Capital Assets

KFS Capital Assets

The Capital Assets module (CAM) of the Kuali Financial System supports tracking of the institution’s assets including non-moveable (buildings, land, etc.), moveable capital and non-capital from acquisition to retirement. The Capital Asset Builder (CAB) provides an automated method to collect  and process asset data from financial and purchasing documents into the Capital Asset Module.

Creation and Tracking

Assets are created primarily from procurement and other financial transactions processed in KFS.  They also are created manually for gifts, equipment transferred in, found equipment, etc.  Fabrication of an asset from component parts is easily and automatically tracked.  All information about an asset including owner, identification numbers, location, payment history, warranty, and repair history can be maintained and tracked within the system.  Functionality is provided to merge individual assets into a single asset or separate a single asset into multiple assets.  For research reporting purposes, federal funding is proportioned and tracked.

Physical Inventory

KFS Capital Assets supports physical inventory and the use of Bar Code Scanning.   The Bar Code inventory process allows validated updates to an organization’s assets including location and last inventory date.  This tracking and reporting allows for transparent auditing of institutions assets.

Self Service

KFS Capital Assets allows authorized users in the organization to view and maintain most of the information related to their assets.  They can add Tag Numbers and other details.  Several open user fields are supported for additional information.  Transfers between organizations or departments are supported. Location changes can be quickly updated.  Service and Warranty information are tracked.  Capital and non-capital assets can be maintained in the same system.  Tracking of internal and external loans and returns is supported.  

Depreciation

KFS Capital Assets tracks the useful life of the assets and can calculate depreciation by a variety of standard accounting treatments.  Ownership is tracked so that non-owned equipment can be excluded from depreciation.

Asset Retirement

KFS Capital Assets tracks retirement of assets including such detail as who an asset was sold to and how much was received.  Security delegates the retirement reasons that can be used by the individual units vs. what must be retired centrally.

General Ledger Entries

KFS Capital Assets creates ledger entries as appropriate.  The CAB process examines ledger entries created by the payment processes for Accounts Payable and other Financial Processing documents and creates the necessary asset and equity entries keeping CAMS and General Ledger activity in balance.

Security

KFS Capital Assets has several security roles allowing progressive levels of permissions to change, modify, or retire asset fields and records.

Future Enhancements

KFS Capital Assets hopes to improve the handling of multiple assets from a single payment document, reducing the need for Error Corrections.  Easier year end processing through improved year end documents is planned.