1. FLEXGEN FIXED ASSETS
Local Government Corporation

2. Entering Assets
Local Government Corporation

3. Entering Assets
On the Fixed Assets panel, select “Maintenance” and “Asset Maintenance”

4. Entering Assets
The required fields to enter an asset on the Asset Maint screen are: Dept, Class, Asset #, Description, and Status
Other important fields include: Tag Number, Vendor, Acquired Date, In Service Date, Estimated Life, Model #, and Serial #
Hitting the ‘F4 Update’ key automatically pulls up the Depreciation Schedule screen

5. Entering Assets
Hit enter on Schedule and the correct Depreciation Schedule will default in for you
Frequency and Schedule Status will default in correctly. They should not be changed
The Start Date will default the In Service Date in from the Asset Maint screen
Make sure that the G/L Interface and GASB34 Reportable flags defaulted in correctly
The Depreciation Life field will default in the Estimated Life from the Asset Maint screen
Hitting the ‘F4 Update’ key automatically pulls up the G/L Accounts screen

6. There should not be anything that needs to be entered on this screen
Entering Assets
The G/L Account numbers and GASB34 Percentage should pull in here properly from the Default G/L Accounts
There should not be anything that needs to be entered on this screen
Hitting the ‘F4 Update’ key automatically pulls up the Transactions screen

7. Enter Transaction 108 Add Asset to add the original value of the asset
Entering Assets
Enter Transaction 108 Add Asset to add the original value of the asset
Enter the Date and Amount of the original value of the asset
Repeat this process for Transaction 104 Salvage Value
Note: The Date Field on the 108 Add Asset transaction is extremely important. It controls how the asset shows as an Increase/Addition on the GASB34 reports
After hitting the ‘F4 Update’ key here, you have completed entering the asset into the system. Hit ‘Escape’ to bring you out of the Asset Maint/Other Processes screens

8. Asset Maintenance
Local Government Corporation

9. Asset Maintenance
On the Fixed Assets panel, select “Maintenance” and “Asset Maintenance”

10. Asset Maintenance
Department – the department number needs to be the same as the function (account) number of the asset. This allows for the corresponding G/L account numbers to be set up as defaults when entering assets

11. Asset Maintenance
Class - This is the general classification of the asset. These are meant to be broad categories and should generally be no more than 6 to 8 classes in most offices. Basic classes include: Land, Buildings & Improvements, Infrastructure, Machinery & Equipment, Vehicles, and Construction In Progress

12. Asset Maintenance
Asset # - This is a number assigned to each asset either by the user or the system as determined upon the setup of the software.
Description -This is a 30-character brief description of the asset. If you need more space an extended description can be given by using the F5 key.

13. Tag Number - This would be the number of the fixed asset tag attached to the asset. The fixed asset number could be the tag number assigned to the asset. If this is the case, the tag number field would not need to be used.
Custodian - This is the initials of the person to which the asset is assigned. This field is user-defined. To add or modify a Custodian, select ‘F5 Options’ on the Custodian field

14. PO Number/Amount - These fields are accessed through the Documents screen and the PO info is displayed here. The documents option will be discussed later.
Vendor - This is the party from which the asset was acquired. If you select ‘F2 LookUp’, it will bring up the vendor lookup from Purchasing.

15. Status – This is the current status of the asset
Status – This is the current status of the asset. “Active” should be the only choice used when keying in assets. Other statuses are controlled through processes in the software.
Condition - This is the current condition of the asset (user-defined)
NOTE: The required fields on the Asset Maint. screen are: Dept, Class, Asset #, Description, and Status

16. Tax Map BK & Recording Book – Displays the tax map and recording information for land. This option is keyed in through ‘F9 Other Processes’ and displayed here. If the ‘Recording Flag’ field on the Class control is set to ‘N’ No, the ‘Recording Info’ option is not listed under ‘F9 Other Processes’ on that asset

17. Asset Maintenance
Acquired Date – This is the date that the asset was obtained. This date is for reporting purposes only and does not affect depreciation
In Service Date - This is the date that the asset actually started being used. It is recommended that this be the same as the Acquired Date
Estimated Life - The estimated useful life of the asset (does not affect depreciation process)

18. Units & Type – These fields allow you to enter life based on something other than time such as miles, hours, etc. This is for informational purposes only and does not affect depreciation
Ins Policy – This allows you to key in insurance policy information related to an asset. The Insurance Policy information will be automatically displayed from the information on the Ins Policy control file. To add or modify a Insurance Policy, select ‘F5 Options’ on the Ins Policy field

