IRIS FA 101 - csc.gov.kycsc.gov.ky/sites/default/files/news/IRIS FA101 MANUAL.pdf · IRIS FA 101: INTRODUCTION TO IRIS FIXED ASSETS VER 1.0 10 | Page INSTRUCTOR: INGRID POWELL Step

IRISFA101: INTRODUCTIONTOIRISFIXEDASSETS VER1.0

0|P a g e INSTRUCTOR:INGRIDPOWELL

IRISFA101:INTRODUCTIONTOIRISFIXEDASSETS

INSTRUCTOR:INGRIDPOWELL



TABLEOFCONTENTSCOURSEOUTLINE.........................................................................................................................................2

1 ASSETS.................................................................................................................................................3

2 ASSETTYPES.........................................................................................................................................3

2.1CAPITALIZEDASSETS........................................................................................................................3

2.2 ATTRACTIVEASSETS.........................................................................................................................3

2.3 CIP(CONSTRUCTIONINPROCESS)...................................................................................................3

3 PROCESSESOFADDINGASSETS...........................................................................................................4

3.1 QUICKADDITIONS............................................................................................................................4

3.2 DETAILADDITIONS..........................................................................................................................6

3.3 MASSADDITIONS..........................................................................................................................10

3.3.1 CREATINGANATTRACTIVEASSET......................................................................................11

3.3.2 CREATINGAFIXEDASSET...................................................................................................13

3.3.3 CREATINGACONSTRUCTIONINPROCESS(CIP)ASSET......................................................14



COURSEOUTLINECourseObjec,ve:

• Tounderstandthe3differentassettypesandthe3processesofaddingassetstothesystem

• Iden%fyingthecorrectassetclearingaccounttobeusedforthedifferentassettypes

Audience:

• FixedAssetsUsers

Prerequisites

• BeaGovernmentEmployee• IRIS101IRISNaviga,onCourse• IRISPO101PurchasingBeginners• IRISPO505PurchasingIntermediate• IRISAP101AccountsPayableBeginners• IRISAP505AccountsPayableIntermediate

CourseOutline:

• Enter3typesofAssetso A"rac&veo FixedAsseto Construc)oninProgress(CIP)

• Addassets3processeso QuickAddi)ons,o Addi$onso MassAddi(ons

Mul$pleChoiceMiniTest

• Thiswillbeanopportunityforthea3endeetoevaluatetheskillslearnedinthiscourseandassessiftheirobjec0veshavebeenmet.

NextRecommendedCourse:

• FA505FixedAssetsIntermediateisthenextcourserecommended



1 ASSETSAnassetcanbedefinedasanitemofeconomicvaluethatisexpectedtoyieldabenefittotheowningen(tyinthefutureperiods.Ifnexpenditureisinsteadconsumedwiththecurrentperiod,itwillbeclassifiedasanexpense.

2 ASSETTYPESThereare3validassettypescurrentlybeingusedbyCIG.Belowarethecharacteris9cs:

2.1CAPITALIZEDASSETSi. Itemsthathasavalue$1000ormore(e.g.Land,Building,Vehicles)ii. Usuallyincludedonthebalancesheetiii. Assetsthatusuallydepreciateswithexcep*onofLandiv. Automa'callytrackedintheFixedAssetRegisterwhenchargedto17020GL

clearingaccountv. AssignedtoFAMajorcategories01to20andminorcategoriesrela6ngto

themajorcategories

2.2 ATTRACTIVEASSETSi. Anexpenseitemhasvalueoflessthan$1000(e.g.Monitors,Mobilephones

orotherhandhelddevices)ii. ItemsthatdoNOTdepreciate,theen-recostischargedinasingleperiodto

anexpenseaccount.iii. ChargedtoGLExpenseaccount51086iv. MustbemanuallyselectedinAPtobetrackedasanAssetv. AssignedtoFAcategories99andminorcategoriesrela2ngtothemajor

category

2.3 CIP(CONSTRUCTIONINPROCESS)i. Unfinishedassetbeingbuilt,notyetinuseandnotyetdeprecia6ngii. Anassetthatdoesnotdepreciateun#litisCapitalizediii. Automa'callytrackedinFixedAssetRegisterwhenChargedtotheGLaccount

17021clearingaccountiv. Codedtoanassetcostaccountanddepreca.onaccountwhencapitalizedand

PlacedinServicev. AssignedtoFAMajorcategories01-20andminorcategoriesrela/ngtothemajor

categoriesbeingusedtoconstructtheprojectvi. AssignedtoaProjectNumber(AssetKey)atall9mes



3 PROCESSESOFADDINGASSETSThereare3processestoenterassetsandeachprocesswillbedescribedbelow:

3.1 QUICKADDITIONSAssetsaddedthroughtheQuickaddi1onswindowshouldonlybeenteredmanuallywhenassetshavenotbeenaddedthroughMassAddi2onsprocess.Youcanenterminimalinforma(onintheQuickAddi$onswindow,andtheremainingassetinforma&ondefaultsfromtheassetcategory,book,andthedateplacedinservice.

