Fixed Asset Inventory Setup Checklist

Step 1: Set Up Fixed Asset Fund

To use the General Ledger module to track fixed (or capital) assets, set up a new fund for fixed assets. Below is the information to use to set up the Fixed Asset Fund for each state. For complete information, look in your state accounting manual.

$image\btn_mini.gif$ Steps to Add a Fund

Tip: When setting up the Fixed Asset Fund, select the Automatically Start New Fiscal Year field and the Active field, do not select the Activity Fund field or the GASB 34 Fund field, and leave the Accounts Payable Checking Account ID and Payroll Checking Account ID fields blank.

Idaho

Fund 810

Illinois

Fund 95

Iowa

Fund 08

Kansas

Does not track Fixed Assets in General Ledger

Missouri

Fund 80

Nebraska

Does not track Fixed Assets in General Ledger

North Dakota

Fund 09

South Dakota

Fund 90

Wyoming

Fund 90

Step 2: Set Up Chart of Account Numbers

After setting up the Fixed Asset Fund, enter the necessary account numbers in the Chart of Accounts needed to track fixed assets, including the account numbers to track the depreciation and disposal of fixed assets for compliance with GASB 34. Examples of the account numbers that may need to be added include: 1) balance sheet account numbers for the various groups of fixed assets, such as Machinery and Equipment; 2) accumulated depreciation account numbers for the various groups of fixed assets, such as Accumulated Depreciation on Machinery and Equipment; 3) fund balance account number for Investment in General Fixed Assets; 4) revenue account number for gain on sale of fixed assets; 5) expense account number for loss on disposal of fixed assets; and 6) expense account numbers for depreciation for each different function area of fixed assets.

$image\btn_mini.gif$ Steps to Add an Account Number

Below are a few of the account numbers (with the corresponding account type noted in parenthesis) to use to track fixed assets for each state. For complete information on determining which account numbers to add, refer to your state accounting manual and the regulations with GASB 34 or consult your auditor.

Note: Account Type 2 is for Long Term Assets, 7 for Fund Balances, 8 for Revenues, and 9 for Expenditures.

Idaho Account Numbers

121100 - Land and Land Improvements (Type 2)

121200 - Site Improvements (Type 2)

122100 - Buildings and Building Improvements (Type 2)

123100 - Machinery and Equipment (Type 2)

123200 - Accumulated Depreciation on Machinery and Equipment (Type 2)

330000 - Investment in General Fixed Assets (Type 7)

453000 - Sale/Compensation for Loss of Fixed Assets & Capital Lease Proceeds (Type 8)

580 - Depreciation Expense (object) (Type 9)

862 - Loss on Disposal of Capital Assets (object) (Type 9)

Illinois Account Numbers

220 - Land (Type 2)

230 - Buildings and Building Improvements (Type 2)

240 - Site Improvements (Type 2)

250 - Capitalized Equipment (Type 2)

256 - Accumulated Depreciation on Capitalized Equipment-10-Year Schedule (Type 2)

740 - Investment in Capital Assets (Type 7)

7300 - Sale or Compensation for Loss of Fixed Assets (Type 8)

554 - Depreciation-3-Year Schedule (object) (Type 9)

555 - Depreciation-5-Year Schedule (object) (Type 9)

556 - Depreciation-10-Year Schedule (object) (Type 9)

Iowa Account Numbers

211 - Land and Land Improvements (Type 2)

221 - Site Improvements (Type 2)

231 - Buildings and Building Improvements (Type 2)

241 - Machinery and Equipment (Type 2)

242 - Accumulated Depreciation on Machinery and Equipment (Type 2)

271 - Construction in Progress (Type 2)

610 - Investments in Governmental Fixed Assets before Depreciation (Type 6)

760 - Investment in Capital Assets (Type 7)

1930 - Gains on Sale of Capital Assets (Proprietary Funds only) (Type 8)

5300/6300 series* - Compensation for Loss of Capital Assets (Governmental Funds) (Type 8)

790 - Depreciation (object) (Type 9)

940 - Losses on Sale of Capital Assets (object) (Type 9)

*Refer to state accounting manual or consult your auditor for the appropriate number(s) to use within the 5300 and/or 6300 series.

Kansas Account Numbers

Does not track Fixed Assets in General Ledger

Missouri Account Numbers

1511 - Land (Type 2)

1521 - Building and Remodeling (Type 2)

1531 - Construction in Progress (Type 2)

1541 - Furniture (Type 2)

1542 - Classroom Instructional Apparatus (Type 2)

1543 - Vehicles (Type 2)

1545 - Audiovisual Equipment (Type 2)

1546 - Data Processing/Technology Equipment (Type 2)

3416 - Investment in Capital Assets (Type 7)

Nebraska Account Numbers

Does not track Fixed Assets in General Ledger

North Dakota Account Numbers

211 - Land and Land Improvements (Type 2)

221 - Site Improvements (Type 2)

231 - Buildings and Improvements (Type 2)

241 - Machinery and Equipment (Type 2)

242 - Accumulated Depreciation on Machinery and Equipment (Type 2)

760 - Investment in Capital Assets (Type 7)

5300 - Sale or Compensation for Loss of Fixed Assets (Type 8)

790 - Depreciation (object) (Type 9)

South Dakota Account Numbers

201 - Land (Type 2)

202 - Buildings (Type 2)

203 - Improvements other than Buildings (Type 2)

204 - Machinery and Equipment (Type 2)

206 - Construction Work in Progress (Type 2)

208 - Accumulated Depreciation on Machinery and Equipment (Type 2)

706 - Investment in General Capital Assets (Type 7)

1931 - Gain on Sale of Capital Assets (Type 8)

810 - Loss on Disposal of Capital Assets (object) (Type 9)

910 - Depreciation (object) (Type 9)

Wyoming Account Numbers

15110 - Sites (Type 2)

15210 - Site Improvements (Type 2)

15310 - Buildings and Building Improvements (Type 2)

15410 - Machinery and Equipment (Type 2)

15420 - Accumulated Depreciation on Machinery and Equipment (Type 2)

15510 - Construction in Progress (Type 2)

37110 - Investment in General Fixed Assets (Type 7)

81930 - Sale of Fixed Assets (Proprietary Funds only) (Type 8)

85310 - Sale of Fixed Assets (Governmental Funds) (Type 8)

570 - Depreciation (object) (Type 9)

Step 3: Define IDs in Fixed Asset Inventory

Set up the IDs to use in the Fixed Asset Inventory module. This involves setting up the following maintenance files: Sites, Buildings, Rooms, Departments, Classes, Sub Classes, Owners, Conditions, Disposal Types, and Custom Fields.

$image\btn_mini.gif$ Steps to Add a Building

$image\btn_mini.gif$ Steps to Add a Class

$image\btn_mini.gif$ Steps to Add a Condition

Steps to Add a Custom Field

$image\btn_mini.gif$ Steps to Add a Department

$image\btn_mini.gif$ Steps to Add a Disposal Type

$image\btn_mini.gif$ Steps to Add an Owner

$image\btn_mini.gif$ Steps to Add a Room

$image\btn_mini.gif$ Steps to Add a Site

$image\btn_mini.gif$ Steps to Add a Sub Class

Step 4: Enter Assets into Fixed Asset Inventory

After the IDs have been defined, begin entering assets into the Fixed Asset Inventory module.

$image\btn_mini.gif$ Steps to Add New Assets

Note: If entries will not be posted to the General Ledger module when adding existing fixed (or capital) assets into the Fixed Asset Inventory module, enter the beginning balances for the Fixed Asset Fund as manual journal entries.