State of Connecticut CoreCT Project

1
State of ConnecticutCore-CT Project Asset
Management
Updated 5/24/2005
2
Getting Started
Welcome

• Welcome to the Enter and Maintain Assets course!
• Instructor introduction
• Participant introduction
• Training Facility Orientation
• Ground rules
• Parking Lot
• To participate in this course, you should have
  already completed the following training
• PeopleSoft Navigation Tutorial
• Core-CT Introduction
• Asset Management Overview course

3
Training Tools
Welcome

• In this training session, we use tools created
  specifically for this course.
• Presentation
• We use a PowerPoint presentation to guide us
  through our discussion of processes and key
  points related to using Core-CT to support those
  processes
• Exercises
• There is no training database, but it will feel
  like you are in Core-CT
• We developed exercises that enable you to
  practice the skills you learn in each module
• The mistakes you can make are limited
• You can make mistakes and experiment without
  consequence
• Exercises will be published on the Core-CT
  website
• Sandbox
• You will have the opportunity to perform
  transactions and test your knowledge

4
Training Tools
Welcome

• Web Learning Assistant
• Web-based tool that provides help and detailed
  information for specific Core-CT functions
• Redesigned to provide a more user friendly
  procedural guide
• The WLA is your primary reference tool once
  Core-CT goes live
• The WLA has evolved with Core-CT. As
  functionality changes, so will the content of the
  WLA
• Job Aids
• Available to reinforce the information introduced
  in this course. Job Aids provide a quick
  reference for Asset Management procedures or
  information

5
Objectives
Welcome

• Asset Management impacts on Purchasing and
  Accounts Payable is covered in a lecture class
  starting June 22.
• In todays training, you will learn to
• Apply the new Asset Management processes that you
  learned about in the Overview course. We will
  specifically focus on the following processes
• Enter Asset using Basic Add
• Copy an Asset
• Create a Parent Asset as a Reporting Umbrella
• Create Parent-Child Asset using Basic Add
  component
• Update Basic Information for Parent Child Assets
• Run the Capital Asset Query
• Understand the integration from the Purchasing
  and Accounts Payable modules

6
Objectives Cont.

• Enter Operating Leases
• Enter Capital Leases
• Update Lease Information
• Retire Assets
• Reinstate Assets
• Track Maintenance Contracts
• Enter Initial Asset Service and Repair Details
• View Maintenance History
• Track Asset Warranties
• Define CAP Type
• Create a Capital Acquisition Plan
• Tying a CAP Using the Basic Add page
• Tying a CAP on the PO
• Processing Depreciation
• Mass Changes
• Adjust Cost of an Asset - (Financial Asset
  Processors Only)
• Transfer an Asset (IntraUnit and InterUnit
  transfers) - (Financial Asset Processors Only)

7
Agency Tasks

• Three Data Setup tasks were assigned to each
  agency
• Task 103 - Determines all Locations, Asset
  Classes by agency, Maintenance Types, and Capital
  Acquisition Plans (CAP)
• Task 104 - Used to map agency legacy system
  fields to corresponding fields in the Core-CT
  system.
• Task 110 Lease Payment Schedules
• Each task allowed each agency to customize Asset
  Management to meet an agencys business needs.

8
Asset Management Overview

• There are three methods used to enter assets into
  Asset Management
• Assets entered through the Basic Add component
• Assets entered through Purchasing/Accounts
  Payable
• Asset entered through the Lease Express Add
  component

9
Asset Management Overview

• Assets Entered Through the Basic Add Component
• The Basic Add functionality is used if the Asset
  is
• Donated Acquisition by Gift
• Seized Acquisition by seized cars, etc.
• Escheated The reversion of property to the
  State in the absence of legal heirs or claimants.
• Purchased by P-Card
• Surplused by Federal Govt

10
Assets created through Purchasing
Tasks in the white boxes are existing processes
that have been modified. Tasks in the blue boxes
are new with the implementation of the Asset
Management module.
11
Leased Assets

• There are two types of Leased Assets
• Operating (Optional) Operating Leases are
  Non-financial assets with no cost information
• Capital Capital Leases are financial assets
• Keep in mind that existing operating leases have
  not been converted into Core-CT. They must be
  entered by the Agency Asset Processor using the
  Lease Express Add pages.

