Capital Asset Management System (CAMS) Closing
At year end, Capital Asset Management creates a snapshot of all the university’s assets. This snapshot provides the status and location of capital assets as of June 30th which is used for financial reporting purposes and for federal and state audits. To ensure this information is as accurate as possible, please inform your capital asset representative of known asset location changes so updates can be made in KFS prior to June 30th.
In addition, all Asset Retirement, Asset Transfer, and Equipment Loan/Return Documents must be approved (not just initiated) on or before June 29, 2018. Any Retirement or Transfer document not approved by June 29th will be routed to Capital Asset Management to be held “for approval” until after final close.
To ensure that all initiated documents have been approved, run the Unapproved Documents in Inbox by Chart and Org report to view the pending documents for your organization. The report can be found in IUIE in Kuali Financial/Capital Asset Management System/Inventory Control Reports.
Capital Asset Document Type Codes are:
- AT: Asset Transfer
- ARG: Asset Retirement Global
- ELR: Equipment Loan Return
If you have any questions or concerns, please contact Capital Asset Management at firstname.lastname@example.org.
Fiscal Year 2019 Change
Effective July 1, 2018, the purchase or lease of capital assets will not be allowed on recharge/service center (66*) accounts. Capital assets associated with a recharge/service center activity should be purchased on a renewal and replacement (92*) account, if possible. If a 66* account is used on a capital requisition, Capital Asset Management will issue a correcting document to move the costs to the organization’s 92* account. If the organization does not have a 92* account, the department will be contacted for a different account. All questions regarding this change should be directed to Auxiliary Accounting at email@example.com.