AM_Betterments

Process Group/Policy Details

• Subject:  Asset Management

• Process Group: Betterments

• Title of Policy: AM_Betterments

• Effective Date: 07/01/2014

• Approved/Revision Date: 07/01/2014

• Approved by: 

Process Group Description

• Bettering an Existing Fixed Asset:  This process group includes betterments or capital improvements for existing fixed assets.

Definition: 

• Betterments are defined as capital improvements extending the useful life beyond on year of an existing asset or an improvement made that increases the efficiency of the asset. 

Rationale or background to policy: 

• Departments presently use various methods to manage fixed assets.  In order to implement statewide best practices for asset management, a policy is required.

Policy Statement: 

AM.PO.02 

• Departments shall use the FA Fixed Asset Acquisition document to record betterments.  An FA shall be used to establish a betterment record for an asset that currently exists in the Asset Management Module; it contains both accounting and descriptive information, establishes a new betterment record, and updates the asset summary record.  The Betterment attaches to the master asset record and is assigned it’s Responsibility Center within the system. The Event Type used to record a Betterment is an XF02

Procedure(s):  

AM.PR.02.01 Completing an FB Document: 

• There are two scenarios when completing an FB Document,  The first scenario is when an automated FA shell has been generated because the betterment meets all the criteria as a fixed asset, however this betterment is associated with a Fixed Asset that is currently in the system.  The steps to follow are the same as the steps followed in the acquisition of an asset, however departments will add the asset number of the asset being associated with the Betterment. 

• See detailed steps in the “Acquisition Step Action Table” to create a betterment.  The Event Type used for a Betterment is XF02.  A summary of the steps needed to create a betterment follow:

1. Log into CORE.

2. Navigate to the Fixed Asset Payment Request (FAPR) table.

3. Find the record which will have the shell generated.

4. Navigate to the FA Shell Generation chain job.

5. Run the FA shell Generation Chain job.

6. Navigate to the Fixed Asset Payment Request (FAPR) table.

7. Check the Fix Asset Payment Request (FAPR) table.  The Shell should have generated, and Generated Shell Details will now be populated.

8. Finalize the FA Shell.

9. Populate the Header section. The Fixed Asset Number should be the same number as the Fixed Asset that you are doing the betterment for.

10. Populate the Component section.  The Tag Number should be the same number as the Fixed Asset that has the betterment.

11. Validate the Document.

12. Submit the Document.

• The second scenario for a betterment is if an automatic FA Shell did not generate and a manual creation of a Betterment document must be done.  The following steps are required for the manual creation of a Betterment.

1. Log into CORE

2. Check the tables for the fixed asset your are creating the Betterment for:

   1. Fixed Asset History

   2. Fixed Asset Registry Accounting

   3. Fixed Asset Registry Header

   4. Fixed Asset Accounting Journal Updates

   5. Fixed Asset Component Journal

3. Navigate to the Document Catalog.

4. Review a previously created FA, take note of the FA number.

5. Create a new FA document.

6. Populate the Header section.  The FA number will match the FA number being bettered.

7. Populate the Component section.  

8. Populate the Accounting section.

9. Validate the Document.

10. Submit the Document.

11. Navigate to the Fixed Asset Registry Header.

12. Navigate to the Fixed Asset History.

13. Navigate to the Fixed Asset Registry Accounting Table.

14. Navigate to the Fixed Asset Accounting Journal Updates.

15. Navigate to the Fixed Asset Component Journal