12
Overview of Policies and Procedures

• GASB 34 (Governmental Accounting Standards Board)
• Requires that the State calculate and report
  depreciation
• http//www.osc.state.ct.us/psd/news/gasb34.htm
• Property Control Manual
• Contains the State policies for maintaining
  records of assets
• http//www.osc.state.ct.us/manuals/propertycntl/in
  dex.html

13
Forms

• The following forms will still be used at the
  State of CT
• Tabulated Listing of Land
• CO-59 Fixed Assets/Property Inventory Report/GAAP
  Reporting Form
• CO-648B Motor Vehicle Report Summary (Revised
  10/97)
• CO-853 Report of Loss or Damage to Real and
  Personal Property (Other Than Motor Vehicles)
  (Revised 1/99)
• CO-854 Report of Loss or Damage to State-Owned
  Automobile (Comprehensive) (Revised 4/01)
• CO-1079 Record of Equipment On Loan Form (Revised
  9/98)
• DPS-29 Sale Declaration Report - Motor Vehicle
  (Revised 5/01)
• MVCU-1 Accident Report - State-Owned Motor
  Vehicle (Rev. 3/96)
• SDP-6 Data Processing Installation/Removal (Rev.
  5/01) Property Control Questionnaire Equipment
  Transfer Within Agency
• CO-64 Inter-unit Transfer of Assets (New 7/05)
• CO-65 Mass Change of Assets Request Form (New
  7/05)
• Website http//www.osc.state.ct.us/manuals/prope
  rtycntl/appendixb.htm

14
Enter Asset using Basic Add
Process Flowchart
Enter Location/ Comments/ Attributes
Enter Asset Acquisition Detail
Enter Custodian/ License/ Manufacturer
Information
Save Asset
15
Overview
Enter Asset using Basic Add
Two types of information are stored in Asset
Management

• Physical
• Tag Number
• Specifications
• Location
• Custodian
• Manufacturer

• Financial
• Cost
• Books
• Depreciation Method
• Convention
• Life

• The financial and physical information may be
  entered at one time if known or it may be entered
  at separate times.
• An asset can only be capitalized after the
  financial information is entered.
• Entering physical information about an asset does
  not have any impact on the financial data and
  does not affect the assets accounting entries.

16
Review
Enter Asset using Basic Add

• Basic Add should only be used if the asset was
  acquired by Donation, Seizure, Escheatment,
  P-Card purchase, and Federal Surplus.
• Override Next when you create an asset and
  enter the Asset ID. The Asset ID will become the
  Tag . Use this method if you want your Asset ID
  to equal your Tag .
• The financial and physical information may be
  entered at one time or it may be entered at
  separate times.
• It is important to enter the chartfield
  information in the Acquisition Detail Chartfields
  link first and then click the capitalize button.
• If you need to update your chartfields and you
  have not saved your asset, you must update both
  the Asset Cost information group box and the
  Acquisition Detail chartfields page.

17
Review
Enter Asset using Basic Add

• If a Manufacturer is not in Core-CT, contact DAS
  Catalog Management
• Assets are required to have a Profile ID. The
  Profile ID determines the useful life of an
  Asset.
• CO-59 form The category defaults from the
  Profile ID when the asset is saved. The Core-CT
  category relates to the CO-59 categories. The
  category classifies the asset by type for
  reporting and accounting entry purposes.
• The Account number for the Asset is tied to the
  Category. Therefore you cannot change the
  account number on an asset.
• Profile ID naming conventions Line Agencies use
  the profiles that begin with a "1" and Internal
  Service Fund Agencies use profiles that begin
  with IS or 1.

