Physical Inventory (40.2.5)
  • 23 Apr 2024
  • 6 Minutes to read
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Physical Inventory (40.2.5)

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Article summary

Business Process Overview

The Agency AM Asset Processor initiates the setup of physical inventory in Florida PALM by defining inventory occurrences and selecting parameters like BU, Org, or Location to establish a Physical Inventory ID for each cycle. The processor then extracts inventory data from Florida PALM to be used in subsequent steps and can review the extracted data on the Review Extracted Data page. The Outbound Asset Physical Inventory Extract, containing both fully and partially sensitive asset records, assists in performing physical inventory. Using handheld scanners, the processor collects asset counts and features, reconciles this data with Florida PALM records, and uploads it to the system. Reconciliation involves identifying missing items and reconciling counts. Duplicate tag numbers are identified and marked as errors. Matching reconciled data with Florida PALM data generates physical inventory results. The Generate Transactions process creates Asset Management Transactions based on these results, allowing users to review and approve transactions before processing. If the inventory is conducted outside Florida PALM, previous data extracts can be deleted, except for the most recent one. If the inventory is within Florida PALM, no extract is generated, and thus, no deletion is necessary.

Business Process Diagram

Business Process Diagram for 40.2.5 Physical Inventory

Business Roles

The Business Process Flow Diagrams use horizontal swim lanes to depict where activities are performed by different parties or systems. Each swim lane is titled with a role, either agency-based or within DFS, and in some cases, are representative of an external entity or system. The swim lanes may change from page to page within a single business subprocess as more or fewer roles are required to execute sections of the business subprocess. 

Business Process Flows Details

The tables below describe steps in each business subprocess as reflected on the Business Process Flow Diagrams. The tables also reflect information associated with each step describing the intent of the specific process. Florida PALM screenshots are included within the sections to allow connections to be made from specific business subprocess steps to screens within Florida PALM. This information should be read in conjunction with the Business Process Flow Diagrams.

Process Step ID

Process Step Title

Description of Process

1

Set Up Physical Inventory

The Agency AM Asset Processor sets up the physical inventory by defining each physical inventory occurrence, selecting inventory parameters, and entering selection criteria in Florida PALM. Florida PALM establishes a Physical Inventory ID, for each inventory cycle. The inventory parameters could be by BU, Org, Location, Building, Custodian, or any identifiable grouping of asset records.


2

Extract Asset Data

The Agency AM Asset Processor extracts the inventory data, for the Physical Inventory ID, to be used in subsequent steps of the physical inventory. Users can navigate to the Review Extracted Data page to view the results of the extract data. The relevant data is generated as An Outbound Asset Physical Inventory Extract by Florida PALM. The Outbound Asset Physical Inventory Extract includes asset records marked as Fully Sensitive and asset records marked as Partially Sensitive.


3

Outbound Asset Physical Inventory Extract (AMI004 or AMI009)

The Agency AM Asset Processor uses the Outbound Asset Physical Inventory Extract generated by Florida PALM to assist performance of a physical inventory. The asset extract reflects a Florida PALM listing of Asset IDs, asset descriptions, and location defined by the selected inventory parameters.


4

Perform Physical Inventory

The Agency AM Asset Processor collects the physical counts and identifying features of verified assets via handheld scanner devices configured for an agency business system. The data collected by handheld scanners are uploaded to the agency business system.


5

Reconcile Physical Inventory Results

The Agency AM Asset Processor reconciles the inventory data uploaded to the agency business system (or from the handheld scanners) to Florida PALM data contained in the asset extract to identify missing or unrecorded items.


6

Inbound Asset Physical Inventory Load (AMI008 or AMI010)

The Agency AM Asset Processor uploads the reconciled inventory data to AM. The Inbound Asset Inventory Load reflects an update of data contained in Outbound Asset Physical Inventory Extract.


7

Load Inventory File

The Agency AM Asset Processor updates the asset extract file with results from the physical inventory. Updating the file includes acknowledging data, identifying variances, disputing listed information, and suggesting updates.


