Depreciationupdating of values has errors

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In Banner, combine a yearly depreciation method (e.g., Straight Line) with a first year option (e.g., Proportional) to create a useful life depreciation method. Banner form Use the Fixed Asset Depreciation Code Maintenance Form (FTMDEPR) to define these values. Steps Follow the process below to create condition codes. Access the Fixed Asset Condition Code Maintenance Form (FFVACON). Enter a two-character code for the condition code in the Code field. Tab to the Description field and type the description of the code. Banner form The title to codes can be created on the Fixed Asset Title To Code Maintenance Form (FFVTTST). Note: The Activity Date will display the date this code was created. Disposal method examples might be Lost, Donated, Discarded, Sold, and Destroyed. Page 16 Creating User-Defined Codes for Fixed Assets Introduction The Fixed Asset User Defined System Codes Validation Form (FFVSDAT) enables you to create user-defined codes, assign values to them, and organize them into groups.

Note: The instructor should assign the combinations to the learners to ensure duplicates are not created. Enter a two-character code for the asset type in the Code field. Tab to the Description field and type the description of the code. Enter an effective date in the Effective Date field (it should be a previous date). Tab to the Depreciation Method Code field and key in the method you just created or double click in the field and pick from the Depreciation Code list on FTVDEPR. Steps Follow the process below to create Title To codes. Access the Fixed Asset Title To Code Maintenance Form (FFVTTST). Enter a two-character code in the Title-to Code field. Tab to the Description field and type the description of the code. Banner form Disposal method codes are created on the Fixed Asset Disposal Method Code Maintenance Form (FFVDISP). Note: The Activity Date will display the date this code was created. Banner form Steps The process below demonstrates how to establish unique, user-defined codes within the Fixed Assets module. Access the Fixed Asset User Defined System Codes Validation Form (FFVSDAT).

Sun Gard Higher Education 4 Country View Road Malvern, Pennsylvania United States of America (800) Customer Support Center website Distribution Services address Other services In preparing and providing this publication, Sun Gard Higher Education is not rendering legal, accounting, or other similar professional services. Note: You will be linking your accumulated depreciation account to your asset accounts after setting up your fixed asset account codes and creating the asset accounts. Enter Accum Deprec-Capital Equipment in the Account Title field. Enter an effective date in the Effective Date field (it should be a previous date). Enter 17 (or the account type code that designates the fixed asset accounts in your chart) in the Account Type field. In this exercise, they are different for easier identification. Enter Investment in Fixed Assets in the Account Title field. Enter an effective date in the Effective Date field (it should be a previous date). Enter 41 (or an account type code that will designate this as a fund balance account for your institution) in the Account Type field. Enter C in the Normal Balance field to define this account with a credit balance.

Sun Gard Higher Education makes no claims that an institution's use of this publication or the software for which it is provided will insure compliance with applicable federal or state laws, rules, or regulations. Third-party names and marks referenced herein are trademarks or registered trademarks of their respective owners. 9 Creating Asset Type Codes Creating Acquisition Codes Creating Asset Condition Codes Creating Asset Title To Codes Creating Disposal Method Codes Creating User-Defined Codes for Fixed Assets Using Commodity Codes to Flag Fixed Assets Creating Account Codes Creating Account Codes for Accumulated Depreciation and Depreciation Expense Creating the Asset Account Codes for Fixed Assets Creating Capital Expense Account Codes for Fixed Assets Creating Capital Equity and Gain/Loss Account Codes Creating a Capitalization (or Plant) Fund Code Setting System-Wide Fixed Asset Defaults Overriding System Controls by Fund Type Overriding System Controls by Fund Determining the Minimum Value for Fixed Assets Self Check Answer Key for Self Check Day-to-Day Operations Creating Invoices Viewing the Invoice s Posting Detail Creating Fixed Asset Origination Tags Query Fixed Asset Origination Tags Converting Origination Tags to Permanent Tags Assigning Depreciation Information to a Tag Creating Primary Tags Deleting Non-capitalized Fixed Assets without Dtags Removing Erroneous Origination Tags Displaying Tags Creating a Fixed Asset Received as a Gift Capitalizing a Gift Creating an Asset That Was Expensed to the Wrong Account Running the Depreciation Process Displaying the Depreciation Posting History Disposing or Selling an Inventory Asset (Non-Capitalized Fixed Asset) Adjusting Fixed Assets Handling Write-Offs Adjusting the Value of Fixed Assets Adjusting Accumulated Depreciation Updating Past Depreciation for an Asset Master Record Reclassifying Asset Account Values Transferring Fixed Assets Introduction Course goal The goal of this workbook is to provide you with the knowledge and practice to maintain Fixed Assets data at your institution. Consequently, you may have as many accumulated depreciation accounts as you have asset accounts, if you wish. Access the Account Code Maintenance Form (FTMACCT). Enter B (or the COA code for your institution) in the Chart of Accounts field. Enter 1951 in the Account field (or create a unique account code). Page 28 Steps Procedure 1 Follow the process below to create a capital equity account. Access the Account Code Maintenance Form (FTMACCT). Enter B (or the COA code for your institution) in the Chart of Accounts field. Enter 4100 in the Account field (or create a unique account code).