18
Review
Enter Asset using Basic Add

• All locations for an asset begin with the letter
  A followed by the three letter agency acronym.
• Acquisition Date Date the Asset was acquired
• Transaction Date Date that the transactions
  were run
• Accounting Date Date the Accounting entries
  were created. This date does not reflect General
  Ledger entries. The Accounting date cannot be
  before the Transaction Date
• In-Service Date Date the Asset is in-service.
  This date is also when depreciation starts
• The State of Connecticut policy is to capitalize
  all assets gt 1000. If you want to capitalize
  an asset lt1000, it is considered a controllable
  item. Example Computer that is less than 1000

19
Review
Enter Asset using Basic Add

• Location changes within a Business Unit will be
  done through basic add
• Complete all asset information before you save
  the asset. If you save the asset and try to go
  back, you will receive an error message stating
  that you can not update this asset.
• Effective date and effective sequence will have
  to be used if they are updating the asset the
  same day.
• To maintain custodian and location history, click
  the plus sign and insert a new row.
• Asset is Available is an internal to the agency
  designation that can be used to indicate that an
  asset has been listed with the PDC.

20
Depreciation Method
Enter Asset using Basic Add
Acquisition Codes C Constructed P
Purchased L - Leased
Website Address http//www.core-ct.state.ct.us/f
in2/asset/Default.htm
21
WLA Path/Exercise
Basic Add
Enter Asset using Basic Add

• WLA Path Core-CT Asset ManagementgtAdding and
  Maintaining AssetsgtData Entry ProceduresgtUsing
  Asset Basic Information
• Exercise
• Entering an Asset Using Basic Add

Core-CT
22
Overview
Copying an Asset

• Core-CT provides you with the ability to copy
  assets that have the same financial and physical
  information as the asset you are adding. You
  will be able to change the financial and physical
  information, if necessary, when copying an
  existing asset.
• In order to copy an asset, a similar asset must
  already exist in the system.

23
Review
Copying an Asset

• You can deselect asset copy options on the Create
  Asset Copy page.
• You can populate the Asset ID field with the new
  Asset ID or let Core-CT auto populate the Asset
  ID for you.
• The description field does not populate from the
  Model Asset to the new Asset. You must enter the
  Description field on the Create Asset Copies
  Page.
• If the Model Asset is capitalized, the new Asset
  will automatically be capitalized. The
  chartfields will populate and will be grayed out
  in the Basic Add component.
• If you receive a group of similar assets, you can
  create multiple Assets from the Model Asset.
• You can only copy capitalized assets. If you
  attempt to copy a non capitalized asset, you will
  receive a warning message telling you to
  capitalize the original asset first.

24
WLA Path/Exercise
Copying an Asset

• WLA Path Core-CT Asset Management gt Adding and
  Maintaining AssetsgtData Entry Proceduregt Copying
  an Asset
• Exercise
• Copy an Asset

Core-CT
25
Process Flow
Parent/Child Assets
Enter Parent Asset or Parent Umbrella
Enter Child Assets
Transact against Parent/Child Assets
26
Overview
Parent/Child Assets

• The Parent asset must be created first
• The Child asset can inherit the life of the
  parent asset
• Parent and Child can have different Profile IDs

27
Overview
Updating Parent Child Information

• When updating Parent/Child information in
  Core-CT, it is important to keep a record of the
  historical information
• There are three types of dates that are used in
  Core-CT to retain information
• Current - Date closest to but not exceeding
  todays date
• Future - Date is greater than todays date
• History - Date is prior to current date

28
Overview
Parent Asset as a Reporting Umbrella

• You can create a parent that is not really an
  asset but a umbrella which ties together various
  assets.
• If you create a Parent Umbrella, you cannot have
  associated costs and physical characteristics. If
  a parent has associated costs and/or physical
  characteristics, it is considered an asset.
• A Parent Umbrella cannot be viewed or transacted
  against in the Asset Cost Adjust/Transfer
  component, Asset Retirements component,
  Parent-Child Processing, or Basic Add component.
• You cannot delete a Parent Umbrella if any child
  assets are attached to it.
• Each child has its own cost basis, depreciation,
  and physical tracking information.

