FIACCT 09-08_00 Fixed Assets – Changing Asset Number/Type Not Allowed

Effective: March 16, 1998
Revised: April 1, 2002

Purpose

This policy documents that changing a Fixed Asset Number and/or Type is not allowed.

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Policy

Assigning temporary Fixed Asset Numbers in FINET Fixed Assets is not allowed. Changing an asset number by deleting it and re-adding it is also not allowed. Temporary asset numbers that are later replaced with correct asset numbers overstate additions, deletions, and depreciations in the Comprehensive Annual Financial Report. Fixed assets should be tagged with the correct asset number promptly upon receipt, and the correct asset should be recorded in FINET.

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Background

A user may not change the Fixed Asset Number and/or the Fixed Asset Type on an existing fixed asset record. Six additional description fields which are available on the fixed asset record may be used to help identify the asset.

FINET does not allow the Fixed Asset Number or the Fixed Asset Type to be modified. The Asset Number and Asset Type are key fields in FINET Fixed Assets. Because the Division Identifier is part of the Fixed Asset Number, it cannot be changed if an asset is transferred between divisions within an agency.

The Fixed Asset Number is comprised of the following fields:
Š Agency (three characters)
Š Division Identifier (one character)
Š ID Number (nine characters)
Š Component (two characters)

Valid Fixed Asset Types:
Š B Buildings
Š E Equipment
Š I Infrastructure
Š L Land
Š V Vehicles
Š X Information Only

If an agency feels that any of the data elements in the Fixed Asset Number or Type must be changed, contact the Division of Finance so that entries to adjust all of the overstatements can be processed.