Fiscal Year 2004-2005 Banner Fixed Assets Closing Deadlines and Instructions

July 12

• Run FFPDEPR - Fixed Asset Depreciation Process for June 2005 depreciation, using a June 30, 2005 transaction date to post June depreciation to period 12 before the close of Period 12.

July 5 to 15

• Run the FWRNIPR Fixed Asset reconciliation as needed.

• Make additions (new items, gifts, etc.) and corrections to the Fixed Assets Master file for all 04-05 transactions. Also process FA adjustment entries, as needed, to the Banner FIS fixed asset accounts in the auxiliary enterprise, service department, and/or investment in plant funds.
    
• Update the real property records in Banner Fixed Assets with the capitalized cost of construction, real property donations, and real property disposals. Report FWRFAAC can be run to complete the capitalization forms/report which are used as the basis for updating the real property records. Retain the FWRFAAC report and capitalization forms/report for audit purposes.  Before updating the real property records in Banner Fixed Assets:
  • Set aside instances of capitalizable expenditures that occurred after the project was considered "substantially complete" and already started depreciation. Because the additional capitalizable expenditures should not begin depreciation until July 1 of the new fiscal year, the additional expenditures must NOT be added to Banner Fixed Assets until AFTER one runs the final year-end depreciation in period 14. 
  • Set aside and do not record the capitalizable expenditures pertaining to Land. Currently, land records are not included in Banner Fixed Assets. 
  • See Recording Real Property Records in Banner Fixed Assets for more information.
       
• Complete the real property reconciliation on FS.8.
       
• Run FWRFAAM, FWRFAND, and FWRFAPA audit reports during this time and address any issues identified.

July 19

• Run FWRFAAX, the replacement/insurance value inflation program for 2005.

July 20 to 26

• After running FWRFAAX, make adjustments to Banner fixed assets, as necessary, adjusting/correcting for:  - Library additions and disposals (see FS7 on Closing of the Books Instructions)
  - Audio visual department additions and disposals (see FS7 on Closing of the Books Instructions)
  - Museum collections additions and disposals (see FS7 on Closing of the Books Instructions)
    See Library Accounting instructions
   
• Make sure all adjusting/correcting Fixed Asset Adjustments have been posted to the General Ledger.   

• Run FFPDEPR - Fixed Asset Depreciation Process for June 2005 depreciation, to process depreciation on assets added for FY '05 during Period 14.  (Use June 30, 2005, transaction date to post to Period 14.)
     
• After the last depreciation run during the year, add the additional capitalized costs to the substantially completed records, so that they achieve a July 1 of following fiscal year depreciation start date. 
      
• Run the FWRNIPR Fixed Assets reconciliation as needed.

July 29

• Run FWRFAIP, non-expendable inventory report.

• Run FWRFADT Program-File for auditors.

• Ensure that the total adjusted cost of the FWRFAIP report equals the FWRFADT file for the auditors.

• Run FWRNIPR Fixed Asset Reconciliation.  Asset Value should match FWRFADT. (Remember to set the 'Fiscal Year' parameter to '05' and the 'Reconcile Fiscal Year' parameter to 'P'.)

• Run FWRFAIC, FWRFAIB, FWRFADP, and FWRFARP, and archive for use in the Facilities and administration (F&A) rate calculation. 

• Run the following reports and forward a copy to your institution's Risk Coordinator:

• Run and retain FWRFAIA for taking annual or bi-annual fixed assets inventories.  (This report does not need to be forwarded to the Controller's Division.)