29
Review
Parent/Child Assets

• Parent-Child Relationship Example A computer
  can be grouped together with a number of
  different assets a monitor, CPU, and a printer.
• You could create a Parent asset (CPU) and then
  associate the monitor and printer as Child
  assets.
• The Child asset will have its own cost basis,
  physical tracking information, and depreciation
  attributes independent of the Parent asset as the
  Child asset life may be different from that of
  the Parent.
• The Parent asset must be created first.
• You can create a Parent asset and add a Child
  asset at a later time.

30
WLA Path/Exercises
Parent/Child Assets
WLA Path Core-CT Asset Management gt Adding and
Maintaining AssetsgtData Entry Proceduregt Create
Parent-Child Asset Relationships Exercise
Create a Parent-Child Asset, Update Basic
Information for Parent-Child Assets, Create a
Parent Asset as a Reporting Umbrella
Core-CT
31
Process Flow
Integration of Assets
Tasks in the white boxes are existing processes
that have been modified. Tasks in the blue boxes
are new with the implementation of the Asset
Management module.
32
Overview
Integration of Assets

• Assets that are purchased online in Core-CT will
  be interfaced from the Purchasing module to the
  Asset Management module. Purchases do not become
  assets until after the voucher is posted
• Roles involved in integration of assets
• Requester Enters asset information on the
  requisition
• General or Program Buyer Codes the PO to a
  capital expenditure account and enters the AM
  Business Unit and Profile ID on the PO. Enters
  additional asset information, if applicable.
• General Receivers (Optional) Enters the tag
  number on the receipt and overrides the Asset ID
  to ensure that the tag number and Asset ID match.
  Enters additional asset information, if
  applicable
• Voucher Processor Creates the voucher by
  copying the receipt. Also the Voucher Processor
  can flag the line as an asset line if not flagged
  earlier in the process
• Asset Processor Reviews the Loader tables and
  runs Transaction Loader. Can drill back to the
  PO, receiving, and voucher information from AM.

33
ePro Requisition
Integration of Assets
34
Purchase Order
Integration of Assets
35
PO Query
Integration of Assets
36
Receipt
Integration of Assets
37
Voucher
Integration of Assets
38
Review
Integration of Assets

• If the asset does not go through the integration
  process because the asset information was not
  entered on the PO or Voucher, the Agency Asset
  Processor can add the asset using the Basic Add
  functionality.
• If you are consolidating two lines into one line,
  do not enter the Asset ID on the Receipt or the
  Voucher. Enter the Asset ID on the Consolidate
  TO Assets page.
• Consolidation and Unitization of lines are
  optional processes that are completed before the
  Agency Asset Processor runs the Transaction
  Loader process.
• The Agency Asset Processor must run the
  Transaction Loader process to load assets into
  the Asset Management module.
• The Asset Processor will be able to update the
  Receipt information. However, they will not be
  able to add a Serial ID on the Receipt.

39
Overview Capital Asset Query

• The Capital Asset Query is CT_IDENTIFY_ASSETS_IN_
  PO
• The Capital Asset Query is run by the Agency
  Asset Processor and is used to determine if asset
  information needs to be added to Purchase Orders
• The Capital Asset Query identifies approved
  and/or dispatched purchase orders and it filters
  on specific Asset Account codes determined by the
  Office of the State Comptroller. You can view
  the list of Capital Asset Account Codes in the
  WLA called Running the Capital Asset Query
• The Capital Asset Query should be run on a daily
  basis for high volume agencies and weekly for all
  other agencies
• A Capital Asset Account must be entered on the PO
  for the PO to appear in the search results of the
  Capital Asset Query. If you run the query and
  the PO does not display, contact the Buyer and
  have them verify the account number is a Capital
  Asset Account number

40
Overview Cont.
Capital Asset Query

• Leased Assets are not integrated from Purchasing.
  Do not select a leased Profile ID on the PO.
  Leased Assets will appear on the query because of
  the account code. Do not give the leased asset a
  profile ID or an asset number.
• All Capital and Operating Leased Assets will be
  added using the Leased AssetgtExpress Add
  functionality.

