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Fixed Assets

Fixed Assets. Fiscal Year-end Closing Procedures June 6, 2017. EIS Fiscal Year-End Closing Procedure.

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Fixed Assets

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  1. Fixed Assets Fiscal Year-end Closing Procedures June 6, 2017

  2. EIS Fiscal Year-End Closing Procedure • Finish all current year processing. Items received on or prior to June 30th (2017) should be added to EIS for FY2017. Any items received after June 30th can be added to the EIS pending file for FY2018. • If the depreciation data has been changed so that it is necessary to completely recalculate the life-to-date (LTD) depreciation for several items, you may need to run EISDEPR. Just note that running EISDEPR will affect items that have had improvements (additional ACQTRN’s) added to them causing them to lose their true depreciation history

  3. EIS Fiscal Year-End Closing Procedure • Districts with a $ and Life Limit specified for the capitalization criteria may choose to run an EIS304 Brief Asset Listing to verify all items meeting the dollar and life capitalization threshold are on file as capitalized assets. • In EIS304, select non-capitalized items and choose to select only items with an original cost equal or higher than the capitalization threshold. This will produce a listing of items that currently are notcapitalized but exceed the $ threshold. Then look up tags in question to verify that the life expectancy is under the life limit threshold and therefore should not be capitalized. If you find tags that meet or exceed the life limit, please make necessary modifications.

  4. Fiscal Year-End Closing Procedure • When all items have been entered, run the recommended list of reports (this includes all necessary GAAP schedules). • All recommended FYE reports are explained in the upcoming slides.

  5. Fiscal Year-End Closing Procedure • EIS101 – Schedule of Fixed Assets by Fund Source…..provides a summary of the original cost of capitalized items by their source or the fund the items were originally charged to when purchased. • Source means “the fund the items were originally charged to when purchased”. EIS101 uses the PO information from the acquisition record (ACQTRN) to identify the source fund used in purchasing the items. • Output file: EIS101.TXT • EIS102 – Schedule of Fixed Assets by Function and Class….produces a schedule of fixed assets by function and class. Can be generated by function and class, class or a summary by function and class. Creates a summary and detail report • The Book Value on the report is the Original Cost minus the Total Depreciation • Output files: EIS102S.TXT and EIS102D.TXT

  6. EIS103 • Contains “changes” in capital asset balances during the current fiscal year • The EIS103 creates three reports as listed below: • The EIS103S is a summary report listing the beginning balance, acquisitions, dispositions, transfers in, transfers out, adjustments, and the ending balance in separate columns horizontally across the report. • EIS103D is a detailed schedule of changes. This report lists any individual tag numbers that may have incurred acquisitions, dispositions, transfers, or adjustments. • EIS103E is an error report. • The summary and detail reports will page break on each fund type: fiduciary, governmental, proprietary, and undefined. • The GAAP flag must be set to “Y” to be able to generate this report. • For FYE, it is recommend to generate the report 3 different ways (CL, FC & FD). EISCD includes the 3 different ways. • Specific entities can be included or excluded (i.e. NOGAAP)

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  8. EIS GAAP Reports • Totals by Fund Type on the EIS101, EIS102, and EIS103 should match when balancing out for the fiscal year-end. • Any errors reported on the EIS103E report should be resolved prior to closing the fiscal year.

  9. EIS104 • Contains changes in depreciation of fixed assets during the fiscal year • The EIS104 creates two reports as listed below: • EIS104S is a summary report listing the beginning depreciation, continuing items, acquisitions, dispositions, transfers, adjustments and ending depreciation balance in separate columns horizontally across the report. The following equation is used in determining the ending depreciation • EIS104D is a detailed schedule of changes. This report lists any individual tags numbers that may have incurred acquisitions, dispositions, transfers or adjustments • Reports will page break on each fund type: fiduciary, governmental, proprietary and undefined • The GAAP flag must be set to “Y” in order to generate a valid report. • For FYE, it is recommended to generate the report 3 different ways (CL, FC & FD); EISCD includes the 3 different ways • May be used as a depreciation balancing tool with the EIS305.

