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Asset Accounting

Last Updated: May 23, 2023 12:30:33 PM PDT
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The following is an outline of asset entries generated from the Fixed Asset module.

Accounting Overview 

Assets are purchased in a variety of ways on an asset account and the purchasing Financial Unit/Project and their desired Fund. 

Once the asset record is generated in FA, the capitalization entry: 

  • Transfers the value of the asset to an expense on the purchasing Fund/Financial Unit/Project 
  • Transfers the value of the asset to the 42000 NICA Fund and centralized Financial Unit through a series of transfer lines/accounts 

Any monthly depreciation is posted to the 42000 NICA Fund and centralized Financial Unit. 

Asset Accounts

Category Clearing Account Expense Account Transfer Account Asset Account
Land 163500  525000  829010  160000 
Land Improvements - Parking Lot 160000  525100  829010  161000 
Land Improvements - Other 163500  525200  829010  161100 
Infrastructure  163500  525300  829020  161400 
Buildings – Service Concession Arrangements  163500  525400  829030  162000 
Buildings – Student Housing  163500  525500  829030  162100 
Buildings – Parking Structures  163500  525600  829030  162200
Leasehold Improvements  163500  525700  829030  162300
Buildings and Improvements - Other  163500  525800  829030  162400
General Improvements  163500  525800  829030  162900 
Equipment  163003  525905  829040  163000 
Equipment - Fabrications  163001  525905  829040  163000 
Software > $5M  163001  526000  829050  163100 
Software < $5M  163101  526100  829060  163150 
Intangibles  163151  526200  829070  163200 
Libraries and Collections  - 526300  829080  163300 
Libraries and Collections - CDL  - 526301  829080  163300 
Special Collections  - 526302  829090  163400 

Example of Equipment for $5,000

A piece of equipment is purchased by Financial Unit 5000001 on Fund 13991 and Project 2000003    

GL Project Balances Sample Before Purchase  

FinU Project Fund Beginning Balance Total Resources Total Expenses Capital Assets Resources Available
5000001 2000003​ 13991 $30,000.00​ $8,000.00​ $2,000.00​ $0.00​ $36,000.00​
Grand Total $30,000.00 $8,000.00​ $2,000.00​ $0.00​ $36,000.00​

Acquisition Accounting Entry  

  • Asset purchased on account 163003 through a purchase order on purchasing Financial Unit/Fund/Project  
Accounting Event Chart String Debit Credit Account Type
Acquisition 16150.13991.5000001. 163003 .400.000.000000.2000003 5000​   Equipment Clearing​
16150.13991.5000001. 200003 .000.000.000000.2000003 5000​ Liability​  

GL Project Balances Sample After Purchase  

  • Capital Assets Increases by $5,000  
  • Resources Available Decreases by $5,000  
FinU Project Fund Beginning Balance Total Resources Total Expenses Capital Assets Resources Available
5000001 2000003 13991 $30,000.00​   $8,000.00​ $2,000.00​ $5,000.00​ $31,000.00​

Grand Total

 $30,000.00 $8,000.00​ $2,000.00​ $5,000.00​ $31,000.00

Capitalization Accounting Entry  

  • Asset amount is transferred from 163003 to expense account 525905 on purchasing Financial Unit/Fund/Project  
  • Asset is transferred to centralized NICA Fund and Financial Unit through series of transfer accounts
Accounting Event Chart String Debit Credit Account Type
Capitalization 16150.13991.5000001. 163003 .400.000.000000.2000003​     5000​ Equipment Clearing​
16150.13991.5000001. 525905 .400.000.000000.2000003 5000​ Capital Exp – Inventorial Equipment
16196.13991.9699908. 829000 .000.000.000000.0000000 5000​ Cap Transfer Account (Revenue)
16196.13991.9699908. 524000 .400.000.000000.0000000​ 5000​ Capital Exp – Elimination​
16196. 42000 .9699908. 829040 .000.000.000000.0000000 5000​ Cap Transfer Account (Revenue)​
16196. 42000 .9699908. 163000 .000.000.000000.0000000 5000​ Equipment​

GL Project Balances Sample After Capitalization  

  • Total Expenses Increases by $5,000  
  • Capital Assets Decreases by $5,000  
  • Resources Available Remains Unchanged  
FinU Project Fund Beginning Balance Total Resources Total Expenses Capital Assets Resources Available
5000001 2000003 13991 $30,000.00​   $8,000.00​ $7,000.00​ $0.00​   $31,000.00​

Grand Total

 $30,000.00 $8,000.00​ $7,000.00​ $000 $31,000.00

Depreciation Accounting Entry  

  • Depreciation Expense and Accumulated Depreciation accounted against centralized Fund and Financial Unit  
  • There is no impact to the purchasing Financial Unit/Fund/Project  
Accounting Event Chart String Debit Credit Account Type
Depreciation 16196. 42000 .9699908.543000.000.000.000000.0000000​    5000        Depreciation Expense  
16196. 42000 .9699908. 167000 .000.000.000000.0000000 5000​ Accumulated Depreciation

GL Project Balances Sample After Depreciation  

  • No change to purchasing Financial Unit/Fund/Project  
 
FinU Project Fund Beginning Balance Total Resources Total Expenses Capital Assets Resources Available
5000001 2000003 13991 $30,000.00​   $8,000.00​ $7,000.00​ $0.00​   $31,000.00​

Grand Total

 $30,000.00 $8,000.00​ $7,000.00​ $0.00 $31,000.00

 

 

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