Step1. Navigator-FixedAssetManager!Assets!AssetWorkbench

Step2. ChooseQuickAddi.ons

Step3. ChangeAssettypetoCIP,CapitalizedorExpensed

Step4. EnterDescrip,on(prefixedwithcostcenter)



Step5. EnterAssetCategory

Step6. EnterAssetKey(shouldbe000000unlessitsCIP)

Step7. Unitswilldefaultto1canbechangedifneedbe.

Step8. SelectCIGasyourBook

Step9. EnterCost

Step10. Op#onally,updateDateinService

Step11. Op#onally,AssignAssettoanEmployee(orleaveblank)

Step12. Enterexpenseaccount(expenseaccountwilldefaultbasedonassetcategory)

Step13. EnterLoca+onandPost(postcanbeNone)

Step14. ChooseDone



Step15. Onceyourworkhasbeenhasbeensavedanotewillbeappearsta.ngyourassetnumber

Step16. ChooseOK

3.2 DETAILADDITIONSUsetheDetailAddi-onsprocesstomanuallyaddcomplexassetswhichtheQuickAddi-onsprocessdoesnothandle:

• Assetsthathaveasalvagevalue• Assetswithmorethanoneassignment• Assetswiththanonesourceline• Assettowhichthecategorydefaultdeprecia0onrulesdonotapply• Subcomponentassets• Leasedassetsandleaseholdimprovements

BelowarestepstoaddassetsusingtheDetailAddi4onsprocess:

Step1. Navigator-FixedAssetManager!Assets!AssetWorkbench

Step2. ChooseAddi*ons



Step3. EnterAssetDescrip-on

Step4. ChangeAssettype(IfnotCapitalized)

Step5. EnterAssetCategory(listofvaluesavailable)

Step6. EnterAssetKey(should00000unlessitsproject)

Step7. EnternumberofUnits

Step8. Ifyouareaddingasubcomponentasset,entertheParentAssetnumber.

Step9. Choosewhethertoincludetheassetinphysicalinventorycomparisons.Bydefault,theInPhysicalInventorycheckboxissetaccordingtotheassetcategoryyouspecified,butyoucanoverridethatvaluehere.

Step10. Enteraddi*onalinforma*onsuchaswhethertheassetisownedandNewor

Used



Step11. ChooseCon(nue

Step12. Op#onally,ChooseSourcelinestoenterpurchasinginforma#onsuchasSupplierNameandPurchaseOrdernumberrela1ngfortheasset

Step13. Assignassettocorporatedeprecia/onBookCIG

Step14. EnterCurrentCost

Step15. Op#onal–EnterSalvageValue

Step16. UpdateAssetsDateinService

Step17. Indicatewhetheryouwanttodepreciatetheasset

Step18. ChooseCon(nuetoenterAssignmentDetailsforyourasset



Step19. Enterexpenseaccountdetails(Expenseaccountdefaultsfromassetcategory

selected)

Step20. Enterloca+onnameandpost

Step21. ChooseDone



Step22. Onceworkhasbeensavedthesystemautoma4callygeneratesanassetnumber

asshownbelow.

Step23. ChooseOK

3.3 MASSADDITIONSThemassaddi*onsprocessletsyouaddnewassetsorcostadjustmentfromothersystemstoyoursystemautoma+callywithoutreenteringthedata.Forexample,youcanaddnewassetsfromInvoiceLinesbroughtfromOraclePayablestoOracleAssets.TheCreateMassAddi.onsforOracleAssetssendsvalidinvoicelinedistribu3onsandassociateddiscountsfrompayablestoaninterfacetableinOracleAssets.ThenyoureviewthemintheAssetModuletodeterminewhethertocreateassetsfromthelines.

Belowarethestepsofcrea/ngthedifferenttypesofassetsusingthemassaddi/onprocess:



CREATINGANATTRACTIVEASSET3.3.1Step1. ChoosePOBuyerUsertype/Responsibility

Step2. Createpurchaseorderforana0rac1veasset

Note:EnsureAssetDescrip/onisprefixedwithcostcenterasshowninthebelowscreenshot

Step3. ChooseShipments

Step4. ChooseDistribu-ons

Step5. EnterexpenseaccountandCategory



Step6. Savework

Step7. ApprovePurchaseOrder

Step8. SwitchResponsibili0estoyourCIGPOReceiver

Step9. Receiptitemsonpurchaseorder

Step10. EnterAPInvoiceBatchdetails

Step11. MatchPOReceipttoInvoice

Step12. Chooselinestabandscrollacrossclickin“TrackasAsset”checkbox



Step13. ChooseSave

Step14. ValidateInvoiceBatch

Note:CreateAccoun,ngandCreateMassAddi$onsprocessesmustbecompletedforassetsdetailstobetransferredtoMassaddi/onstables.

