Modifications to Fixed Assets

Process Group/Policy Details

• Subject: Asset Management 

• Process Group: Asset Management 

• Title of Policy: Modifications to Fixed Assets

• Effective Date: 03/2014

• Approved/Revision Date: 03/2014

• Approved by: 

Policy Statement:

• Departments shall use the Asset Management Module in CORE to record and manage fixed assets throughout the asset’s useful life, unless the Office of the State Controller approves an exception.

• Departments shall use documents within CORE to record any changes to a Fixed Asset

• No changes via a JV to the Balance Sheet Accounts or changes made in the Fixed Asset Registry will be permitted.

Procedures:

AM.PR.06.1 – Recording Warranty Information for a Specific Asset

• An FRM(Fixed Asset Warranty Modification) document is used to record warranty information for a Fixed Asset.

AM.PR.06.2 – Revaluation of an Asset

• The re-evaluation or changing of the replacement value of an asset may occur for informational purposes only or for insurance purposes.

AM.PR.06.3 Correcting Transactions

• An FM (Fixed Asset Modification) document is used to make correcting transaction in the Asset Management Module within CORE.

AM.PR.06.4 Maintenance / Modifications

• This procedure will be used when maintenance needs to be done to assets such as the location where the asset resides in the department. An FM transaction is used for this process also.

AM.PR.06.5 – Change to Asset’s Historical Cost

• If a correction needs to be done to change the historical cost of an asset, an FI (Fixed Asset Increase / Decrease) Transaction.