19. Asset Maintenance
Parent Dept, Class, & Asset – This is a previous asset from which the current asset was derived. An example would be an addition to an existing building
Location – This is the location where the asset is located or assigned. The location information will be automatically displayed from the information on the location control file. To add or modify a locaction, select ‘F5 Options’ on the Location field

20. Srv Contr - This allows you to key in service contract information related to an asset. The Service Contract information will be automatically displayed from the information on the Service Contract control file. To add or modify a Service Contract, select ‘F5 Options’ on the Location field

21. Model # - This field is used to track the model number of the asset
Asset Maintenance
Model # - This field is used to track the model number of the asset
Serial # - This field is used to track the serial number of the asset. For vehicles this will be the VIN #. If the serial number is too long to view on the screen, select ‘F8 View’ to display the entire number on screen

22. Vendor – This is the vendor number assigned to the entity that manufactured the asset
Warranty Expires – This is the date the manufacturer’s warranty will expire. There is a Warranty Expiration report that keys off of this field
Disposal & Method – Disposal date and method are displayed here once the asset is disposed. These fields are display only and are not accessible

23. Depreciation Schedule
Local Government Corporation

24. From the Asset Maint. screen, select “OthPrc(F9)” and “Depr Schedule”
Depreciation Schedule
From the Asset Maint. screen, select “OthPrc(F9)” and “Depr Schedule”

25. Depreciation Schedule
Schedule - Most assets will fall under Schedule 100 which is for straight line monthly depreciation. Land is not be subject to depreciation and would be schedule Construction in Progress is also not subject to depreciation and would be schedule These should default in correctly based on the Class.

26. Depreciation Schedule
Frequency -The frequency choices include M-Monthly, L-Land (no depreciation), and N-Work in Progress (no depreciation). If you are going to depreciate your assets on an annual basis, you will still choose M-Monthly. The system will handle the depreciation either once a month, once a quarter, or once a year depending on how many times you run the calculation.

27. Depreciation Schedule
Schedule Status – The Schedule Status will default in appropriately based on the Schedule. Most assets will be “A” for active.
Start Date – This is the date you want depreciation to start. The software defaults in the “In Service” date from the Asset Maint screen.

28. Depreciation Schedule
G/L Interface - This field will usually be “N” (No) except for those funds for enterprise activities such as Water and Sewer Funds, Landfill Funds, E-911 Funds, etc. which could be “Y” (Yes) if you want the program to generate the G/L entries for accumulated depreciation and depreciation expense. All assets in governmental funds should be set to “N” (No).

29. Depreciation Schedule
GASB34 Reportable - This field needs to be set to “Y” (Yes) if the asset is a capital asset that will be depreciated and reported for GASB 34. It will be set to “N” (No) if the asset will be used for tracking and inventory purposes only.
Depreciation Life - This is the length of time the asset is to be depreciated. The depreciable life of like assets needs to be the same. If the Estimated Life is entered on the Asset Maint. screen, then it will default in here for you.

30. Disposing Assets
Local Government Corporation

31. Disposing Assets General Info…
When an asset is disposed, it is not deleted from the system. The asset status is changed from Active to Disposed, but all of the asset history remains
The Disposal Date is the cut off date for depreciation (as long as depreciation has not already been ran)
Disposals are reflected in the Decreases column on the Capital Asset Reports and in the Disposals column on the Function/Activity Reports
Disposals need to be kept current to avoid overstating depreciation on disposed assets

32. From the Asset Maint. screen, select “OthPrc(F9)” and “Disposal”
Disposing Assets
From the Asset Maint. screen, select “OthPrc(F9)” and “Disposal”

33. Disposing Assets
Disposal Date – This is the date the asset was actually disposed. It is also the cut-off date for depreciation
Method – This is how the asset was disposed (sold, scrapped, donated, etc.)
Reason – This is why the asset was disposed (obsolete, replaced with new, etc.)

34. Disposing Assets
Sale/Disposal Price – The amount that is gained or lost from disposing of the asset is entered here
Cost – If there are any costs/fees involved in disposing of the asset enter it here

35. How Do Disposals Affect Depreciation?
Disposing Assets
How Do Disposals Affect Depreciation?
If depreciation has not been ran prior to disposal, the software will only calculate depreciation up to the Disposal Date
If depreciation has alreay been ran prior to disposal, the software does not back out the overstated depreciation after the Disposal Date (those depreciation transactions have already been posted to the history file)
Disposals need to be kept current to avoid overstating depreciation on disposed assets

36. Documents
Local Government Corporation

37. From the Asset Maint. screen, select “OthPrc(F9)” and “Documents”

38. Documents
Documents - This is where you can set up and track multiple documents related to a specific asset (purchase orders, checks, invoices, etc.). Any asset can have more than one document. If a purchase order is entered, the PO information will show on the Asset Maint. Screen.