41
WLA Path/Exercises

WLA Path Core-CT Asset Management gt Integrating
with other Applications Exercise Running the
PO Capital Asset Query, Integration of Assets
from Purchasing and Accounts Payable, Update a
Receipt
Core-CT
42
Overview Enter Leased Assets

• There are two types of Leased Assets
• Operating (Optional) A lease for non-financial
  assets with no cost information
• Capital A lease for financial assets (Must be
  entered into Core-CT)

43
Overview Enter Leased Assets

• Capital Leases are treated as financial assets
• A lease is considered a capital lease if it meets
  at least one of the following FASB 13 (Financial
  Accounting Standards Board) Requirements
• There is ownership transfer at the end of the
  lease
• The lease contains a Bargain Purchase Option
• The lease term is 75 or more of the asset life
• The present value of the minimum lease payment is
  90 or more of the Fair Market Value of the
  asset.

44
Review Enter Leased Assets

• A saved leased asset can be updated through
  Update Lease Information component
• Capital Leases are required to have a Profile ID.
  The Profile ID is used to record information on
  the CO-59 form
• Operating Leases are not required to have a
  Profile ID. If you would like to associate a
  Profile ID for the Operating Lease use 1LCNTRL
  (Controllable Lease)
• The Category field is required for operating
  leases. Type LCNTR in the category field for
  leased controllable property

45
WLA Path/Exercises
Enter Leased Assets
WLA Path Core-CT Asset Management gt Adding and
Maintaining AssetsgtData Entry ProceduresgtAdd and
Maintain Leased Assets Exercise Enter an
Operating Lease, Enter a Capital Lease
Core-CT
46
Overview
Update Lease Information

• To update Leased information, use the Update
  Lease Information component
• The pages that are used to update leased assets
  are not effective dated rows Any changes that
  you make, you will not have history of those
  changes.

47
WLA Path/Exercise
Update Leased Assets
WLA Path Core-CT Asset Management gt Adding and
Maintaining AssetsgtData Entry ProceduresgtUpdating
Leased Asset Information Exercise Update Lease
Information
Core-CT
48
Process Flow

Retire/Reinstate Assets

PDC Notifies Agency to Dispose the Asset
Put Asset On PDC
Agency Enters Retirement Transaction
Identify Asset to Retire
Complete CO-853 And/or CO-854 Forms
49
Retire/Reinstate Assets
Overview

• The Property Control Manual policy still applies
  to all missing or lost assets. Agencies will
  still have to fill out the CO-853 or CO-854
  forms.
• Property Distribution Center does not interface
  with Core-CT.
• Assets can be retired in the past or present.

50
Review
Retire/Reinstate Assets

• Assets that have been retired can be reinstated
  at any time.
• Once reinstated, depreciation will start again
  for assets that are not fully depreciated.
• If an asset has been reinstated, all accounting
  entries in the Asset Management module will be
  reversed.
• When retiring an asset that is purchased with
  federal funds, a warning message displays that
  the asset is purchased with federal funds.
  Core-CT will not calculate the share of proceeds
  to be returned to the federal government. Each
  agency will have to notify their budgetary unit
  to determine if funds need to be returned to the
  federal government.