8

Review Inventory Data

The physical inventory functionality in Florida PALM requires a Tag Number be affixed to each asset record for tracking. The Agency AM Asset Processor reviews reconciled inventory data uploaded to Florida PALM to identify duplicate Tag Numbers.


9

Verify Duplicate Tag Number

The Agency AM Asset Processor verifies duplicate tag numbers and marks the records as errors in the final inventory.


10

Generate Results

The Agency AM Asset Processor performs matching between the uploaded, reconciled data and Florida PALM data to create physical inventory results. The physical Inventory report is used to identify asset records in Florida PALM after current inventory is conducted and asset count is reconciled.


11

Generate Transactions

Generate Transactions process involves creating Asset Management Transactions based on the Generate Results process. The agency user can select the option to create Asset Management Transactions such as additions, retirements, and transfers. The agency user can review and approve the Asset Management Transactions before processing.


Users may elect to delete the generated transactions from the Staging Table and enter the addition, retirement or transfer of items through the online process.


12

Delete Asset Extract Data

If the inventory is performed outside of Floria PALM, the Agency AM Asset Processor deletes versions of data extract that were generated in Florida PALM for previous physical inventory. Florida PALM retains the data extract of the most recent inventory, but all other extracts are available for deletion.


If the inventory is performed within Florida PALM, a physical inventory data extract is not generated (nothing available for deletion).

Demo Video

Mobile Inventory Demo Video: Click the image below to view a demonstration video on Mobile Inventory. 

 

Accounting Events

Accounting events originate during transaction processing in the applicable source module. The accounting events impact the source module, Commitment Control ledgers, and the General ledger (Actuals).

  • Source Module accounting entries require user input (I) of the primary line (i.e., expenditure, revenues) with an automated (A) system offsetting line (i.e., payable, receivable) during transaction entry. The source model transaction must pass Edit Check, Budget Check, and Cash Check (on applicable entries) prior to posting the transaction.
  • The Run Budget Check (Commitment Control) process automatically affects balances in the appropriate budget ledger (i.e., appropriation, spendable cash) if the transaction passes the budget check process.
  • After the transaction is posted in the source module, an automated system process summarizes and posts the entries in the General Ledger module to the Actuals Ledger.

The table below provides the most common accounting events applicable to this business process.

Acct Event ID 

Accounting Event

Commitment Control Ledger(s) Impact

Source Module Accounting Entry

General Ledger (Actuals) Entry

N/A





Reports

Key Reports are displayed as icons with the Report Number on this Business Process. The table below provides the reports identified to be produced at a particular process step or is used to support the completion of a process step.

Report Number

Report RICEFW ID

Report Description

Report Source

Report Frequency

Audience

R8

AMR020

Asset Physical Inventory Report – asset records in Florida PALM. The report can be used to identify assets not accounted for and asset records that require updates to locations, custodians, or conditions.

Data Warehouse

Periodic

Agency

Note: A complete list of reports may be found in the Reports Catalog.

Interfaces

The table below provides the Interfaces identified on the Business Process.

Interface Number

Interface Description

Interface Frequency

Source

Target

AMI004

Outbound Asset Physical Inventory CSV File Extract - Outbound interface extract of asset physical information and Tag Number to agency business systems.

On Demand

Florida PALM

Agency Business Systems

AMI008

Inbound Asset Physical Inventory CSV Load  - Inbound interface to load results of the asset physical inventory.

On Demand

Agency Business Systems

Florida PALM

AMI009

Outbound Asset Physical Inventory Scanner File Extract - Outbound interface extract of asset physical information and Tag Number to agency business systems.

On Demand

Florida PALM

Agency Business Systems

AMI010

Inbound Asset Physical Inventory Scanner File Load - Inbound interface to load results of the asset physical inventory.

On Demand

Florida PALM

Florida PALM

Note: A complete list of interfaces may be found in the Interface Catalog.

Forms

The table below provides the forms identified on this Business Process.

Form Number

Form Description

Audience

N/A



Workflows

The table below provides the workflows identified on this Business Process.

Workflow Number

Workflow Description

Audience

N/A



Version History

Date

Revision Description

02/01/2024

Original Version

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