39. Asset G/L Accounts
Local Government Corporation

40. From the Asset Maint. screen, select “OthPrc(F9)” and “G/L Accounts”
Asset G/L Accounts
From the Asset Maint. screen, select “OthPrc(F9)” and “G/L Accounts”

41. Asset G/L Accounts
These accounts should be set up to default in when assets are entered. G/L accounts must be entered here regardless of how you answered the G/L Interface question on the Depreciation Schedule screen. Each asset should show at least three accounts: 1) Asset, 2) Accumulated Depreciation, and 3) Depreciation Expense. The GASB34 % on the Depreciation Expense Account should also default in (it will be 100% unless the asset needs to be split across multiple departments.)

42. Inactivate
Local Government Corporation

43. From the Asset Maint. screen, select “OthPrc(F9)” and “Inactivate”

44. This option allows you to change the status of an asset to inactive.
Inactivate
This option allows you to change the status of an asset to inactive.
Enter the Inactive Date and Reason and the status of the asset will be set to Inactive.
The depreciation process will not calculate depreciation on inactive assets until they are changed back to active.

45. Miscellaneous Codes
Local Government Corporation

46. Miscellaneous Codes
From the Asset Maint. screen, select “OthPrc(F9)” and “Miscellaneous Codes”

47. This option allows you to assign miscellaneous codes to an asset
Miscellaneous codes are user-defined in the control files
They can be set up for any tracking purpose
Each asset can carry multiple miscellaneous codes

48. Notes
Local Government Corporation

49. From the Asset Maint. screen, select “OthPrc(F9)” and “Notes”

50. Notes
This option allows you to enter any miscellaneous notes/additional information you may have about the asset
The software generates some notes based on processes (transfers, re-numbers, etc.) These system generated notes cannot be deleted

51. Reactivate
Local Government Corporation

52. From the Asset Maint. screen, select “OthPrc(F9)” and “Reactivate”

53. The depreciation process will now calculate depreciation on this asset
Reactivate
This option allows you to change the status of an inactive asset to active
Enter the Reactivate Date and Reason and the status of the asset will be set to active.
The depreciation process will now calculate depreciation on this asset

54. Transactions
Local Government Corporation

55. From the Asset Maint. screen, select “OthPrc(F9)” and “Transactions”

56. Transactions
Transaction - The F2 Lookup function shows the types of transactions that are available. Initially the Add Asset and Salvage Value transactions will be the primary transactions used.
Transaction Notes - This optional field allows you to provide any additional information that may be helpful in recounting the details of the transaction.

57. Amount - This is the dollar amount of the transaction
Transactions
Date - This would be the date that the transaction took place. No default date is used. This date needs to match the acquired date when adding an asset.
Amount - This is the dollar amount of the transaction

58. Print Tags
Local Government Corporation

59. From the Asset Maint. screen, select “OthPrc(F9)” and “Print Tags”

60. The tags print on continuous feed labels
Print Tags
This option allows you to print an inventory tag for the selected asset
The tags print on continuous feed labels
This option only prints an individual label for the selected asset, but the “Print Tags” option on the “Other” panel allows printing individually or by Dept & Class

61. Transaction History
Local Government Corporation

62. Transaction History
From the Asset Maint. screen, select “OthPrc(F9)” and “Transaction History”

63. Transaction History
This is a history report on the specific asset that is selected. It lists every transaction that has been entered on this asset including each monthly depreciation transaction amount

64. Depreciation Process
Local Government Corporation

65. Depreciation Process
On the Fixed Assets panel, select “Processing” and “Depreciation Process”

66. Depreciation Process
Reset Depreciation Process - This step allows you to clear the calculated depreciation amounts and recalculate depreciation if needed. This option will not clear depreciation amounts that have already been applied. Once the ‘Apply Depreciation’ option has been run, the depreciation cannot be reset.

67. Depreciation Process
Calculate Depreciation - You will select the Departments and Classes that you want to run depreciation for by pressing enter to select individually or by pressing ‘F9’ SelectAll. You will then enter the Effective Date that you want to calculate depreciation through.
NOTE: The first time that depreciation is run, the Effective Date needs to be entered for the year prior to the compliance year.

