Frequently Asked Questions (FAQs)
How do I determine which color of asset tag to use?
Use a yellow tag for non-capital items. Use a silver tag for assets valued up to $4,999.99. Use a copper tag for assets $5,000 and over.
Top How do I obtain information regarding Fund 710 (State Aid) balances available to my campus?
The RE041 FSG Report, which is a standard report available to all CFS users, can be used to obtain up-to-date balances available for all Fund 710 charge centers. Run the report by choosing Fund 710 and the applicable unit number in the "Segment Override" field under "Runtime Options".
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How do I obtain information regarding Fund 730 (G.O. Bond) balances available to my campus?
The RE040 FSG Report, which is a standard report available to all CFS users, can be used to obtain up-to-date balances available for all Fund 730 charge centers. Run the report by choosing Fund 730 and the applicable unit number in the "Segment Override" field under "Runtime Options".
If have questions regarding your capital accounts, please contact the Capital Asset Accountant responsible for your campus.
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Why are Capital Asset requisition formats and instructions often different from requisitions I prepare for other funds?
Due to several unique characteristics associated with Capital Asset Accounting (i.e. the use of a sub-object code, the need to identify capital vs. non-capital items, the fact that capital project budgets usually span several fiscal years rather than being fully expended each fiscal year), the requisition process for property is different in many ways from the process used for other funds. Please review our Requisitioning Tips page prior to preparing a requisition involving land and land improvements, buildings and building improvements, furniture, fixtures, or equipment.
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When is a lease purchase preferable to an outright purchase of a capital asset?
The answer is that leasing is rarely an economically preferable option. However, the question of whether to lease or not is one that must be addressed on a case-by-case basis. Please see the "Capital Leases" information on our Policies / Procedures / Forms page for further instructions on evaluating the pros and cons of leasing.
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What is the threshold ($ amount) for capital?
- $1,000 for equipment
- $5,000 for land and building improvements
- Please keep in mind that when determining if an item is capital or not, all costs must be factored in (i.e. tax, shipping, warranty). For example, a digital camera costs $600, a base costs $300, tax is $75, and warranty is $50. The total cost of this system is $1,025, therefore this would be a capital item.
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I am trying to online receive a capital asset, but CFS is not prompting me to enter tag information. Why not? What should I do?
In most cases, the wrong account code combination was used, and the purchase order is not coded to a capital account. In other cases, the purchase order has been split-coded between two (or more) accounts. As a result, CFS will not prompt the user to enter any tag information.
When this occurs, please send the tag information to Capital Asset Accounting. You may send it via intercampus mail, E-mail, or fax. Sending the information ahead of time will eliminate unnecessary research (by the college) in the future.
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I created a requisition and it is in your inbox. Can you give me the status of the purchase order?
Capital Asset Accounting is the final approver on all capital requisitions. We do not create purchase orders. When checking the status of your requisition, if it has been approved and reserved by Capital Asset Accounting staff, then it has been forwarded on to Purchasing. Please contact Purchasing if you need to expedite the creation of the purchase order.
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I just online received a capital item. Why can't I view this asset online in CFS?
The asset information does not feed into CFS until the item is paid for by Accounts Payable. After the item is paid, Capital Asset Accounting then posts each asset individually. This entire process may take four to six weeks (or more) to complete, at which point you will be able to view the asset online in Fixed Assets.
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When creating a requisition, when should the line item be set up as goods and when should it be set up as service-dollars?
Please use goods when the item being ordered is tangible. Online receiving will need to occur in order for payment to be made.
Please use service-dollars for all services to be performed. In addition, please use service-dollars for tax, shipping, and warranties. A signature for "approval to pay" is required for payment to be made.
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What should I do when CFS does not accept the location that I entered, while receiving a capital asset online?
The location combination is not defined in CFS. Please contact Capital Asset Accounting to have the combination defined.
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