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Comprehensive Overview of New EMIS Requirements for Year-End Capital Asset Reporting

This update highlights crucial changes and new requirements for the EMIS Capital Asset reporting process at fiscal year-end. Key details include the introduction of the EISEMS Program, the requirement to report total original costs and depreciation by asset class, and the important submission deadlines of August 26 and September 2. Compliance with GAAP financial statement notes is essential. For effective reporting, entities must review depreciation methods and asset classes to ensure accurate categorization. The new functionalities streamline the asset reporting process, enhancing financial accuracy.

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Comprehensive Overview of New EMIS Requirements for Year-End Capital Asset Reporting

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Presentation Transcript

  1. EIS Fiscal Year-end Updates

  2. Overview • New Capital Assets EMIS Requirement • New EISEMS Program

  3. New Capital Assets EMIS Requirement • New reporting requirement for Period H (July) • Open July 1 – Sept. 30 • Submission Deadlines of Aug. 26 and Sept 2. • Total Original Costs by Asset Class • Total Depreciation by Asset Class • Presented same as in notes to GAAP financial statements

  4. Capital Assets Codes • NDC Capital Assets not being depreciated, Construction in Progress • NDL Capital Assets not being depreciated, Land • DBI Depreciable Capital Assets, Buildings and Building Improvements • DBK Depreciable Capital Assets, Books • DFE Depreciable Capital Assets, Furniture, Fixtures and Equipment • DIN Depreciable Capital Assets, Infrastructure • DLI Depreciable Capital Assets, Land Improvements • DVE Depreciable Capital Assets, Vehicles

  5. Capital Assets Codes (Cont.) • LBI Accumulated Depreciation, Buildings and Building Improvements • LBK Accumulated Depreciation, Books • LFE Accumulated Depreciation, Furniture, Fixtures and Equipment • LIN Accumulated Depreciation, Infrastructure • LLI Accumulated Depreciation, Land Improvements • LVE Accumulated Depreciation, Vehicles • See EMIS Guide, Ch. 4 for definitions of each category

  6. New EISEMS Program and .COM Procedure • EISEMS.COM procedure • Prompts for Entity ID’s to include or exclude • Runs EIS103 for Original Cost amounts • Runs EIS104 for Depreciation amounts • Compiles results into EISEMS.SEQ file • Ch. 5 EMIS Sequential file with Capital Assets info • Load into EMIS in normal manner • Generates summary report • Similar to sample on slide 5

  7. EISEMS Functionality • Governmental assets only • Fund type = “G” • From EISMNT/FNDSCN for “current fund” • Excluded/Error if no or invalid Asset Class • For Asset Class 01xx • Uses “Depreciation Method” to determine Code

  8. EISEMS Asset Class Mappings • 01xx = NDL if Depreciation Method = N • 01xx = DLI, LLI Land Improvements • 02xx = DBI, LBI Buildings/Improvements • 03xx = DFE, LFE Furniture/Fixtures/Equip. • 04xx = DVE, LVE Vehicles • 05xx = DIN, LIN Infrastructure • 06xx = DBK, LBK Books • 08xx = NDC Construction in Progress

  9. EIS Items to Check • “Land” items have Deprec. Method = “N” • Fund types all entered and accurate • EISMNT/FNDSCN • Capitalized items all have accurate “Class” • EISSCN/ITMSCN screen 1 • Check with EISRPT/EIS304 • Recommend sorting by AC,IC

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