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  11. Suggested Non-GAAP Reports • EIS303 – Inventory Master Listing…..includes all data on file for items; VERY LARGE report – it can produce a complete listing of all items or of specified subsets (i.e. generate a report of just depreciation information for all items); don’t recommend printing out a hard copy of the report. • EIS304 – Brief Asset Listing….. a one line per item listing of all items on file or subsets; The following EIS304 reports are recommended…they include capitalized items only and Status Codes of “A, N, EH, and EN” (with the exception of the disposition report). • Brief Asset Listing by fund • Brief Asset Listing by function • Brief Asset Listing by asset class • Acquisitions for current fiscal year • Dispositions for current fiscal year EISCD includes all the following

  12. Suggested Non-GAAP Reports • EIS305 – Book Value (Depreciation) Report…..shows depreciation information listing original cost, salvage value, book value, % of depreciation, and last year of useful life. • The date 06/xxxx (where xxxx is FY being closed) is used for the reporting date. The following EIS305 reports are recommended…they include capitalized items only and Status Codes of “A, N, EH, and EN” (with the exception of the disposition report). • Book Value Report by function • Book Value Report by class • Depreciation for current FY dispositions by function • Depreciation for current FY dispositions by class EISCD includes all the following

  13. Suggested Non-GAAP Reports • EIS401 – Insurance Values Report…..lists insurable values and replacement cost information for items; insurable values listed reflect the insurance classifications assigned to the item categories in EISMNT/CATSCN; Recommended if the district maintains current replacement cost and/or insurable values on the inventory item records. • EIS801 – Audit Report…..tracks changes made to the EIS files • For FYE, select the Official Option and keep on file for the auditors used for an official audit trail

  14. Capital Asset ReportingThings to check prior to running EISEMS • 01xx Asset Class • Have subclasses designated for land and land improvements and have assets appropriately classified into each category • “Land” items should have Deprec. Method = “N” • will be reported under NDL “Capital Assets not being depreciated, Land” • “Land Improvements” should have Deprec Method = “S” • reported under DLI “Depreciable Capital Assets, Land Improvements” • 08xx class for Construction in Progress • Should have Deprec. Method = “N” so they will be reported under NDC “Capital Assets not being depreciated, Construction in Progress”

  15. Capital Asset ReportingThings to check prior to running EISEMS • Capitalized items should all have accurate “Class” • Item amounts may be excluded or error generated if no or invalid Asset Class • Asset Class displayed on EISSCN/ITMSCN screen 1 • To check asset class, run EIS304, sorting by AC,IC • Governmental assets only are reported • Fund type = “G” • Check Fund types in EISMNT/FNDSCN

