ctcLink Accounting Manual | 40.40.50 Asset: Express Add Process

40.40.50 Asset: Express Add Process

ctcLink staff recommends colleges NOT use the interface to pull data from the Purchasing, Accounts Payable or Project Costing modules to add assets to AM.

40.40.50.1 Initial Asset Add Entry

Use this step when entering the asset for the first time. The purchase order may already have been created in purchasing and/or the payment made in accounts payable, but it has not yet been added to AM.

By using Express Add the asset is created in the Asset Management module and not pulling it from accounts payable or purchasing.

The path to Express Add: Nav Bar > Navigator >Asset Management > Asset Transactions > Owned Assets> Express Add

Express add

See the step-by-step guidance in the ctcLink Reference Center for Express Add.

40.40.50.2 Asset Add

The first screen should look like this:

Asset express add

The Asset Identification field should read “NEXT.” Do not change this value. This is sequential numbering for asset records. The asset tag ID will be entered later (if required for the asset).

40.40.50.3 Enter Asset Information

The easiest (and best) method to add an asset on this screen is to search/enter the correct Profile ID for the asset.

Cost asset

Asset ID

Field will auto populate with the next consecutive number. Colleges are encouraged to allow this field auto-complete to maintain control over all asset entries. Building Names or Numbers can be added in the Tag Number field if desired.

Profile ID

Select or enter the Profile ID for the asset being added. Selection of the Profile ID will complete the Threshold ID in the Asset Additional Information Section.

For a complete list of the Asset Profile IDs run the query QFS_AM_ASSET_PROFILES.

With the correct security role, the Profile ID list is also available here:

Navigator > Asset Management > Asset Definitions Center > Profiles > Asset Profiles.

After selecting/entering the Profile ID, the description is added:

Cost asset description

Trans Date/Accounting Date

Typically, the transaction date represents the date the asset was acquired/placed in service and the accounting date represents the date the transaction is posted to the general ledger. The accounting date must be for an open period.

The difference between the transaction date and the accounting date determines if any prior period depreciation needs to be calculated. For example, suppose a computer was acquired and placed in service on March 15, 2023, but the asset information was not entered in ctcLink Asset Management until August 15, 2023. All general ledger periods prior to August are closed. In this case, the system automatically calculates depreciation starting in March and posts it to the general ledger in August.

Location

Enter the location from the list for the college.

Trans Code

The State Board currently is recommending colleges not complete this field.

Tag Number

Enter the tag number if this is a taggable asset. Building ID may be entered in this field as well.

Accum Depr in Current Pd

Check the box if depreciation should be recorded in the period in which the asset is entered into AM.

40.40.50.4 Enter Asset Cost Information

The best method of entering information in this field is to click the Default Profile button.

asset cost information

This populates one field on this screen based on the Profile ID selected above. It also populates several fields on the Asset Additional Information screen. The Default Profile button is removed from the screen.

asset cost additional nformation

The Quantity, Cost, Salvage, Cost Type, Allowance for Depreciation and YTD Depr fields as well as the chartfields must be completed.

Cost Type

ctcLink is only configured with 2 cost types:

  • G – Governmental
  • P – Proprietary

It is possible to split the asset in both governmental and proprietary if it is a shared asset.

Accum Depr (Allowance for Depreciation)

Use this to record any depreciation already recognized. If assets are being added that have depreciation from prior years or prior periods, enter that amount here.

YTD Depr (year to date depreciation)

If any portion of the allowance for depreciation amount applies to the current fiscal year, enter the amount of that portion here.

Chartfields

Enter the college specific chartfield values (Oper Unit, Dept, Project and Program).

Fund/Class

For capital assets purchased with state and local governmental funds colleges must use Fund 997, Class 211 regardless of the purchasing chartstring!

For capital assets purchased with proprietary funds colleges must use the purchasing Fund (4xx or 5xx) and the class specified for the fund!