51
WLA Path
Retire/Reinstate Assets
WLA Path Core-CT Asset Management gt Adjusting,
Transferring, Retiring, and Reinstating Assets gt
Data Entry Procedures gt Retiring and Reinstating
Assets Exercise Retire Assets. Reinstate
Assets
Core-CT
52
Process Flow
Track Repairs and Services
53
Overview Track Repairs and
Services

• Benefits of Tracking Repairs and Services
• Ability to track warranties and maintenance
  contracts
• Ability to track maintenance events
• Evaluate repair history
• Communication is needed between people
  responsible for the repair/service of the asset
  and the asset processor who records the
  repair/service information in Core-CT.
• Agencies can schedule maintenance events and
  track warranties in Core-CT.
• The Asset Processor can generate the List of
  Asset Warranties Report in order to identify
  which assets warranties are expiring.

54
Review
Track Repairs and Services

• Scheduled Maintenance due dates need to be
  tracked manually.
• Keeping track of asset warranties and maintenance
  contracts is optional in Core-CT.
• Before entering a Service/Repair event in
  Core-CT, verify that the Maintenance Type you
  need is available by accessing the Maintenance
  Details page. The Central Asset Processor has
  the ability to enter Maintenance Types in
  Core-CT.
• Agencies can schedule maintenance events and
  track warranties in Core-CT.
• The Asset Processor can generate the List of
  Asset Warranties Report in order to identify
  which assets warranties are expiring.

55
WLA Path/Exercises
Tracking Repairs and Services
WLA Path Core-CT Asset Management gt Tracking
Repairs and Services Exercise Tracking
Maintenance Contracts, Entering Asset Service and
Repair Details, Viewing Maintenance History,
Tracking Asset Warranties
Core-CT
56
Overview Create and Manage CAPS

The Capital Acquisition (CAP) functionality
allows you to track capital expenditures for
purchases where assets will be placed in service
as they are acquired. This functionality allows
you to access cost and asset summaries in order
to get an overview of the CAP.
57
Overview Create and Manage CAPs

• Three steps to Create a Capital Acquisition Plan
  (CAPS)
• Create the CAP Type
• A CAP Type is a categorization method to be used
  for generating reports.
• Create Capital Acquisition Plan
• Associate the CAP to an Asset through the Basic
  Add page.

58
Review Create and Manage CAPS

• The CAP component is optional.
• An asset must be associated with a CAP through
  the Basic Add component or through the
  integration of assets.
• To tie an asset to a CAP the status of the CAP
  must be open.

59
WLA Path/Exercises
Create and Manage CAPS
WLA Path Core-CT Asset Management gt Job
AidsgtJob Aid ProceduresgtDefine CAP Types WLA
Path Core-CT Asset Management gt Capital
Acquisition PlanninggtData Entry
ProceduresgtCapital Acquisition Planning Exercise
Create a CAP Type, Creating a Capital Acquisition
Plan, Tying a CAP using the Basic Add Component
Core-CT
60
Overview Processing Depreciation

• Basic Add asset entries default to pending
• Financial asset edits cause the transaction to
  become pending
• A pending transaction is one on which
  depreciation has not been calculated
• Pending transactions can be edited
• Running Asset Depreciation (a batch process)
  clears the pending file
• Asset Depreciation will be run as a batch process
  at least once a week

61
WLA Path/Exercises
Processing Depreciation
WLA Path Asset Management gt Adjusting,
Transferring, Retiring, and Reinstating Assets gt
Data Entry Procedures gt Modifying or Deleting
Pending Asset Transactions WLA Path Core-CT
Asset Management gt Processing Depreciation gtView
Procedures gt Viewing Depreciation for Regular
Assets Exercise Edit Open Pending Transactions,
View Depreciation Calculation Results
Core-CT
62
Process Flow Mass
Change

63
Process Flow Mass
Change

• OSC will maintain the mass change process for
  all agencies.
• Use under limited circumstances.
• Agency will request a Mass Change on a CO-65.

64
WLA Path/Exercises
Mass Change
WLA Path N/A
Core-CT
65
Overview
Adjustments

• The following adjustments can be made to an
  asset
• Financial Physical
• Cost Color
• Quantity Size
• Depreciation Weight
• This section focuses on making financial
  adjustments after an asset has been capitalized.
  
