9.2 Adding an Asset Using Express Add
Purpose: Use this document as a reference for adding an asset using Express Add in ctcLink.
Audience: Financial Asset Manager, Facilities Asset Manager
You must have at least one of these local college managed security roles:
- ZZ 1099 Processing
- ZZ Asset Entry
If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.
Express Add enables you to add owned assets to the ctcLink Asset Management application. Express Add uses information from the default profile to provide data for an asset. Therefore, you can add assets without providing complete information. Assets added with Express Add are capitalized automatically when they are saved.
If the asset was acquired using governmental funds (those Funds not beginning with a '4' or a '5') then always enter Fund 997 when creating the asset using Express Add and please refer to QRG Adding a Federally Funded Asset Using Express Add.
Navigation: NavBar > Navigator > Asset Management > Asset Transactions > Owned Assets > Express Add
- The Asset ExpressAdd page displays. Use it to define the business unit and asset identification number for your new asset:
- If it didn’t default, enter the appropriate business unit in the Business Unit field.
- Use the Asset Identification field to assign a number to an asset. By default, the application follows an auto numbering sequence for asset identification numbers. You can either assign the asset identification number manually or leave it as NEXT to accept the default number assignment upon saving.
- Select Add.
Typically, the transaction date represents the date that you actually acquired the asset and the accounting date represents the date that the transaction is posted to the general ledger. The accounting date is validated against the FIN_OPEN_PERIOD table to determine the period to which the transaction is posted. The difference between the transaction date and the accounting date determines if any prior period depreciation needs to be calculated. For example, suppose that a computer was acquired and placed in service on March 15, 2001, but the information was not entered in ctcLink Asset Management until August 1, 2001. All general ledger periods prior to August are closed. In this case, ctcLink Asset Management automatically calculates depreciation starting in March and posts it to the general ledger in August.
Note: You cannot enter an accounting date that is prior to the transaction date.
- The Cost/Asset Information page displays. Use it to add a new asset to the system.
- In the Asset Information section, add the following field values:
- Enter or select the appropriate asset profile ID in the Profile ID field. The asset profile ID contains the default information for your asset.
- Verify the dates in the Trans Date and Acctg Date fields.
- Enter an appropriate description of the asset in the Description field.
- Enter or select the appropriate location of the asset in the Location field.
- Do not populate the Trans Code field.
- Enter the Tag Number (if available).
- Enter the Currency = USD.
- In the Asset Cost Information section, add the following field values:
- Use the Cost field to specify the asset cost. This is not the book value of the asset, but the cost accounted for in acquiring the asset.
- If the asset was acquired from a source other than a governmental funding source, select the Cost Type = 'P' for Proprietary for each cost row added.
- Enter or select appropriate values for the Chartfield string.
- Select the expand arrow to view the Asset Additional Information section.
ctcLink requires a Cost Type and the Oper Unit, Fund, Dept, Class, and State Purpose Charfields. The remaining fields are optional.
- The Asset Additional Information section displays. Note that some of the field values auto-populate.
- If necessary, select Add a new row to add additional cost rows, which will break down the total asset cost into multiple transactions and enable you to specify cost for each transaction. For example, the cost of a computer can be broken down into the cost of monitor, CPU, and software, etc. You need to specify one or more rows of cost information before adding asset information.
- Select Default Profile. This button is used to capitalize the asset and create all the corresponding asset books.
- The updated Express Add page displays. Select Save.
- The Asset ID has been generated. Note there are additional tabs at the top of the page.
- Process complete.