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• How would I add a new item that was acquired by the district in a prior fiscal year?
  • You have a couple of options: 
    • If the period can be re-opened and you would prefer to re-open the period, once it's open, you would add the item using Transactions>Items
    • If the period is archived or you would prefer not to re-open the period, the item would be added in an open period, as usual through the Transactions>Items grid, using the 'create' option. A date in the open period must be entered in the acquisition window but after you click 'continue to item', you can enter the true acquisition date in the items window. If depreciation is to be calculated, you will want to enter the true acquisition date as the beginning depreciation date.  If the item is capitalized, after the item has been added, access Transactions>Acquisitions, query the newly created acquisition against this item and check the error correction box in order to include the item's amount to the adjustments column instead of the acquisition column on the GAAP schedule of change reports.
• How do I add an item that has been received as a donation?
  • An item would be added as usual through the Transactions>Items grid using the 'create' option. A date in the current processing year and an acquisition amount must be entered in the acquisition window but otherwise, the rest of the information in the acquisition window is not required  After you click 'continue to item', please enter the rest of the necessary information for this asset ensuring the acquisition method be set to "D" for donated. NOTE: Donated items should be entered with an original cost equal to the current market value. Items purchased with a trade-in should also be added to the system with an original cost equal to the full purchase price
• Can I change a tag number?  What if I need to retag it due to the original tag no longer be on the physical asset.
  • Tag numbers can be modified at any time.  If the tag number is modified, a note should be added on the item referencing the old number (it can be entered in the accessories, part of the description or user information information).  
• If I decide to track textbooks/library books as an asset on the system, how would I go about doing that.

  • Due to the numerous acquisitions and dispositions that can be associated with keeping textbooks and library books on the inventory system the following procedure has been suggested to simplify the matter. This suggestion is accepted by the State Auditor's Office as long as the district keeps an auxiliary list of the actual books and their original cost

    • All textbooks or library books can be entered into the system under one tag number with the original cost set equal to the combined total of all the books. The "No. of Items:" field on the ITMSCN should be set to "1."

    • As new books are added, acquisition transaction records should be added for this tag number using the cost of the additions. Likewise, when books are disposed of, acquisition transactions should be added using a negative dollar amount to reflect the original cost of the books that are being disposed of. When adding these acquisition transactions,  "Update original cost ?" should be checked. Checking this will cause the original cost on the item to reflect the original cost of all the current books.

• What if I added the same item twice (two different tag #) in the same fiscal year?  Can I delete the duplicate?
  • If capitalized, you may delete the duplicate item if the acquisition date is in an open period. Non-capitalized assets may be deleted regardless if the acquisition date is in an open period.
• What if I entered an item twice, but were entered in different open periods.
  • Once you determine which item is the duplicate, you may delete the duplicate item if the acquisition date is in an open period.  If the duplicate item's acquisition date is not in an open period or you prefer not to re-open the period, you cannot delete the item.  Instead, you must post a disposition via Transactions>Dispositions.  If the item you are disposing is a capitalized item, ensure the 'error adjustment' flag to checked so that the amount is included on the adjustment column (and not the disposition column) of the GAAP Schedule of Changes reports.   Non-capitalized assets may be deleted regardless of their acquisition date
• I need to edit an item?  If my GAAP flag is checked, are there specific fields I cannot change?
  • Yes, most fields can be edited however, the fund, function, asset class and original cost may not be changed on an existing item.  Also the status cannot be changed to disposed of. 
    • If you need to change the fund, function or asset class, create a transfer transaction.
    • If you need to change the original cost, create an additional acquisition against the item.  If the original cost should be lowered, enter a negative acquisition amount.  If the original cost should be higher, enter a positive acquisition amount.  Ensure the 'update original cost' is checked to update the item's original cost by the amount entered on the acquisition.  If the item is capitalized and acquired in a prior year, please ensure the 'error correction' is checked as well so the amount of the acquisition will be included on the adjustment column on the change schedules.
    • If you want to dispose of the asset, you must enter a disposition transaction for it.  This will then update the item's status to "D" for disposed of.
• If I entered an asset in an open year by mistake, can I delete it or must I create a disposition transaction.
  • Yes, if the item was added in a period that is open, you can simply delete it in Transactions>Items.  This will also automatically delete the associated acquisition transaction.  
  • If the asset was entered in a prior year and you are not able to open that period or you prefer not to re-open the period, you must post a disposition transaction.  If the item you are disposing is a capitalized item, ensure the 'error adjustment' flag to is checked so that the amount is included on the adjustment column (and not the disposition column) of the GAAP Schedule of Changes reports. 
• I have items such as textbooks and desks on the system as capitalized lots.  If I breakdown a lot, each individual item would fall under the threshold amount.  GASB34 states lots can be excluded on GAAP schedules as long as they do not exceed 20% of your total capital assets. How can I keep them on file as a lot but off of my GAAP Schedules?
  • Bulk items can be kept off of the GAAP schedules by making use of the Entity ID on the item record. Enter an entity id such as NOGAAP for these items.  Then when running the GAAP reports you have the option to exclude specified entity ID’s.  For example, choosing to exclude the entity NOGAAP will not include the lot amounts on your GAAP schedules.
    
• I need to update a field on several of my existing items.  Is there a way to mass-update? 
  • Yes, using the recommended spreadsheet format outlined in the SYSTEM>Import chapter, you can use Item Import type to update information on a existing field. 
    • NOTE: GAAP fields such a fund, function and asset class can be updated as long as the 'create transfers' box is checked.  This will update the fund, function or asset class on the item record and also create associated transfer transactions. 
    • NOTE: If you want to update the original cost, you must use the (acquisition import type), making sure the update records box IS NOT checked.  This will create additional acquisitions against the item and also update the associated item's original cost.
    • NOTE: If you want to update the status of the item to disposed of, you must use the disposition import type to create mass dispositions.  This will also update the associated item's status to 'disposed of'.
• My auditor has requested the existing LTD be changed on several items.  How do I go about doing this?  
  • You have a few options:
    • If the LTD needs to be recalculated, you can check the specific items on the grid and click 'depreciate'.  We strongly recommend running a projection only to generate a projection report to review the newly recalculated LTD figure to ensure the correct figures are listed.  If so, uncheck projection only and generate an actual run to update the LTD figures.
    • If the existing LTD amount must be adjusted to a specific figure, edit the item and create a depreciation transaction in an open period to adjust the existing LTD figure.  The amount entered will be added (or subtracted if entering a negative adjustment) to the existing LTD amount.  
    • If you need to mass-update LTD depreciation on several items, using the recommended spreadsheet format outlined in the SYSTEM>Import chapter, you can use Item Import type to overwrite the existing LTD figure.
• Can I delete an item?
  • Deleting an item will remove the item from the system so you will no longer be able to query it.  You may delete an assets with an acquisition date in an open period. Otherwise, you have to create a disposition transaction.  When posting the disposition transaction, the related item will remain on the system but the status will change to 'disposed of'. 

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