OVERVIEW

The Fixed Asset Adjustment form (FFAADJF) is used to enter the following types of adjustments to a fixed asset master record:

• Sale of Asset – DO NOT USE
• Write off
• Write up/down adjustments
• P-tag capitalization
• O-tag capitalization
• Depreciation adjustment – DO NOT USE
• Record past depreciation – DO NOT USE
• GL Change-Asset account
• GL Change-Equity account
• GL Change-Fund code
• GL Change-Fund and equity
• GL Change-Cap amount/account
• No posting to G/L – DO NOT USE
• Reverse cap for P-tag
• Reverse cap for O-tag – use when Otag was capitalized incorrectly or in error.

All processing on the form is determined by the selection made from the Function Type pull-down list.  This document includes specific procedures for each available function type.

POLICIES

1. Please contact Missoula Property Management or BusSrvcs Banner Production (banner_feeds@mso.umt.edu) if you feel the depreciation amount for an asset is incorrect or if you feel you may need to use any of the functions marked ‘DO NOT USE’ above.
2. When doing GL Change adjustments, the asset types and chart of account codes used on the FFAADJF form must comply with the attached Appendix B – Fixed Asset Account Code Relationships. 
3. In general, improvements or additions to existing buildings are considered components and will depreciate on their own schedule rather than that of the existing building.  Improvements or additions to existing equipment are considered attachments and will depreciate on the schedule of the original/primary equipment record.  However, when the amount of an improvement or addition to either a building or a piece of equipment is material, please contact Business Services Property Management or Accounting Services for assistance with entering the asset record.