FreeBalance Accountability Suite
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Wed, 2019-02-20 08:04 — lbennett
Overview
An asset is a resource controlled by the feature as a result of past events or transactions and from which future economic benefits are expected to flow to the feature. A fixed asset is a long term good kept and used by the government, typically over 12 months. A building, vehicle, or computer is normally considered a fixed asset because it is not intended for distribution (to the public) or as an item for sale by the government. Rather, it is intended for use by the government itself. Here Assets module must calculate accumulated depreciation and book value on a monthly, quarterly, semi-annually, yearly, or user-defined basis.
Asset items feature is the central repository for all asset items used throughout the system. The asset item feature contains the information of every asset item within the system, including their relationships to one another through asset hierarchy, asset classes, and parent assets.
The Asset Item screen contains information regarding the different assets that the organization may have. Assets are economic resources that are tangible or intangible and are capable of being owned by the organization. This screen contains different information about each asset such as Amount, Deprecation, Asset Class, Useful Life and other pieces of information. An example of an Asset Item is “goods” which would be kept track using Financial Statement.
Navigation
Assets ► Asset Items
Asset Items screen Fields and Tabs
| Fields | Description |
| Code | The unique identification code, manually entered by users or automatically generated based on parameters |
| Workflow Status | The status of the asset item workflow. Is either “Registered”, “Approved by Assets Office” or “Approved by Accounting Office”. |
| Fiscal Year | The current Fiscal Year when the asset item is created. The default value is the current year. |
| Fiscal Period | The current Fiscal Period when the asset item is created. The default value is the current period. |
| Asset Origin ID | When asset transfer created New asset item, it creates an original asset item id. |
| Asset Previous ID | The system displays this only when the system creates a new asset item as a result of a transfer. Every time that an asset item transfers from one Institution to another, the system is set here Asset Previous ID. |
| Has Warranty | The user can check if the asset created has a warranty. |
| Is in Physical Count | If checked, the asset item was included in the physical inventory country. The default value is set to false. This is a read-only attribute and can be modified only when a Physical Count Process has been registered. |
| Not Found in Count | The default value is false. |
| In Transit | The user can check this as applicable. If it is true, then the item is in transit. |
| In Maintenance | The default value is false, is a read-only attribute. |
| Posting Status | The posting status of the asset item is either “Saved” or “Temp Saved”. This field will be updated by the system when the voucher is either saved or temp saved. |
| Temp # | The temp number when asset item is temp saved. |
| Not Posted Reason | The reason why the asset item was not posted, when temp saved. |
| Origin | Origin of the asset item. |
| Posted On | The date when the asset was recorded. |
| Item | Catalogue item id. |
| Asset Class | An asset item must belong to an Asset Class, e.g. 'Desktop Computer'. When an asset class has subclasses, the system must enforce to enter asset items of such subclasses. |
| Parent Asset Item | When an asset is composed of several other assets, e.g. a Personal Computer has a Mouse, Keyboard, and CPU case. |
| Useful Life | The amount of time the asset is useful for. This must be expressed using the selected Unit of Measurement. |
| Quantity | This is used to group identical assets which are in the same class. For example Software Licenses. |
| Receipt Type | The system displays the name of the Receipt Type of the Asset Item. |
| Item Ownership Type | The type of ownership for the asset item. Is either “Owned” or “Leased”. The default value is “Owned”. |
| Receipt Date | Date Picker. The user can select the date of the receipt of the asset item. |
| Asset Count Last Date | It is the date when the Last Asset Count made. This attribute is applicable when Asset Count Status equals to Finished in Asset Count Request Entity. |
| Item Value Calculation | Select the item value calculation of the asset item from the drop-down menu. Choices include Component Cost and Item Cost. |
| Original Cost | This is the value paid for the asset, depending on the acquisition information this could be an estimated price or fair cost if the asset has been obtained by a donation, bequest or sequestration. This value cannot be modified once the first depreciation period has occurred for this item. |
| Salvage Value | The salvage value is the expected value after the asset item has been fully depreciated. |
| Book Value | The value of the asset from the accounting perspective. This automatically generates. |
| Useful Life UOM | This is the unit of measurement that is applied to the Useful Life. |
| Last Evaluation of Physical Condition | The users must select the item physical condition of the asset item from the drop-down menu. These attributes are updated by the physical condition has been changed with Custody Transaction. |
| Item Operational Status | It is a Read-only attribute. The current operational status of the asset item. Is either “In Stock”, “In Use”, “Disposed”, “Being Repaired”, or “For Sale”. The default value is “in stock”. |
| Item Type | The type of asset item. Is either “Capitalized”, “Being Constructed”, or “Expensed”. |
| Brand | The brand of the asset item. |
| Institution | The institution and warehouse information where the asset item is located. |
| Warehouse | Contains details where the item is located. |
| Employee | The employee who has custody of the asset. |
| Asset Custody Type | The Asset Custody Type of this asset when applicable, meaning that this attribute can be affected only when this asset has been part of an assignment transaction. |
| Employee Assignment Institution | Read-only Attribute. |
| Region | The region where the asset is located. |
| Responsible Employee that Received the Items | The employee information receives the asset items. |
| Asset Coding Block | This attribute is mandatory only if the function for A Support is set to true. This value is copied from the Asset Class GL Coding Block. However, Users may change this value. Search function to the COA Group with the attribute Budget Execution set equal to True. |
| Historical Coding Block | When the asset origin is goods receive note the system displays the coding block. System copy the coding block the goods receive note that created the asset Item. |
| Serial Number | The unique identifier of the asset item. This is what makes an asset different from others of the same brand/model. |
| Related Legacy Id | This attribute can be used to link to legacy asset systems or previously codification, the purpose of this attribute is to have a history of an asset even if the asset codification has been changed. |
| Bar Code | Contains the code recognized by the code reader. |
| Language | The country-specific language of the system. By default value is English. |
| Abbreviation | Short description of the asset item. |
| Description | A detailed description of the asset item. |
| Remarks | Additional information such as procedure or instructions from the agency who donated the Asset. |
| Created By | The user who created the asset item, Populated automatically by the system at creation time of the record. |
| Created On | Date and Time of asset item creation, Populated automatically by the system. |
| Approved By | The user who approves, Populated automatically by the system when the corresponding workflow reaches its last Approval. |
| Approved On | Date and Time of approval, Populated automatically by the system. |
| Times in Auction | The default value is Zero, this is a read-only attribute and system is going to sum here the times that an asset item had been in an auction process once that the auction has been approved then the system is going to update this attribute. |
| Active Insurance Coverage | True when the asset item has valid insurance Coverage. |
| Is related with a Disposal | The default value is false. When it is true system displays the user able to relate the new asset Item with the disposal of the asset item |
| Asset Item Additional Fields | The system is going to display a string attribute where the user can set the order of each attribute on the additional fields displayed on the asset item linked with the asset class that has configured the additional fields. |
| Project Execute | If the value of this is true, indicates if the asset acquires by execution of externally funded projects. |
| Description Project | The system automatically displays the project description. |
| Project Associated | The unique identifier that identifies an ID of the project. |
| Specific Source | It allows the users to select the unique source code using the lookup feature. |
| Description Specific Source | The system automatically displays the project description. |
| Attachments Tab | This Tab is used to attach files/documents to an asset item |
| Pictures Tab | This Tab is used to include pictures of an asset item. |