Asset Management Automated GAAP Entry Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 713811 Net investment in capital assets 811-Net investment in capital assets 90 501 $xxx 724004 Transfers to/from other CSU campuses, net 811-Net Investment in Capital Assets 13 501 ($xxx) Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 724004 Transfers to/from other CSU campuses, net 881-Unrestricted 13 532 $xxx 722004 Supplies and services 881-Unrestricted 07 532 ($xxx) CWIP Additions Construction work in progress (CWIP) is not included and is being tracked outside of the Asset Management module. Entries to CWIP are initially recorded in the legal memo journal entry in CSU Fund 501 and a GAAP manual adjustment is made to reverse the credit to Net Investment in capital asset. Derived GAAP Entry –in the fund financing the purchase Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 722004 Supplies and other services 881-Unrestricted 07 221 $xxx 711102 Short-term investment 881-Unrestricted 90 221 ($xxx) Journal Description Accounting records derived from legal for recording the payment for the acquisition of capital asset. Derived GAAP Entry – in CSU fund 501 Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 711207* Capital assets, net 811-Net investment in capital assets 90 501 $xxx 713811 Net investment in capital assets 811-Net investment in capital assets 90 501 ($xxx) Journal Description Accounting records derived from legal for recognizing the CWIP additions to CSU Fund 501. * Use FIRMS Object Code 110008 Construction Work in Progress.
Manual GAAP Entry – in the fund financing the purchase Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 722004 Supplies and other services 881-Unrestricted 07 221 $xxx 724004 Transfers to/from other CSU campuses, net 811-Net Investment in Capital Assets 13 221 ($xxx) Journal Description Entry to reverse the supplies and other services entry made by AM in relation to the completed CWIP. Manual GAAP Entry – in the CSU Fund 501 Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 724004 Transfers to/from other CSU campuses, net 811-Net Investment in Capital Assets 13 501 $xxx 713811 Net investment in capital assets 811-Net investment in capital assets 90 501 ($xxx) Journal Description Entry to reverse the net investment in capital asset entry made in legal to zero out CWIP. For capital assets disposed of during the current fiscal year, the cost of the capital asset and accumulated depreciation/amortization must be removed from the ledger. Derived Asset Management automated Legal Memo Journal Entry in CSU Fund 501 Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 713811 Net investment in capital assets 811-Net investment in capital assets 90 501 $xxx 711207* Capital assets, net 811-Net investment in capital assets 90 501 ($xxx) *Should equal the net book value of the capital asset which includes both equipment and accumulated depreciation. Asset Management Automated GAAP Entry Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 723006 Other nonoperating revenues (expenses) 811-Net investment in capital assets 50 501 $xxx 713811 Net investment in capital assets 811-Net investment in capital assets 90 501 ($xxx)
Revision Control Document Title: Chapter 4.1.5 – GAAP Adjustments and Reclassification Entries – Assets: Capital Assets, Depreciation and Amortization Revision and Approval History Section(s) Revised Summary of Revisions Revision Date 4.9, 4.10 & 4.11 Previously in Chapter 5 May 2015 4.2 Corrected net position code from 881 to 834 of the second journal, “Derived GAAP Entry –if the capital asset is acquired by donation”. August 2015