Intraunit Asset Transfer (40.2.3)

1

Transfer Agreement

The Agency AM Asset Custodian implements internal controls for managing and controlling assets, including documented agreements to transfer assets within the agency. A change of COA values such as Org, Fund, Budget Entity, or GAAFR Fund requires the intraunit transfer function. Change of location does not require the transfer function.

2

Online Transfer Request

The Agency AM Asset Processor uses the AM Intraunit Transfer function to initiate approval and execute transfer within agencies for transfer of individual assets.

The transfer of assets marked as Fully Sensitive and Partially Sensitive must be initiated by users with proper security. The user must have the Agency AM Sensitive Asset Processor business role and the Sensitive Data Security (FLP_AM_SENS_PROCESSOR) system role.

3

Inbound Asset Transfer & Disposal Request (AMI002)

The Agency AM Asset Processor submits an asset transfer interface to initiate approval and execute intra-agency multi-asset transfers.

4

Initiate Approval Workflow (AMW003)

The AM approval workflow is initiated when the Agency AM Asset Processor selects the AM Intraunit Transfer function or submits the Inbound Asset Transfer & Disposal Interface to Florida PALM.

After the workflow is initiated, Florida PALM assigns a Pending Approval status (in addition to the ‘In-Service’ asset status) to each asset record selected for transfer. The Pending Approval status prevents transactional updates to the asset record.

Florida PALM removes the Pending Approval status from the asset record if an approver within workflow denies the transfer request.

5

Review For Approval

The Agency AM Asset Approver reviews the transfer request and takes appropriate action. If the transfer is denied, Florida PALM removes the Pending Approval status from the asset record. Removal of the Pending Approval status reinstates the option to perform transactional updates, including resubmittal of the transfer request.

If the Agency AM Asset Approver approves the transfer request, Florida PALM removes the Pending Approval status from the asset record and makes the records available for the Transaction Loader process.

AM approval process provides notification to the transfer requester with a denial or approval decision.

6

Run Transaction Loader

Florida PALM executes the Transaction Loader Process, which selects assets approved for transfer, in preparation of updating various core Asset Management tables.

The Agency AM Asset Processor can also execute the Transaction Loader process on demand.

7

Calculate Depreciation

If the asset is depreciable, Florida PALM initiates the Calculate Depreciation process based on an established schedule. This process calculates the depreciation for an asset for its entire useful life based on the depreciation attributes selected for the Asset – cost, salvage value, and useful life.

Calculate Depreciation may also be initiated on demand for individual asset transactions.

This process must be run when core asset transactions are processed such as:

• Addition of asset
• Update of asset records
• Transfer of asset
• Disposal of asset

If the asset is non-depreciable, Florida PALM by-passes the Calculate Depreciation, and completes the Create Accounting Entries process.

8

Complete Asset Transfer

After Depreciation Calculation is successfully executed against each Asset, Florida PALM (per enterprise schedule), runs the following core processes to acquire updated Asset information and create accounting transactions. The Agency AM Asset Processor may also run these processes on demand.

Load Depreciation Reporting Table process - This process loads the Depreciation Reporting table (DEPR_RPT) with life-to-date depreciation expense data. Content of DEPR_RPT table provides the basis for most depreciation reports.

Load Asset Net Book Value Process - This process loads the Asset Net Book Value table (ASSET_NBV_TBL) with data used for Asset Net Book Value reports.

Depreciation Close - This process generates period depreciation accounting entries for all depreciable assets in a particular accounting period. The process should be run for an accounting period that has not yet been closed.

Create Accounting Entries - This process generates accounting entries for all financial transactions unrelated to depreciation. Examples for accounting entries are asset cost, increase of asset cost, and transfer of assets.

Depreciation Allocation - This process allocates asset cost and/or depreciation expense from Governmental Fund to Ownership Fund if applicable. Governmental funds account for one fiscal year of information and cannot own assets with useful life greater than one year. An ownership fund is a long-term account that represents the entity in which assets are maintained for governmental funds.

9

Generate GL Journals

Journal Generator (JGEN) processes posted accounting entry data from the Florida PALM source modules, summarizes the data, and creates journals in the General Ledger. The Journal Generator process will edit, budget check, and post the journal entries created during the process. Please see 10.2 Enter and Process Journals for more information on source module journal entries.

10

Outbound Asset Extract (AMI003)

Florida PALM provides an outbound file with data of asset additions, updates, transfers and disposals. The Outbound Asset Extract will include asset records marked as Fully Sensitive and asset records marked as Partially Sensitive.

AM07

Intraunit Transfer of Fixed Asset (e.g. Transfer from Organization Code A to Organization B))

Debit: Fixed Asset – Org Code B (S)

Credit: Fixed Asset– Org Code A (S)

Debit: Accumulated Depreciation – Org Code A (S)

Credit: Accumulated Depreciation – Org Code B (S)

Debit: Fixed Asset – Org Code B

Credit: Fixed Asset– Org Code A

Debit: Accumulated Depreciation – Org Code A

Credit: Accumulated Depreciation – Org Code B

R3

AMR045

Asset Approval/Denial Report – a report of asset transactions that have been approved or denied.

Data Warehouse

Periodic

Agency

R4

AMR046

Pending Transfers Report – a report of transfers with issues pending resolution .

Data Warehouse

Periodic

Agency

R5

AMR022

Asset Transfer Report – a report of assets acquired or disposed of through transfer.

Data Warehouse

Periodic

Agency

AMI002

Inbound Asset Transfer and Disposal Request - Inbound interface to request asset transfer and disposal approval.

On Demand

Agency Business Systems

Florida PALM

AMI003

Outbound Asset Extract - Outbound asset extract file containing both physical and cost information.

On Demand

Florida PALM

Agency Business Systems

N/A

N/A

02/08/2024

Original Version