68. Depreciation Process
Projected Depreciation Detail - This report lists the calculated depreciation for each asset. It shows every monthly depreciation amount on each asset. Check this report (or the Projected Depreciation Summary Report) for accuracy before running the ‘Apply Depreciation’ option. It is not recommended to run this report the first time deprecation is run.

69. Depreciation Process
Projected Depreciation Summary - This report also lists the calculated depreciation for each asset. It lists a one-line summary of the calculated depreciation and values on each asset. Check this report (or the Projected Depreciation Detail Report) for accuracy before running the ‘Apply Depreciation’ option.

70. Depreciation Process
Apply Depreciation - This option actually posts the calculated depreciation transactions to the assets. Once this option is run, the depreciation cannot be reset.

71. Prior Accumulated Depreciation
Local Government Corporation

72. Prior Accumulated Depreciation
General Info…
Transaction 11 Prior Accumulated Depreciation is used to enter manual lump sum depreciation amounts on an asset
The software uses the date of this transaction to update the Depreciation As Of field and also recalculates Remaining Life based on the amount
This transaction is used for manually adjusting/correcting depreciation and when beginning the G/L Interface on assets in Enterprise Funds

73. From the Asset Maint. screen, select “OthPrc(F9)” and “Transactions”
Prior Accumulated Depreciation
From the Asset Maint. screen, select “OthPrc(F9)” and “Transactions”

74. Prior Accumulated Depreciation
Transaction – Select transaction 11 Prior Accumulated Depreciation
Date – The transaction date is very important because this date will update the Depreciation As Of field
Amount – Key in the amount of depreciation you wish to enter on this asset

75. Prior Accumulated Depreciation
From the Depreciation Schedule, you can see that this transaction updated the following fields: Depreciation As Of, Times Depreciated, Remaining Life, Fiscal YTD, Life To Date, and Book Value

76. Local Government Corporation
GASB34 Reports
Local Government Corporation

77. GASB34 Reports General Info…
These reports are designed to help compile the financial statements required by GASB34. They are not the actual financial statements themselves, but are a valuable tool to use in producing them
When running these reports at year end, customers need to take time to ensure that the Capital Asset and Function Activity reports balance

78. On the Fixed Assets panel, select “Reports”, “Assets” and “GASB34”
GASB34 Reports
On the Fixed Assets panel, select “Reports”, “Assets” and “GASB34”

79. GASB34 Reports
Capital Assets - This report groups all of the assets into five categories: Land, Construction In Progress, Buildings and Improvements, Infrastructures, and Other Fixed Assets. It shows the asset balance and accumulated depreciation amounts (including increases and decreases) for a given date range.

80. GASB34 Reports
Capital Assets (Detail) - This is the same report as the Capital Assets report, but it lists the amounts from each individual asset that make up the totals.

81. GASB34 Reports
Function/Activity - This report groups the assets by fund and function (funding source). It shows the asset balances and accumulated depreciation amounts for a given date range. It also includes Additions, Disposals, and Transfer amounts.

82. GASB34 Reports
Function/Activity (Detail) - This is the same report as the Function/Activity report, but it lists the amounts from each individual asset that make up the totals.

83. Balancing GASB34 Reports

84. Balancing GASB34 Reports
General Info…
When running these reports at year end, you need to take time to ensure that the Capital Asset and Function Activity reports balance
First verify the totals on the Capital Asset Summary Report match the totals on the Capital Asset (Detail) Report. Do the same for the Function/Activity Reports (and Fct/Act Infrastructure Reports if applicable)
The Transfer column on the Function/Activity Reports should always net back to zero
Balance the Capital Asset Summary Report to the Function/Activity Summary Report

85. Balancing GASB34 Reports
Capital Asset Report
Function/Activity Report

86. Balancing GASB34 Reports
If the totals on the Capital Asset Summary Report are less than the totals on the Function/Activity Summary Report, check to make sure the Capital Classes are set up correctly
Make sure that each Class is setup with the appropriate Group Flag
Verify that the Depreciate Flag is set to Yes for Classes that are being depreciated and No for Classes that are not

87. Balancing GASB34 Reports
If the totals on the Function/Activity Summary Report are less than the totals on the Capital Asset Summary Report, run the Verify Schedule & GL Setup Report
Check to make sure that all GASB34 reportable assets have the proper GL accounts and GASB34 percentage(s)