Management (AM) module once the asset has been received and asset cost information does once the voucher has been paid.

Purchase Order

Created

Item & Invoice

Received

Voucher Paid

Asset Management Module

Asset Details Migrated to AM module

Asset Cost Migrated to AM module

Some capital assets, such as Gifts-in-Kind, have to be manually added by Asset Management Analysts.

Interface Tables

Job will be run weekly to move asset information to AM Module.

Depreciation Calculation

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1. Enter physical information into PeopleSoft for all capital assets and desirable assets.

2. Put asset tags on items (except for Dell computers, which are received with tags on them).

3. Request asset disposal from Materials Management and inform the Asset Management (AM) Analysts of capital asset disposals.

4. Submit asset transfer requests to the AM Analysts, if applicable.

5. Inform AM Analysts if there are any financial changes associated with a capital asset.

1. Enter physical information into PeopleSoft for all capital assets and desirable assets.

2. Put asset tags on items (except for Dell computers, which are received with tags on them).

3. Request asset disposal from Materials Management and inform the Asset Management (AM) Analysts of capital asset disposals.

4. Submit asset transfer requests to the AM Analysts, if applicable.

5. Inform AM Analysts if there are any financial changes associated with a capital asset.

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Agenda


Policy Changes



Interfaces

Q & A

Reports

Course Evaluation

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Retirement Information

Cost Activity

Depreciation ActivityAsset Transfers

Asset Acquisition

Asset List by Location

Your UPK training shows you how to run reports in PeopleSoft Asset Management. There are other reports available (locations highlighted below).

Although these reports are not necessarily required for the tasks you perform, you may find them useful.

To find these reports go to Asset Management> Financial Reports >. . .

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If you are running additional reports, it is important that you know when and how often batch jobs run. This will tell you the frequency of information update.

Remember that asset information is not immediately migrated to the Asset Management module.

A weekly job moves information from the pre-AM tables to the AM module.

Depreciation Calculation begins once the data is in the AM module.

AM reports will show weekly depreciation and net book value, however depreciation only hits the GL once a month.

Depreciation is recorded only by fund and account in the GL and is not charged to departments.

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Agenda


Policy Changes



Interfaces

Q & A

Reports

Course Evaluation

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Questions

Q&A

Documents

Asset Management Training: Department Users