Acquire and Set Up Assets (40.1)

Business Process Overview

The Acquire and Set Up Assets business process is within the Asset Accounting and Management (AAM) business process grouping. AAM includes a collection of business processes that:

• Manage agency property records that support State operations, including financial and custodial information.
• Establish the controls that ensure the integrity of statewide financial reporting; and
• Perform month-end and year-end closing activities.

This business process addresses Acquire and Set Up Assets. Newly acquired assets are recorded in Florida PALM through interface, integration, or direct input.

The business subprocess included are:

• 40.1.1 – Import Asset Add
• 40.1.2 – Online Asset Add
• 40.1.3 - Work in Progress 
• 40.1.4 - Leases

In accordance with section 273.03, Florida Statutes (F.S.), the Agency AM Custodian is primarily responsible for the supervision, control, and disposition of State-owned property within their custody. Therefore, the terms ‘property’ and ‘fixed asset’ are used interchangeably in this document. Fixed assets are defined as any real, tangible, or intangible property that a business uses, including but not limited to computers, tools, software, or office equipment.

Assets that meet the thresholds outlined in the Statewide Asset Capitalization Policy are capitalized in Florida PALM for inventory and reporting purposes. Assets that do not meet the capitalization threshold outlined in the Statewide Asset Capitalization Policy (i.e., attractive items) are recorded in Florida PALM for tracking purposes as non-capitalized assets.

Import Asset Add business subprocess uses templates to create mass asset records in Asset Management (AM). The Asset Profile defines criteria for an asset type that AM uses as default values when adding assets. AM uses financial details from Accounts Payable (AP), such as Asset Profile ID, acquisition date, and cost, to create asset records. Import Asset Add also creates asset records in mass through an interface flat file and Excel to AM interface. A predefined excel spreadsheet is used to upload details into AM to create asset records. Online Asset Add business subprocess creates individual asset records from details through direct input in AM. Both business subprocesses invoke data edits that reject invalid data, produce error messages, and allow correction. 

The Agency AM Spreadsheet Upload Processor role will be responsible for uploading the predefined excel spreadsheet used via the Inbound Asset Spreadsheet Upload process. The spreadsheet will be approved by an agency designated approver before the upload occurs.

Dependencies and Constraints

Dependencies and Constraints describe any conditions or criteria that impact how or when the business process should be executed. These could be set within Florida PALM or from external sources (i.e., Law or Rule).

• Florida PALM will use the established capitalization threshold limits to identify purchases qualifying for capitalization.
• Interface data requires specific accounting information, in a standardized format, to create assets in Florida PALM

Conversions

The table below identifies the Conversions related to this Business Process. These items are not included within the Business Flow Diagrams; however, these items are important elements of each Business Process.

Agency Configurations

The table below identifies the Agency Configurations related to this Business Process. These items are not included within the Business Flow Diagrams; however, these items are important elements of each Business Process.

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