New Capital Asset Creation Process-Library Collection
- The library department makes all Library Collection purchases for the year on account 1136800 on object code 4318.
- 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.
- The asset is created and is now active in Capital Asset Management System (CAMS), which activates the calculation of depreciation.
- A Capital Physical Inventory is conducted on an annual basis and depreciation is calculated and posted on a monthly basis.