Online Asset Add (40.1.2)

1

Identify Asset Records to be Created

The Agency AM F&A Processor identifies information for the newly acquired asset that requires manual entry into Florida PALM. Manual entry is necessary for assets created or constructed by or on behalf of the State, and assets received through donation or seizure. Manual entry is also required for assets purchased but not entered through integration with the AP module.

2

Request Asset Information

The Agency AM F&A Processor and the Agency AM Asset Processor coordinate to collect the relevant asset information to create and update asset records per applicable policies and procedures.

3

Create/Update Asset Record

The Agency AM F&A Processor inputs asset cost information which creates incomplete asset records.

The Agency F&A Processor also updates asset cost information (but not physical information) on existing incomplete asset records.

A complete asset record requires financial and physical information in Florida PALM.

The Tag Number can be added at any point in the creation of the asset record in Florida PALM.

When adding or updating an asset record, the Sensitive Data dropdown list can be triggered, and the Sensitive Data Elements can be updated 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.

4

Identify Asset Records to be Created/Updated

The Agency AM Asset Processor identifies information on newly acquired assets that require a manual entry in Florida PALM. Manual entry is necessary for assets created or constructed by or on behalf of the State, and assets received through donation or seizure. Manual entry is also required for assets purchased but not entered through integration with the AP module.

Agency AM Asset Processor also reviews Florida PALM asset reports to identify asset records that need to be updated.

5

Request Asset Information

The Agency AM F&A Processor and the Agency AM Asset Processor coordinate to acquire asset information in accordance with agency policy & procedure.

This step includes identifying assets added by Agency AM F&A Processor that need to be updated with physical asset information.

6

Create/

Update Asset Record

The Agency AM Asset Processor inputs asset financial and asset physical information to create new asset records. The Agency AM Asset Processor also updates physical asset information for incomplete asset records created by the Agency AM F&A Processor.

The Agency AM Asset Processor performs various asset record maintenance functions in Florida PALM, including:

• Maintain Asset Status
• Maintain Asset Parent/Child Relationship
• Update Physical Information
• Maintain Cost
• Capitalize Asset
• Update Useful Life
• Transfer Assets

The Tag Number can be added at any point in the creation or update of the asset record in Florida PALM.

When adding or updating an asset record, the Sensitive Data dropdown list can be triggered, and the Sensitive Data Elements can be updated 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.

7

Establish Asset

Florida PALM uses data input by the Agency AM Asset Processor and the Agency AM F&A Processor to create asset records. Each asset record is created with a unique, system-generated numeric Asset ID. New Assets Report and Assets Purchased Reports are used to list asset records established.

8

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.

9

Complete Creation of Asset

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.

10

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.

Governmental Funds account for one fiscal year of information and cannot own assets with a useful life over one year. Fixed assets acquired through a Governmental Fund must be accounted for in an Ownership Fund.

A Mapping Table that establishes the Governmental/Ownership Fund relationship is configured in GL. This table must be maintained with the addition of new Governmental Funds and/or updates to corresponding Ownership Fund configured in GL by the Agency COA Maintainer. The Mapping Table uses existing Governmental Funds to systematically reclassify values to predetermined Ownership Fund values.

General Ledger Allocation reclassifies AM journal data for owned asset, leased asset, associated depreciation expense, and accumulated depreciation resulting from acquisition of assets with Governmental Funds, to the corresponding Ownership Fund.  The reclassification occurs in the General Ledger module via the General Ledger Allocation process.  

12

Outbound Asset Extract (AMI003)

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

R3

AMR013

Asset Acquisition by PO or Supplier Report – a report that lists assets by Purchase Order or Supplier.

Data Warehouse

Periodic

Agency

AMI003

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

Daily

Florida PALM

Agency Business Systems

N/A

N/A

11/13/2023

Updates for Financial Waves

Edited language in Step 9

Added Step 11