Creating a FAIT for Fixed Asset Interfund Transfer
Process
This job aid describes the way to transfer an existing asset from one fund to another fund. To use the FAIT transaction, agencies MUST be transferring to a different fund. If agencies are not transferring to a different fund and are updating non-fund information on the responsibility center, they must use the FT (Fixed Asset Transfer) transaction. The FAIT transaction is specific to transferring assets between funds.
Notes:
If the asset IS fully depreciated, the agency needs to enter the FAIT transaction only. No further entries are necessary. Please stop at step 6 below.
If the asset IS NOT fully depreciated, a JV1ADVN must also be entered to offset BSA 3900 fund balance impact. Please continue through steps 7 – 9.
Create a FAIT transaction in CORE using Auto-Numbering.
1. Select Edit
2. Complete the General Information tab.
(Event Type FA54 will auto-populate).
Insert a description of the asset/reason for transferring and any other useful and historical information in the transaction name and transaction description categories.
If the fixed asset is in a new location, complete the “New Complex/Building” area.
Populate the Budget FY, FY, and period boxes.
Populate the Record date. (Note: Record date should be the date the asset moves as this is the date that depreciation will “catch up” in the system and the transfer will be reflected on the FA Custodian report the next day after ETL runs).
Complete the “Fixed Asset Number Tab” with the exact number of the Fixed asset you wish to transfer.
Once the Fixed Asset number has been entered, go to the three dot menu, select “Auto Apply”. This will bring in all the asset responsibility center information as well as any component information.
Select “Validate”.
3. Update the appropriate COA elements on the Responsibility Center tab.
Note: If there was an element that WAS there that the new responsibility center does not need, users may need to enter BLNK in that cell. A common example is sub-fund).
4. If you are updating the “New Location”, you will also need to update that on the component line under the “Component Location Details” under the “New Location” box.
Validate the transaction and clear any errors.
5. Verify Postings (see examples on the last page or Fiscal Procedures Manual).
6. Steps 6-8 are only needed if your asset was NOT fully depreciated.
Create a JV1ADVN entry. It will require 2 lines per asset.
Reference the Asset number(s) and FAIT transaction(s) in the header Transaction Name/Description as a best practice.
7. The first accounting line will be event type F013 (Fixed Assets Offset).
If your agency transferred the asset the offset will be a Cr. to BSA 3900.
If your agency received the asset the offset will be a Dr. to BSA 3900
8. The second accounting line will be an appropriate revenue event type (R003 /External Collected Earned Revenue) or (XR02 / Unbudgeted Revenue) etc.
a. If your agency transferred the asset the offset will be a Dr. to Revenue 65XX.
b. If your agency received the asset the offset will be a Cr. to Revenue 65XX.
FAIT Document Posting Examples