CREATINGAFIXEDASSET3.3.2Step1. ChoosePOBuyerUsertype/Responsibility

Step2. CreatePO.EnsureDescrip2onisprefixedwithdepartmentcostcenter

Step3. ChooseDistribu$ons

Step4. Enteraccountcodecombina/onusing17020whichisMassaddi/onsclearing

Step5. ApproveandPrintPO

Step6. ReceiptPurchaseorderusingyourPOReceiverUsertype/responsibility

Step7. CreateinvoicebatchusingyouAPManagerUsertype/responsibility

Step8. MatchPOReceipttoInvoice.



Note:BymatchingthereceipttotheInvoicetheTrackasAssetwillautoma*callybeselected.IfyourInvoiceisNon-PORelated,theTrackasAssetop4onmustbemanuallyselectedintheinvoicedistribu.onswindow.

Step9. ValidateInvoicebatchforpayment

CREATINGACONSTRUCTIONINPROCESS(CIP)ASSET3.3.3AConstruc+on-In-Process(CIP)assetisanassetyouconstructoveraperiodof6me.YoucreateandmaintainyourCIPassetsasyouspendmoneyonrawmaterialsandlabortoconstructthem.WhenyoufinishbuildingtheCIPasset,youcanplaceitinserviceandbegindeprecia(ngit.YoucantrackCIPassetsinOracleAssetsbyusingAssetKeyfieldwhichisusedtotrackCIPassetsiden0fyinginforma0on,suchasprojectnameandprojectnumberthatyoudefineforeachCIPasset.

Note:BeforePreparingMassAddi1ons,manuallycreateaCIPParentasset(shell)toaddanacquiredassetthat’sneededtoconstructtheCIPasset.

Crea%ngaCIPParentAsset

Step1. ChooseFAManagerUserType/Responsibility

Step2. Navigator–AssetWorkbench

Step3. QuickAddi)ons

Step4. EnterAssettypeCIP

Step5. EnterAssetDescrip(on

Step6. EnterAssetCategory

Step7. EnterAssetkey(mustbeprojectcodeasit’saCIP)

Step8. EnterAssignmentdetailssuchasEmployeename(ifnecessary)andExpensedAccountandprojectcode.



Step9. Enterloca+on

Step10. ChooseDone

Step11. Anotewillappearwillappearindica&ngthesystemgeneratedassetnumber

Step12. ChooseOK

Note:Whencrea)ngaPOforaCIPassetensureyouselecttheCIPClearingAccount#17021andtherespec)veProjectCodewhenenteringtheChargeAccountcodecombina)onintheShipmentswindow.



Step1. ChoosePOBuyerUsertype/ResponsibilityStep2. CreatePurchaseOrder;ensurethedescrip2onforrawmaterialspurchasedto

createtheCIPAssetareprefixedwithyourcostcenter.

Step3. ChooseShipments

Step4. ChooseDistribu-ons

Step5. EnterChargeaccountcodecombina(onusingCIPMassaddi(onsclearing

account17021.AProjectcodemustbeassigned.(e.g.TSY00001-Treasury)



Step6. ChooseOK

Step7. ApproveandPrintPurchaseOrder

Step8. ChoosePOReceiverUsertype/Responsibilitytoreceiptgoods



Step9. ChooseAPManagertoCreateInvoicebatch

Step10. EnterInvoiceDetails

Step11. MatchPOtoReceipt

Step12. Ac#onsandValidate

Note:BymatchingtheReceipttotheInvoice,theAPaccrualaccount20160willdefaultinthedistribu(onswindow,andtheTrack-As-Assetcheckboxwillautoma*callybeselectedcausingtheCIPlinestobetransferredtotheMassAddi4onsTablea6ertheCreateAccoun4ng(AP/GLTransfer)andMassAddi.onsCreateprocessesarecomplete.



Note:TheCIPassetdescrip0onenteredatthePOlevelwillautoma,callydefaultintheAPDescrip(onflexfieldintheDistribu/onswindow,whenthePOReceipthasbeenmatchedtotheInvoice,asshownabove.

ForanyNon-POrelatedInvoicescreated,entertheCIPcostclearingaccount17021andprojectcodemanuallyintheintheAPdistribu4onswindowsasshownbelow.OnceagaintheTrackasAgainwillautoma-callybeselectedwhichcausetheCIPlinestobetransferredtoFAMassaddi$onstableonceAPtransfertoGLandMassaddi$onCreateprocesseshavecompletedsuccessfully.

Step1. EnterAPinvoicedetailssuchassupplier,site,andamountforCIPasset

Step2. EnsureDescrip,onisprefixedwithCostCenter

Step3. EntercorrectFixedAssetclearingaccountandprojectcode

Step4. ChooseOK



Step5. ApproveInvoiceBatch

Step6. CreateAPpaymentforsupplier

Note:MassAddi)onsCreateprocessisscheduledtorunonceeveryday

Documents

IRIS FA 101 - csc.gov.kycsc.gov.ky/sites/default/files/news/IRIS FA101 MANUAL.pdf · IRIS FA 101: INTRODUCTION TO IRIS FIXED ASSETS VER 1.0 10 | Page INSTRUCTOR: INGRID POWELL Step