Business Process Flowchart Fixed Assets

1 Business Process FlowchartFixed AssetsPacket DescriptionThe Fixed Assets Packet describes how to create and maintain Assets in MAGIC. Key components within this package include integration points with Supplier Relationship Management (SRM), asset lifecycle, asset retirements, asset transfers, and the close RolesThe MAGIC Roles used in these flows are: FA - Fixed Assets Property Officer IMGoods Receipt Processor Nonstock IM -Goods Receipt Processor Non-stock SRM - Manager Purchasing / SRM Approver SRM - Buyer Operational SRM Approver / Manager SRM Requisitioner FA- asset Disposal Approver FA - OPTFM ApproverA description of each role can be found on the MMRS FlowsHelp or QuestionsMAGIC FlowsThe individual MAGIC flows that are included in this packet are: asset Acquisition to Capitalization asset Internal Transfer Fixed asset DisposalHelp or QuestionsClick hereto learn how to read a MAGIC Business you have a question, Fixed asset Disposal asset Acquisitions without a PO or for Lapseplease use the MAGIC Feedbackwebpage to submit your Process FlowchartFixed AssetsSignificant Changes Property Officers will have to collaborate with Purchasing and accounting withinFixed Assets Property Officers will have to collaborate with Purchasing and accounting within their agency to ensure that the Assets are created and reported correctly in the system.

2 asset master shell records will be created at the beginning of the purchasing Process and assigned directly to a purchasing document. Depreciation will be calculated within the system. OSA will no longer approve disposals. DFA/OPTFM will begin approving disposals of certain asset classes DFA/OPTFM will begin approving disposals of certain asset classes. OSA will be able to run required monthly reports and documents related to disposals/additions to OSA. In MAGIC, asset transfers will be changed to financial Level Process DescriptionEt hliflf fdi ti t hEvery asset has a lifecycle of four distinct phases:1. Acquisition: Assets can be purchased from vendors ( , laptops), acquired by donations, acquired by confiscation, or through capital projects2. Capitalization: through goods receipt or asset module transaction, value is added 3.

3 Useful life: Assets depreciate during their operational life4. Retirement: Assets that are no longer useful are transferred, sold, or scrapped Chart of Accounts is the group of G/L accounts used to classify revenue, expenses, gpy,p, Assets , and liabilities. Every Fixed asset has sub-ledger account where depreciation and other costs are posted. Postings to this account result in postings to reconciliation accounts and funding sources responsibleSRM Approver/SRM ManagerGoods Receipt Processor Non StockSRM Manager Purchasing/ SRM ApproverSRM Buyer OperationalSRM RequisitionerFA- Property OfficerWorkflow Shopping Cart Approval SBWPW orkflowPurchase Order Approval SBWPIs SC to be Sourced?ApproveNoYesRejected(Agency decision)May require additional asset approver Post Goods ReceiptMIGOU pdate asset Master Record If NecessaryAS02 Create/Edit Purchase Order PO, SOLE or EMERR ejectOversightWorkflowPurchase Order ApprovalApprovedCreate asset Shell or Enter asset NumberRejectedAgency Requires an AssetWorkflow Is Oversight Approval Required?

4 NoYesCreateShopping CartOrder shopping cartAssign Source of Supply (Contract/Supplier)Order Purchase OrderApprovedAsset CapitalizedAsset Internal TransfersFA-Property OfficerAgencyTransfer request Receiving asset ShellAS01 Transfer Within Company CodeABUMNT ransfer CompleteFixed asset DisposalOPTFM ApproverAgencyFA-Disposal ApproverFA-Property OfficerNOTE: If FA-Disposal Approver removes an asset from the worklist with the editing function, that asset remains on the agency s WorklistAR01 WorkflowAsset Worklist ApprovalSBWPW orkflow asset Worklist SBWPA pproveRejectApproveAsset is now inactive asset Class Determines WorkflowSBWPV ehicle Non-VehicleRejectAgency needs to dispose of an AssetAsset Acquisitions without PO or for Lapse FA-Property OfficerAgency discovers prior year asset that has not been taggedCreate asset RecordAS01 Adjust useful life (if applicable)Post value to assetABNANU pdate asset recordAS02 asset is now active.