Fixed Assets Conversion
Last Updated: December 1, 2023 10:17:45 AM PST
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The following is an outline of the conversion to move Department Asset Account Balances to an Expense.
During the Fixed Assets implementation, the existing Asset Account balances on Department Financial Unit/Fund/Project combinations will be moved to an Expense Account.
- This conversion will be done through a journal entry during the adjustment period 13 for June 2023 in Fiscal Year 23
- When this conversion entry is completed, you may see a decrease in Capital Assets and increase in Expenses as the balances are moved from an Asset Account to an Expense Account when reporting for period 13
Here is an example of what some reports would look like for 100K in assets being converted on Financial Unit 5000001, Fund 13991, Project 2000003
Example of GL Project Balances:
GL Project Balances Pre-Conversion Period 13
| 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 | ||
GL Project Balances Post Conversion Period 13
| FinU | Project | Fund | Beginning Balance | Total Resources | Total Expenses | Capital Assets | Resources Available |
|---|---|---|---|---|---|---|---|
| 5000001 | 2000003 | 13991 | $30,000.00 | $8,000.00 | $102,000.00 | ($100,000.00) | $36,000.00 |
| Grand Total | $30,000.00 | $8,000.00 | $102,000.00 | ($100,000.00) | $36,000.00 | ||
GL Project Balances Post Conversion July 1
| FinU | Project | Fund | Beginning Balance | Total Resources | Total Expenses | Capital Assets | Resources Available |
|---|---|---|---|---|---|---|---|
| 5000001 | 2000003 | 13991 | $36,000.00 | $0.00 | $0.00 | $0.00 | $36,000.00 |
| Grand Total | $36,000.00 | $0.00 | $0.00 | $0.00 | $36,000.00 | ||
Example of Financial Deficit Report – Operating Funds:
Financial Deficit Report - Operating Funds Pre-Conversion Period 13
| FinU | Fund | Beginning Net Position | Total Resources | Total Expenses | Net Ending Position | Capital Assets | Resources Available |
|---|---|---|---|---|---|---|---|
| 5000001 | 13991 | $130,000.00 | $8,000.00 | $2,000.00 | $136,000.00 | $100,000.00 | $36,000.00 |
| Grand Total | $130,000.00 | $8,000.00 | $2,000.00 | $136,000.00 | $100,000.00 | $36,000.00 | |
Financial Deficit Report - Operating Funds Post Conversion Period 13
| FinU | Fund | Beginning Net Position | Total Resources | Total Expenses | Net Ending Position | Capital Assets | Resources Available |
|---|---|---|---|---|---|---|---|
| 5000001 | 13991 | $30,000.00 | $8,000.00 | $102,000.00 | $36,000.00 | $0.00 | $36,000.00 |
| Grand Total | $30,000.00 | $8,000.00 | $102,000.00 | $36,000.00 | $0.00 | $36,000.00 | |
Financial Deficit Report - Operating Funds Post Conversion July 1st
| FinU | Fund | Beginning Net Position | Total Resources | Total Expenses | Net Ending Position | Capital Assets | Resources Available |
|---|---|---|---|---|---|---|---|
| 5000001 | 13991 | $36,000.00 | $0.00 | $0.00 | $36,000.00 | $0.00 | $36,000.00 |
| Grand Total | $36,000.00 | $0.00 | $0.00 | $36,000.00 | $0.00 | $36,000.00 | |
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