  16. EISEMS

  17. EISEMS

  18. Date: 04/23/10 Sampleville Schools Page: 1 Time: 9:24 am Summary of Changes in Governmental Activities (EISEMS) Balance at Additions (acquisitions, Reductions (dispositions, Balance at 07/01/2009 transfers in, + adjust.) transfers out, - adjust.) 06/30/2010 --------------- ------------------- ---------------------- -------------------Governmental Activities (G fund type only) Nondepreciable Capital Assets (EIS103 amounts) Land NDL(01xx if deprec is “N”) 1,027,761.15 0.00 (1,014,877.15) 12,884.00 Construction in Progress NDC (08xx) 0.00 0.00 0.00 0.00 ------------------- ------------------- ----------------------- ------------------- Total Nondepreciable Capital Assets 1,027,761.15 0.00 (1,014,877.15) 12,884.00 ------------------- ------------------- ------------------------ ------------------- Depreciable Capital Assets (EIS103 amounts) Land Improvements DLI (01xx) 446,115.85 5,250.59 (8,778.50) 442,587.94 Building and Building Improvements DBI (02xx) 10,342,664.19 0.00 0.00 10,342,664.19 Furniture, Fixtures, and Equipment DFE (03xx) 2,122,291.54 12,715.30 (557,500.03) 1,577,506.81 Vehicles DVE (04xx) 1,206,631.80 0.00 (17,536.05) 1,189,095.75 Infrastructure DIN (05xx) 0.00 0.00 0.00 0.00 Books DBK(06xx) 758,194.89 0.00 (758,194.89) 0.00 ------------------- ------------------- ----------------------- -------------------- Total Depreciable Capital Assets 14,875,898.27 17,965.89 (1,342,009.47) 13,551,854.69 ------------------- ------------------- ----------------------- -------------------- Less Accumulated Depreciation (EIS104 amounts) Land Improvements LLI (01xx) (175,112.84) (22,344.20) 0.00 (197,457.04) Building and Building Improvements LBI (02xx) (5,524,403.53) (216,442.00) 0.00 (5,740,845.53) Furniture, Fixtures, and EquipmeLFE (03xx) (1,383,016.04) (105,491.46) 495,032.92 (993,474.58) Vehicles LVE (04xx) (735,298.17) (55,548.16) 17,477.74 (773,368.59) Infrastructure LIN (05xx) 0.00 0.00 0.00 0.00 Books LBK (06xx) (723,298.57) 0.00 723,298.57 0.00 ------------------- ------------------- ---------------------- ------------------- Total Accumulated Depreciation (8,541,129.15) (399,825.82) 1,235,809.23 (7,705,145.74) ------------------- ------------------- ---------------------- ------------------- Depreciable Capital Assets, Net 6,334,769.12 (381,859.93) (106,200.24) 5,846,708.95 (Total Dep Cap Assets + Total AccumDep) ------------------- ------------------- ----------------------- -------------------- Governmental Activities Capital Assets, Net 7,362,530.27 (381,859.93) (1,121,077.39) 5,859,592.95 (Total Nondep. Cap Assets + Net Deprec Cap Assets) =============== =============== =============== ===============

  19. Fiscal Year-End Closing Procedure • After checking EIS103/EIS104, run the EISEMS program (if EIS GAAP flag is turned on) • An output file will be generated called EISEMS.SEQ • EISEMS.SEQ file must be uploaded/collected/ submitted via EMIS-R for Period H reporting • Run EISCD to generate a standardized set of FYE EIS reports. For more information and a listing of the reports generated, please refer to the EISCD chapter in the EIS Reference Manual. • Make a copy of the EIS files and other appropriate files by going to the $ prompt and typing in :@apps_fiscal:[utilities]eis_copy

  20. Fiscal Year-End Closing Procedure • Run EISCLS • Creates EISCLS.TXT which includes ending balances by Fund, Function and Asset Class. (These are the beginning balances for the next year) • Creates an EISDEP.TXT which is a summary report of the current year’s depreciation posted by fund. • Advances EIS last FY closed flag in EISMNT/DATSCN by one year • Adds one year’s worth of depreciation to LTD depreciation field • Updates beginning balance fields for new FY • Once EISCLS is complete, they may start entering inventory for the new fiscal year.

  21. Not using EIS? • For districts who DO NOT use EIS for their capital assets, they will enter their capital asset information into EMISFFE (EMIS Flat File Editor). • Please refer to the “Capital Asset Reporting for Non-EIS Districts” handout for more information. • https://ssdt.esu.k12.oh.us/emisffe2/login/auth

  22. Adding Capital Assets • Click on “NEW CAPITAL ASSETS” to add a record for FY2017. • On the “Capital Assets Code” box, select a code from the drop down list. • Enter the prior year balance. You will need to reference either last year’s ending balance (FY2016) or this year’s beginning balance (FY2017) for the amount for this code • Enter total amount of additions (items acquired) during FY2017 for this asset code • Enter total amount of deductions (items disposed of) during FY2017 for this asset code • Click on “CREATE” when finished and repeat if you need to enter additional capital asset codes.

  23. Modifying/Deleting Capital Assets • An “Edit” option is available to modify a record that already exists You must first select a record from the “Capital Assets List” by clicking on the ID # in order to edit it. • Click on EDIT to edit the existing record. Modifiable fields include the Capital Assets Code, Prior Balance, Additions and Deductions. Click on “Update” to complete the changes. • You also have the option to DELETE a specific record. • Put a HELPDESK ticket in and NEOMIN will upload the file to the Data Collector (email fiscal.support@neomin.org)

  24. Questions?

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