Fixed Assets

Manual & Reference Material
Description Date Format
Fixed Asset Manual 07/15/2014 PDF
FA Document Instructions 06/14/2011 PDF
FM Transfer to Surplus Instructions 03/04/2013 PDF
Fixed Asset Land Procedures 11/13/2008 PDF
Fixed Asset Custodians 07/02/2014 Excel
Fixed Asset Commodity Codes 06/11/2013 Excel
Fixed Asset Policy - See SAAM Page: Chapter 30 - Fixed Assets

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Section Objectives:

  • Establish a fixed asset
  • Describe the shell generation process
  • Discuss system criteria to allow shell generation and review the policy for a missing shell
  • Create a Fixed Asset Acquisition (FA) Document manually
  • Add a Betterment to an existing fixed asset (FA)
  • Process adjustments to fixed assets by establishing Fixed Asset Documents (FD, FI, FP, FE, FX, FM, ME)
  • Transfer a Fixed Asset (FT)
  • Cancel a Fixed Asset (FC)
  • Dispose of a Fixed Asset (FD) (Acquisition/Disposition is validated against the Fixed Asset Disposition Method (FADM) table)
  • Review the Construction-in-Progress process and understand its relationship with Fixed Asset Documents
  • Review fixed asset inquiry tables (Fixed Asset Registry (FAR) Header, FAR Registry, FAR Accounting, FAPR, and Fixed Asset History (FAHIST))
  • Review fixed asset validation tables: Fixed Asset Disposition Method (FADM), Fixed Asset Group (FAGRP), Fixed Asset Group Class (FAGCS), Custodian (CUSD), Fixed Asset Capitalization Criteria (FACC), Fixed Asset Type (FATP), Location (LOC), and Location Class (LCLS)
  • Review System tables: Commodity (COMM) and Commodity Threshold Fixed Assets (COMMFA)
  • Review the approval process for fixed assets
  • Review fixed asset reports
  • Work with error messages and handling

This section will introduce you to how the State of Maine uses Advantage to run the Fixed Assets process. A fixed asset (FA) is an asset with a useful life of more than one year which is not consumed. An asset of an organization is classified as a fixed asset for accounting purposes.

Advantage Fixed Asset processes enable users to manage and control their organization's fixed assets throughout the life cycle of the asset. The tracking of a fixed asset begins with the acquisition of the asset, includes any maintenance transactions to record asset changes (such as improvements, modifications and transfers) and ends with asset disposal.

This section will also introduce you to the improvements made in the Fixed Assets business processes with the implementation of Advantage.