State Purpose (IT)

All assets recorded in Fund 997 should use an ‘N’. When assets are purchased in proprietary funds the expense line should use the appropriate State Purpose IT indicator (X, Y, N). However, when the expense is converted to an asset (Dr Asset/Cr Expense), the State Purpose should be ‘N’ to maintain accurate reporting to the state.

Account

The account field is not displayed since it is picked up from the Cost Type. Governmental Cost Type uses the following chartfields:

For example, the Accounting Entry Templates for Governmental Funds – Buildings uses these accounts:

accounting entry templates

With appropriate permissions, Accounting Entries can be viewed here: Navigator > Set Up Financials/Supply Chain > Product Related > Asset Management > Accounting > Accounting Entry Templates

40.40.50.5 Enter Asset Additional Information

If an Asset Profile ID has not been selected and the Default Profile is not selected, this screen looks like this:

asset additional information

When the asset Profile ID and Default Profile have been selected some of the fields on this screen auto populate. For example, selecting Profile ID 0550 the screen has these additional values added from the profile:

additional information entries

Asset Type, Asset Subtype, Asset Class and Taggable Asset is auto-completed when the Default Profile button is selected.

To view a current list of asset categories run the CTC_AM_ASSET_PROFILES query in FSCM.

  • Asset Type: Inherited from Profile ID.
  • Asset Subtype: Inherited from Profile ID.
  • CAP: Not used by the college system.
  • Threshold ID: Inherited from Profile ID.
  • Serial ID: Record the serial number of the asset (if it exists).
  • Asset Class: Inherited from Profile ID.
  • Asset Status: In Service is the default based on the transaction date. The value may be change with the following options:
    • Budgeted: Asset is budgeted but not placed in service.
    • Commitment: Budget has been approved and you are preparing to acquire the asset.
    • Disposed: Asset is no longer in service.
    • In Service: This is the date that the asset is available for use. The transaction date is the default.
    • Received: Asset was received but is not yet placed in service.
    • Requisitnd (requisitioned): Necessary paperwork has been completed for acquisition.
    • Depreciation has been suspended for this asset.
    • This asset was transferred from another business unit.
    • WIP (work in progress): Asset is acquired for a project under way
  • FERC Code: Not used by the college system.
  • Acquisition Date: In Express Add this date defaults to the transaction date.
  • Acquisition Code: In Express Add this defaults to Purchased. The following options are available:
    • Construct (Constructed)
    • Donated
    • Leased
    • Like Exch (Exchange)
    • Purchased
    • Trade In
    • Transfer
  • Collateral Asset: Not used by the college system.
  • Parent/Child and Parent ID: When adding a parent or child asset, select the parent-child asset option that applies. Options are Parent, Child, or None. The default is None. If this is a Child asset, enter the Parent Asset ID with which to associate it.
  • Set R and D Info (Information): Not used by the college system.
  • External Funding Source: Clicking on this link allows the college to select a CFDA Number with which the asset was purchased. This enables the college to identify federal funded assets to comply with federal grant regulations.

External funding source

To obtain a complete list of all assets including the External Funding Source go to Navigation> Reporting Tools> Query> Query Viewer> QFS_AM_CNV_ASSET_VALIDATION.

  • Hazardous Code Info (Information): Clicking on this link allows the college to select a Hazardous Code for the asset. This enables the college to identify hazardous assets to comply with safety regulations.

Hazardous asset codes

  • Hazardous Asset: The check box should also be selected to allow for easy identification of hazardous assets.
  • Taggable Asset: The check box should also be selected when an asset is taggable.
  • Capitalized Asset: This check box is display-only cannot be modified since the Express Add page is configured to only allow the entry of capitalizable assets.
  • Composite Asset: The check box is how to group many assets so that their total cost is carried by and depreciated as one asset.

The next two steps do not need to be performed after each individual asset has been added through Express Add.

Depreciation Calculations and Creating Accounting Entries can be run when a group of assets have been added or at the end of the day. But they should be run each day when an asset is added to Asset Management.

40.40.40 Asset Accounting <<  40.40.50 - 40.40.50.5 >>  40.40.6 Depreciation Calculations