Page 30 Creating a Capitalization (or Plant) Fund Code Capitalization code The capitalization (or plant) fund code is the code Banner uses for posting automatic capitalization entries. Enter an effective date in the Effective Date field (it should be a previous date). Enter 96 (or a fund type code that designates investment in plant for your institution) in the Fund Type field. Select Cap Different or No Cap from the drop-down list in the Capitalization Fund Indicator field. Enter (or a valid organization code for your institution) in the Organization field. Page 32 Setting System-Wide Fixed Asset Defaults Fixed assets system control form You can set up system-wide defaults for the system to use. The override allows for different capital funds, equity, gain and loss accounts and turn off posting of depreciation by fund type, if necessary. In this exercise, you will retrieve an existing record rather than create a new one. Note: You must invoice an item before Banner can create the origination tag.

Repeat steps 2-10 and create capitalization fund Click the Exit icon. Page 34 Overriding System Controls by Fund Type Fund Type Maintenance You can override the set up on the Fixed Assets System Control Form (FFASYSC), through the Fund Type Maintenance (FTMFTYP). Either type of invoice will initiate fixed asset tags and the automatic capitalization process if the amount is over the minimum capitalization amount on FOASYSC.

Sun Gard Higher Education suggests that the title should combine the name of the internal depreciation code and first year option. Banner form Asset type codes are created on the Fixed Asset Type Code Maintenance Form (FTMASTY).

Note: Banner combines the values you select in the Internal Depreciation Code and First Year Option fields to create a useful life depreciation method. Enter an effective date in the Effective Date field. Select a yearly method of depreciating an item in the Internal Depreciation Code field. Select a value in the First Year Option field to specify how Banner should depreciate the item during its first fiscal year. Page 11 Steps Follow the process below to create Asset Type codes. Access the Fixed Asset Type Code Maintenance Form (FTMASTY).

Page 19 Creating Account Codes Categories of account codes The information that follows reviews the categories of account codes. Page 23 Creating the Asset Account Codes for Fixed Assets Overview The asset accounts are those that will be used for automatic capitalization entries, for posting the (normal) debit side of the capital entry. Enter Loss on Disp of F/A in the Account Title field. Enter an effective date in the Effective Date field (it should be a previous date). Enter 71 (or an account type code that designates direct expense for your institution) in the Account Type field. Enter D in the Normal Balance field to define this account with a debit account. The system will determine which capitalization fund to use for a given purchase based on the criteria you set up for the fund that is expensed for that purchase. Enter B (or the COA code for your institution) in the Chart of Accounts field. Enter 9601 in the Fund field (or create a unique account code). Banner form Page 33 Steps Follow these steps to complete the process. Note: If your depreciation expense, gain and loss accounts were created to be fund additions and fund deductions, then you will still need to complete the defaults for the organization and program. and is not to be copied, reproduced, lent, displayed or distributed, nor used for any purpose other than that for which it is specifically provided without the express written permission of Sun Gard Higher Education Inc. Through the completion of an invoice, the system will temporarily tag the asset and automatically capitalize the tagged item when it has reached or exceeded the minimum capitalization amount. So, commodity codes can be used in cases where the tagging of the asset is wanted, but where no capitalization entry is desired. Note: Normally you would enter an existing commodity code, and then identify it as a fixed asset. Personnel can then record the asset with a permanent tag; locate it, and process depreciation against it. Note: Using commodity codes for flagging fixed assets does not mean that you can no longer use capital expenditure accounts for this flagging as well. Note: If you do not set up these specifications at the fund level, the system will use the defaults you set up in your Fixed Assets System Control Form (FFASYSC). Banner form Page 38 Steps Procedure 1 Follow the process below to create a source fund code when the capitalization fund codes are different from FFASYSC. Page 47 Question 6 What Banner form is used to create a source fund code? Enter the transaction date in the Transaction Date field. Enter the date you want payment made in the Payment Date field. Note: We are saying any fund in fund type 21 does not depreciate. Select None from the Expense/Equity Account Default Indicator field. Enter 5888 (or the unique gain account code you created in an earlier exercise) in the Gain Account field. Enter 7888 (or the unique loss account code you created in an earlier exercise) in the Loss Account field. This specification is made using the Fund Code Maintenance Form (FTMFUND). These are the funds where the capital expense will be recorded, and will include your unrestricted fund(s) and any other funds from which capital expenditures may be made. The Account Code Maintenance Form (FTMACCT) Question 5 Is it necessary to have different Gain and Loss Accounts? An organization may have the same account for Gain and Losses.

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