| Description: |
This system function ensures that individual physical asset records contained in the asset management system are fully consistent with the actual status of the asset item, including the item's physical, legal and financial status. This system function ensures that any state or condition change to the asset throughout its lifecycle of the asset is maintained. For example this system function enables the creation of an initial asset record based on the execution of a contract, order, real estate instrument, or the performance of a physical inventory which results in identification of an asset which is not recorded in the inventory system, it updates asset records with information based on a change to the quantity, condition or interest of ownership of an asset. For Real Property this includes, but is not limited to, actions such as construction, restoration, modernization, disposal, purchase, transfer, ingrants, outgrants, donation, or exchange. This system function also calculates a depreciation and amortization amount based on the depreciation schedule that is used to adjust the value of assets is and reported to the general ledger as an expense. For Personal Property this includes, but is not limited to, actions such as the purchase, transfer, make, issuance, repair and overhaul, return, sale, or disposal, and it stores or flags asset records that are no longer in active status. These records can be retrieved upon request for future liability issues, reporting and audit trail purpose. |