Asset Adjustments, Recategorize, and Transfers

Purpose: Use this document as a reference for adjusting asset information and reviewing asset cost history in ctcLink.

Audience: Financial Asset Manager, Facilities Asset Manager.

You must have at least one of these local college managed security roles:

  • ZZ Asset Processing

If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.

You can perform these actions on assets from the Main Transaction page:

  • Addition - adds an adjustment cost line with transaction type ADD as a result of alternate or multiple funding sources.
  • Adjustment - adjusts the cost or quantity of an existing row and adds a line with transaction type ADJ.
  • Fixed Price MarkUp - applies a markup to the asset that you are transferring.
  • InterUnit Transfer - transfers an asset from one business unit to another with different legal entities.
  • Recategorize - changes an asset category or cost type.
  • Revaluation - revalues an asset by percentage.
  • Transfer - transfers an asset within the same business unit.
Locating your In Service Date or Transaction Date

Follow these steps to access the "Transaction Date" also referred as the "In Service Date" if you are correcting information of an existing Asset:

  1. Navigate to Search for an Asset: Navigation: Asset Management > Search for an Asset.
  2. Enter search criteria and select Search button.
  3. Select the Asset ID radio button.
  4. Use the drill-down to the Define Tax/Depr Criteria. Select the GO! button.
  5. The Define Tax/Depreciation page displays. Copy or write down the "In Service Date" to use when correcting information.  
Image how to lookup the Transaction Date or In service date

Video Tutorial

The video below demonstrates the process actions described in the steps listed above. This video includes audio and closed captioning.  Select the play button to start the video.

Video Tutorial Via Panopto

View the external link to Locating your In Service Date or Transaction Date. This link will open in a new tab/window.

Asset Adjustments

To "Adjust" an asset, you make changes to the cost, quantity, depreciation rules, etc. of an existing asset.

Navigation: Asset Management > Asset Transactions > Financial Transactions > Cost Adjust/Transfer Asset

  1. The Asset Cost Adjust/Transfer Asset page displays.  Enter or lookup search criteria for the asset:
    1. Enter the Business Unit.
    2. Enter the asset in the Asset Identification field.
    3. Optional to utilize additional search criteria to narrow your search and/or refine results.
  2. Select the Search button.
  3. The Main Transaction page displays. The Transaction and Accounting Dates default to the current date. Update the Transaction Date to the In Service Date. If you are unsure of the Transaction Date, please refer to Locating your In Service Date or Transaction Date.
  4. Use it to perform a financial transaction on an asset. Select the Action drop-down button to select the ‘Adjustment’ option.
  5. Select the GO! button.

Note: If the asset you are adjusting is a parent or child asset, you will receive a message letting you know that there is an associated asset.  Select OK to acknowledge the message.

select Action of Adjustment and select GO!
  1. The Cost Information page displays. Use it to enter or adjust the cost information required by the transaction that you initiated from the Main Transaction page, such as:
    • Enter the new adjusted cost of the asset in the Cost field (for example, missed an invoice of $1,200).
    • If necessary, adjust the quantity in the Quantity field.
    • Add a new row, adding the new Category, Cost Type and ChartString.
  2. Select the Apply button.
Add cost and select apply
  1. The system automatically adjusts the values in the Quantity and Cost fields by the amounts specified in the Adjust All Rows By fields.. Select the Save button to save changes.

Note: If you need to add a new ChartString, select the plus icon [+] to add a new row. Add the Cost, Category, and Cost Type. Then add the new ChartString. The select Save to save changes.

total cost adjusts

Next, review the asset information using the QRG View Asset Cost History.

Video Tutorial

The video below demonstrates the process actions described in the steps listed above. This video includes audio and closed captioning.  Select the play button to start the video.

Video Tutorial Via Panopto

View the external link to Asset Adjustments. This link will open in a new tab/window.

Recategorize Assets

To "Recategorize" an asset, you change the "Category" and/or the "Cost Type".

Navigation: Asset Management > Asset Transactions > Financial Transactions > Cost Adjust/Transfer Asset

  1. The Asset Cost Adjust/Transfer Asset page displays.  Enter or lookup search criteria for the asset:
    1. Enter the Business Unit.
    2. Enter the asset in the Asset Identification field.
    3. Optional to utilize additional search criteria to narrow your search and/or refine results.
  2. Select the Search button.
  3. The Main Transaction page displays. The Transaction and Accounting Dates default to the current date. Update the Transaction Date to the In Service Date. If you are unsure of the Transaction Date, please refer to Locating your In Service Date or Transaction Date.
  4. Use it to perform a financial transaction on an asset. Select the Action drop-down button to select the ‘Recategorize" option.
  5. Select the GO! button.
Select Recategorize and select GO!
  1. The Cost Information tab page displays. Select or lookup the correct Category or Cost Type of the asset.
  2. Select the Save button to save changes.
select new category or cost type

Next, review the asset information using the QRG View Asset Cost History.

Video Tutorial

The video below demonstrates the process actions described in the steps listed above. This video includes audio and closed captioning.  Select the play button to start the video.

Video Tutorial Via Panopto

View the external link to Recategorize Assets. This link will open in a new tab/window.

Transfer Assets

To "Transfer" an asset, you change or update the asset's ChartString.

Navigation: Asset Management > Asset Transactions > Financial Transactions > Cost Adjust/Transfer Asset

  1. The Asset Cost Adjust/Transfer Asset page displays.  Enter or lookup search criteria for the asset:
    1. Enter the Business Unit.
    2. Enter the asset in the Asset Identification field.
    3. Optional to utilize additional search criteria to narrow your search and/or refine results.
  2. Select the Search button.
  3. The Main Transaction page displays. The Transaction and Accounting Dates default to the current date. Update the Transaction Date to the In Service Date. If you are unsure of the Transaction Date, please refer to Locating your In Service Date or Transaction Date.
  4. Use it to perform a financial transaction on an asset. Select the Action drop-down button to select the desired action. The below example selects the ‘Transfer’ option.
  5. Select the GO! button.
select transfer
  1. The Cost Information tab page displays. Update the ChartFields values as needed.
  2. Select the Save button to save changes.
Update Chartfields as needed and select Save

Next, review the asset information using the QRG View Asset Cost History.

Video Tutorial

The video below demonstrates the process actions described in the steps listed above. This video includes audio and closed captioning.  Select the play button to start the video.

Video Tutorial Via Panopto

View the external link to Transfer Assets. This link will open in a new tab/window.

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