The Asset Fabrication document creates an Asset record that describes each of these constructed assets. Construction in progress assets are identified by a specific asset type code. The Capital Asset Office assigns the in-service date and changes the asset type code from construction in progress to an asset type code with a depreciable life. At that point the asset begins to depreciate (from an accounting perspective).
Fabrications can be distinguished by anyone of the following characteristics:
- Original Development -the fabrication construction creates a one-of-a-kind piece of equipment.
- Original Components - the original components bear no resemblance to the finished equipment.
- Original Components - the original components are attached to, or are internal to the finished equipment.
After a fabrication has been approved, the asset number must be referenced on all related PURAP transactions. Requisitions for fabricated equipment should have the Capital Asset System Type set to One System and the Capital Asset System State set to Modify Existing in the Capital Asset tab on requisitions and purchase orders. These settings allow the requisition initiator to enter the fabrication asset number(s) to which the line items should be applied. To complete the information on the Capital Asset tab, each line item must be assigned a Capital Asset Transaction Type of fabrication on the requisitions and purchase orders. The system will use the capital asset transition type to ensure that the line item is assigned a fabrication object code. Then, as related invoices are processed in the Capital Asset Builder (CAB), the payments are applied to the fabrication asset number(s). This capital asset system type can be found on the Capital Asset tab on requisitions and purchase orders.
The Asset Fabrication Maintenance document is also used to create control assets. Control assets are used to post payments that are:
- reclassified as supplies and
- canceled invoices