Asset Fabrication and Control Assets

Overview

The Asset Fabrication document is used to create movable, constructed assets. Construction in progress assets should be defined by an asset type code that has a 0 depreciable life. Once the asset is complete, the in-service date is updated and the asset type code is changed to an asset type code with a depreciable life.

Fabrications will have either 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 and are attached to, or are internal to the finished equipment.

The Asset Fabrication Maintenance document can also be used to create control assets. Control assets are used to post payments that have been reclassified as supplies and for canceled invoices. There isn't a way to delete a record that makes it into CAM, so control assets are used to clear these records. 

After an asset number has been assigned to the fabrication, the asset number must be referenced on all transactions related to the Asset by choosing to modify the asset vs creating a new asset.

• Requisitions and Purchase Orders: When making a purchase for fabricated equipment complete the Capital Asset tab as follows:
  • Capital Asset System Type: One System
  • Capital Asset System State: Modify Existing

• Click Select.
• Enter the asset number in the System Detail section.
• Click add.
• Enter a Capital Asset Note text describing the addition. 

• Financial Processing: Refer to the Accounting Lines for Capitalization, Create and Modify Asset tabs for details. Use Modify Assets and reference the fabricated asset number. 

Capital Asset Builder will pick up these transactions and an Asset Payment can be applied to the asset using the Purchasing / Accounts Payable Transactions or General Ledger Transactions screens. 

Asset Fabrication

The following tabs are used to create fabricated assets:

• Asset Detail Information 
• Asset Location
• Organization Information  
• Fabrication Information

NOTE: After the asset is created the value in parameter MANUFACTURER will populate the Assets Manufacturer. 

Asset Detail Information

Contains identification and ownership information for the fabricated asset. Most fields are self explanatory. Fields that require additional explanation are described below. 

• Asset Number:  Display-only. The system assigns a unique number to each asset after the document is submitted and cannot be modified.
• Owner:  Complete when the title of the asset is vested in another university or sponsoring agency. Leave blank if owned by your institution. 
• Acquisition Type Code: Defaults to the value in parameter ACQUISITION_TYPE and is read only. 
• Asset Status Code: Defaults to U and is read only. In the base data, U represents Under Construction. 
• Asset Type Code: Defaults to the value in parameter ASSET_TYPE and can be changed. Normally, this will be an asset type with a 0 depreciable life. When the asset is complete and placed into service, the asset type should be changed to one with a depreciable life. 
• Vendor Name:  Defaults to CONSTRUCTED and is read only.
• Last Inventory Date: Will be set to the date when the document is submitted and is read only.  

Asset Location

Specifies the location of the asset. It contains information on where the asset will be located, whether on-campus or off-campus.

• Campus is required for all locations.  
• The asset type code determines what location information is allowed. 
  • Moving Indicator = Y: On Campus or Off Campus information is allowed. 
  • Required Building Indicator = Y: On Campus information is required; Off Campus is not allowed. 

Organization Information

Specifies inventory information used to sort assets within an organization to facilitate physical inventories. The fields in this tab are self explanatory. 

Fabrication Information

Contains the fabrication information for the asset. Most fields are self explanatory, those requiring additional information are detailed below. 

• Years expected to retain asset once fabrication is complete: - Enter the number of years the organization is expecting to retain the fabricated asset once it has been completed. When the field is populated with 0, it is an indication that the fabricated asset will be sold upon completion and should not be eligible for depreciation. Setting this field to 0 can also serve as a reminder to the Capital Asset Office, that when the construction is complete to treat the asset accordingly.