Fixed Asset Type Change (FX)

Purpose

There are situations in which assets that have been defined as one Asset Type (for example, Construction-in-Progress) need to be redefined as another Asset Type.  To modify the Asset Type, of a specific asset, the Fixed Asset Type Change (FX) document code is processed with the default Event Type (FA08).  The FX document can only be used to change the asset type of non-memo assets that have not been previously depreciated.  Once an asset is depreciated, the Asset Type may not be changed.  The processing of FX documents is appropriate to correct the Asset Type of an asset that was incorrectly entered, or to reclassify an asset from an Asset Type that is not subject to depreciation to a depreciable Asset Type.

For example, the typical use of the FX is to change the Asset Type of records associated with a construction project from Construction in Progress to Buildings, Infrastructure, or some other depreciable asset type.  During the construction phase, payments are capitalized as Construction-in-Progress assets.  Once the construction project is substantially complete, you can reclassify the Construction-in-Progress balance using the Fixed Asset Type Change (FX).

The following main events occur when processing a FA type change document:

• In this document, only the asset type related changes are allowed and no other changes are allowed.  

• If the asset is a composite asset the FAR header is updated for the FA catalog, FA type, group, depreciation structure, depreciation method, useful life and salvage value

• The FAR component is updated for the FA catalog, FA type, group, depreciation structure, depreciation method, useful life and salvage value

• Records are inserted to the FA component Journal.

• Records are inserted to the FA accounting Journal.

Structure

The Fixed Asset Type Change (FX) document has four sections found on the secondary navigation panel.  Each is broken down into various subsections that contain groups of related fields.  Details on the individual fields can be found in the individual field help files for each field.  Many fields are not editable on this document either because of edits or the fields are protected.  Only those fields used to effect the asset type change are editable.  All others are completed with the Auto Apply action found on the Header and Component Line which bring information into the document from the Fixed Asset Registry tables.

• Header

  Lists general information about the document as well as information that applies to the asset as a whole versus the individual components of the asset.

  • General Information: This section contains descriptive fields and date information common to most document Headers.  In addition to these common fields are ones for identifying a Fixed Asset Number, Event Type, Asset System Number and Asset System Description.

  • Extended Document Description:  This section contains the standard extended description field that is associated with the document.  It is not an extended description for the asset as it is not stored on any asset information tables.

  • Responsibility Center: This section contains Chart of Account (COA) fields defined as being responsible for the asset.

  • Composite Asset Information: This section contains many asset definition fields which serve as defaults to the individual Components of the asset.  Many of these fields control depreciation. You can use the FX document to change the new asset type, asset group, asset catalog, depreciation method, depreciation structure, useful life, salvage at the header only for composite assets.  

  • Infrastructure Maintenance: This section contains two amount fields used to define those assets that will be maintained as Infrastructure and not depreciated in the same manner as other assets.

  • Document Information: This section is common to all documents where fields are shown for who and when a document was initially created.  Two additional fields record who was the last to perform a save on the document and when that occurred.

• Component

  Lists specific attributes of each asset component.  Components may be added during the life of the asset but cannot be added with this document.  The Auto Apply action is also available on this page to retrieve values from the Fixed Asset Registry table for only the specified components.

  • Component General Information: This section contains descriptive fields which are recorded for informational reporting on the component.  Many fields have specific labels which correspond to descriptive information recorded for particular types of assets, while others contain a generic "Description #" label that allows for any client-specific use. The Asset System Number and Asset System Description are inferred from the FA document when Auto Apply is used.

  • Acquisition Details: This section contains fields to capture acquisition details.  Many are pre-populated with information from the disbursement that led to the creation of a Fixed Asset shell document.

  • Component Location Details: This section contains the same location information as the header for recording such details at a component that may be located at a different location as not all components may be physically attached to one asset.  Additional fields exist for this document to record any inventory taken for the component for reporting purposes and for updates to the Infrastructure Maintenance table.

  • Component Classification: This section contains many of the same fields found on the Header for asset definition that will control depreciation.  Other fields include the Fixed Asset Classification field, which controls how the asset is recorded for accounting purposes, as well as fields to record the Balance Sheet Accounts that will be used for the asset.

  • Cost, Valuation, & Depreciation: This section contains several information fields for reporting needs along with fields to various amounts.

  • Asset Type Change Detail: This section contains those fields in the previous two sections that can be changed with this document. You can use the FX document to change the asset type, asset group, asset catalog, depreciation method, depreciation structure, useful life, salvage value, in service date, out-of-service date, and received date at the component level.

  

• Accounting

  Lists the Chart of Account (COA) details for how each asset component was funded.  All information at this level is protected and will be brought in from the Fixed Asset Registry Accounting Line table or from the Transfer document Header.

  • General Information: This section contains descriptive fields and date information common to most document accounting lines.  The Event Type field in this section is protected as it defaults from the Header.  Various amount are displayed that will be used in the various Posting Lines created for the Accounting Line.

  • Fund Accounting: This section contains the COA fields common to the section as found on other documents.

  • Detail Accounting: This section contains the COA fields common to the section as found on other documents.

• Posting

  Lists the system-generated details used to recognize the financial impact of a specific accounting line.  If a fixed asset document has an accounting impact, the system uses the posting line information to update the fixed asset and general accounting journals and other accounting tables such as Balance Sheet Balance (BBAL).  The fields and sections on this page are like those of other documents with the addition of a section to provide the Fixed Asset Number and Component Number.

  The FX document generates posting lines crediting the BSA code of the old asset type is and debiting the BSA code of the new asset type.

Tasks

• To create a Fixed Asset Type Change (FX) document, go to Change Asset Types.