Asset Accounting and Management Overview

What is Asset Accounting and Management?

Asset Accounting and Management (AAM) in Florida PALM provides functionality to manage agency property over the lifecycle of the asset, establish the security controls, and prepare for month and year-end closing activities. The Asset Management (AM) module is the repository for agency assets record that support agency operations. 

How will assets be handled in Florida PALM? 

The are multiple business processes within the Asset Accounting and Management business process grouping. AAM includes a collection of business processes that manage the records of agency property supporting State operations, including financial and custodial information. Functionality also includes establishing the controls to ensure the integrity of statewide financial reporting and preparing for month-end and year-end closing activities.

Asset Accounting and Management Lifecycle 

Asset Acquisition 

What is different or changing?

• Florida PALM will use the established capitalization thresholds to identify purchases qualifying for capitalization.
• Interface data requires specific accounting information, in a standardized format, to create assets in Florida PALM.
• End users can use an excel spreadsheet to upload transactions (AMI006) to create or update an asset record
• AAM uses financial details from Accounts Payable (AP), such as Asset Profile ID, acquisition date, and cost, to create asset records.

What is the same?

• Similar to FLAIR, Florida PALM uses integration and online input to create asset records.
• Capitalization thresholds and financial reporting requirements are still directed by the Department of Financial Services and governmental accounting standards.

Other Helpful Information

• Visit the Asset Acquisition Lifecycle page for more information about the Asset Acquisition lifecycle, including associated business processes, Interfaces, Conversions, and Reports.
• For select Enterprise Configuration values see the link in Attachments to the right.

Manage Assets 

What is different or changing?

• Electronic Workflows (system-enforced controls) are used to manage the approval process for all Asset Transfers and Asset Disposals.
• Depreciation expenses are recorded monthly in Florida PALM, instead of annually as is in FLAIR.
• Most AM Workflows do not allow approval or denial of multiple assets simultaneously – each request relates to a single asset.
• Role-based access control is used to restrict system access to authorized users.
• Asset disposal requires a status change in the Florida PALM AM module, such as “In Service” or “Suspend” to “Retire”.
• Florida PALM provides disposal codes to define the means of disposal, such as “Retirement by Sale” and “Scrapped Assets”.
• There are two methods of inventory with Florida PALM, Classic and Mobile:
  • The Classic Inventory recording approach requires an extract of the asset grouping to be inventoried.
  • The Mobile Inventory approach requires direct access to the asset repository.
• Agency locations are configured in the Florida PALM AM module.
• In Florida PALM, a Location Code has a 10-character field.
• Agency location includes a Location Code, Area ID and corresponding address values.

What is the same?

• The requirement for performing physical inventories will not change with the implementation of the Florida PALM.
• Agency locations will be managed by the agencies themselves.

Other Helpful Information

• Visit the Manage Assets Lifecycle page for more information about the Manage Assets lifecycle, including associated business processes, Interfaces, Conversions, and Reports.
• For select Enterprise Configuration values see the link in Attachments to the right.

Monitoring/Expectations

More information coming soon

Asset Accounting and Management Resources

• Business Process Models (BPMs)
  • How to Read a Business Process Model
  • Budget Management and Cash Control Business Process Models (BPMs)
    • 40.1 Acquire and Set Up Assets - Segment II - as of 11/13/2023
    • 40.2 Deploy and Maintain Assets - Segment III - as of 02/08/2024
    • 40.3 Set Up and Maintain Asset Controls - Segment II - as of 11/13/2023
    • 40.4 Asset Management Period Close - Coming Soon in Segment IV