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Asset Creation Process - Library Collection

New Capital Asset Creation Process-Library Collection

 

  1. The library department makes all Library Collection purchases for the year on account 1136800 on object code 4318.
  2. Inventory Control reviews all purchases on account 1136800 on object code 4318 and creates an asset for Library Collections on an asset global add document.
  3. The asset is created and is now active in Capital Asset Management System (CAMS), which activates the calculation of depreciation. 
  4. A Capital Physical Inventory is conducted on an annual basis and depreciation is calculated and posted on a monthly basis.