• Physical adjustments can be made by the Agency
  Asset Processor using the Basic Add component.

66
Review
Adjustments

• The State of Connecticut will use Asset
  Adjustments to
• Adjust cost or quantity of an asset
• Asset Management provides users with the ability
  to track quantity and cost adjustments to assets.
• Financial changes will have an impact on the
  depreciation.
• Core-CT maintains a history of adjustments to
  assets.

67
WLA Path
Adjustments
WLA Path Core-CT Asset Management gt Adjusting,
Transferring, Retiring, and Reinstating Assets gt
Data Entry Procedures gt Adjusting and
Transferring Assets Exercise Adjusting the
Cost of an Asset
Core-CT
68
Overview
Transfer an Asset

• Two types of transfers

• IntraUnit transfers are chartfield value changes.
• InterUnit transfers are transfers between
  Business Units

69
Process Flow
Transfer an Asset
Intraunit Same Business Unit/Agency
70
CO-64 Asset Transfer Form
Transfer an Asset
71
Overview
InterUnit Transfer

• Interunit Transfer Between Business Units

• When an asset is transferred to another Business
  Unit, the asset's history in Core-CT can be
  maintained, including acquisition information,
  attributes, comments, lease information,
  maintenance information, warranty, and
  license/registration information.
• When there is a transfer between two Business
  Units, the two agencies will need to communicate
  regarding the destination chartfield values and
  the new Tag Number and Asset ID to be used
  through the transfer form. The form contains the
  following information The receiving agencys
  new Business Unit, Asset ID, Profile,
  Chartfields, Location Code, Date, and
  Authorizers Name.
• If the agency is transferring to an Internal
  Service Fund agency, the Profile ID may change,
  which updates the useful life. If so, Core-CT
  will depreciate the remaining present value and
  the useful life depending on the Profile ID the
  ISF selects. Also, when ISF agencies transfer
  assets to a line agency, the Profile ID will
  change.

72
Overview
IntraUnit Transfer

• IntraUnit Transfer Chartfield Value Changes
• IntraUnit transfer is used to change or correct
  chartfield values associated to an asset.
• IntraUnit transfers do not change the original
  purchase order
• Chartfield changes in the Asset Management module
  should be communicated to the appropriate General
  Ledger Personnel. This is highly recommended for
  ISF agencies.
• For location changes or corrections, make the
  changes through the Basic Add component.

73
Review
Transfer an Asset

• Example
• If the asset that is being transferred is a
  vehicle, the transferring agency must complete
  the DPS-29 form. Then the transferring agency
  sends the ownership documents to PDC. DAS will
  attempt to sell the vehicle at auction three
  times. When sold, DAS retains a 100 fee and
  deposits the proceeds of sale to the transferring
  agency in Core-CT. If the vehicle is sold to a
  non-State agency, the transferring agency retires
  the vehicle in Core-CT with a disposal code of
  Retirement by Sale. If the vehicle is sold to
  another State agency, the receiving agency
  completes the OSC transfer forms, and the
  transferring agency transfers the asset in
  Core-CT to the receiving agency.

74
WLA Path/Exercises
Transfer an Asset
WLA Path Core-CT Asset Management gt Adjusting,
Transferring, Retiring, and Reinstating Assets gt
Data Entry Procedures gt Adjusting and
Transferring an Asset Exercise IntraUnit Asset
Transfers, InterUnit Asset Transfers
Core-CT
75
Conclusion

• Please dont forget about the of Core-CT Tools
  available
• Core-CT Website http//www.core-ct.state.ct.us/
• WLA
• Job Aids
• RapidBuilder Exercises and Presentations
  http//www.core-ct.state.ct.us/user/practice/Defau
  lt.htm
• Sandbox Environment http//www.core-ct.state.ct.
  us/user/practice/data_sheets.htm
• Final Questions?
• Evaluation
• Thank you for attending Core-CT Asset Management
  Training