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Inventory Reports

GAAP related reports
Non-GAAP reports overview

Audit Report
Book Value

FYE Report Bundle

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OVERVIEW OF INVENTORY REPORTS

Ohio Office of Business Management https://obm.ohio.gov/areas-of-interest/state-accounting/financial-reporting/gaap

Capital Asset Policy PDF is found there (2019

GAAP requires that fixed assets such as buildings, equipment, and furniture be recorded at historical cost and then depreciated periodically based on the assets' useful life.

Ohio Government Finance Officers Association

8/2021 Handout https://www.google.com/search?q=ohio+GAAP+reporting+fixed+assets&ei=Fr4tZJz8K4upqtsPkOm18As&ved=0ahUKEwic35jOr5P-AhWLlGoFHZB0Db4Q4dUDCBA&uact=5&oq=ohio+GAAP+reporting+fixed+assets&gs_lcp=Cgxnd3Mtd2l6LXNlcnAQAzIICCEQoAEQwwQ6CggAEEcQ1gQQsAM6CAgAEIkFEKIEOgUIABCiBDoICAAQogQQiwM6CwgAEIkFEKIEEIsDSgQIQRgAUIIKWOUOYNcXaAFwAXgAgAGQAYgBzQOSAQMwLjSYAQCgAQHIAQi4AQLAAQE&sclient=gws-wiz-serp

AOS Technical Bulletins: https://ohioauditor.gov/publications/bulletins/2022.html

Ohio Compliance Supplementals: https://ohioauditor.gov/references/compliancemanuals.html

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GAAP Reports Structure/Format

Only items marked as capitalized are included on the GAAP reports
Only ‘active’ items will be included (exception: Change Schedules)
Separate report sections for each fund type (governmental, proprietary and fiduciary)
Items with a Lease type of ‘operating’ will not be included
Include/Exclude Entity IDs

Field on Transaction>Items record used to identify different entities within the same reporting entity. This ID can be used to exclude all items belonging to a particular entity from the GAAP schedules or to generate schedules for specific entities.

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Fields used in GAAP Reports

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Field	Definition	Found in Inventory
Fund	Defines where the asset is being used	Core>Funds Transactions> All*
Fund Type	Governmental Accounting uses three types: Governmental, Proprietary and Fiduciary	Core>Funds
Function	Defines current function or activity for which the asset is being used for	Core>Functions Transactions> All*
Asset Class	Defines a broader class of fixed assets; ODE defines first two digits; the remaining two digits may be used to further define the asset class (optional)	Core>Class Transactions> All*
Status	Active; New; Excess Asset Not in Use; Excess Asset Held for Sale considered “active” for GAAP	Transactions>Items
Original Cost	Historical Cost of the item	Transactions>Items
Acquisition Method	Indicates purchased method (purchased, donated, leased, other)	Transactions>Items
Lease Type	Capital Leases Included on reports; Operating leases are not	Transactions>Items
Depreciation Info	Reported for all fund types	Transactions>Items
Acquisition Info	Acquisition transactions are required for an asset	Transactions>Acquisition
Disposition Info	Disposition transactions are necessary when disposing an asset	Transactions>Dispositions
Transfer Info	Transfer transactions are necessary if you are changing the item’s fund, function or asset class	Transactions>Transfers

* except pending items

Fund Types:

Governmental (G)---those funds through which most governmental functions typically are financed.

Proprietary (P)---"commercial type" funds which are used for business type activities that are similar to those found in the private sector. Also known as enterprise funds.

Fiduciary (F)---those funds which are held in a trustee capacity for other governmental units or funds.

Status: Items with a status of Disposed Of, Inactive, or Old Tag Item will not be included (although disposed of items are included as a decrease on the GAAP change schedules.).

Acquisition Method: Used on 101 Fixed Asset by Source

Important Acquisition fields include date, type, amount, fund, function, and class at time of acquisition, and the adjustment flag.

Historical acquisition information is utilized for the GAAP schedule by source.

It is recommended that historical acquisition transactions be entered for at least the larger assets of the district.

However, the fixed asset by source will provide a line "Prior to System Startup" for items with insufficient acquisition information on file.

All that is really necessary when entering historical acquisition transactions is the date (approximate), type, amount, and fund portion of the account code.

Depreciation: capital assets should be depreciation over their estimated useful life UNLESS they are inexhaustible (land and some land improvements) or are infrastructure assets.

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Fixed Assets by Source�Classic EIS101

Contains a summary of the original cost of capitalized fixed asset by their source
‘Source’ means it uses acquisition method and account code’s fund to determine what line the item should fall on.
Purchased items are listed by the source fund code from which the item was purchased from (fund dimension on the account code on the acquisition)
Acquisition methods of donated, leased and other have their own lines

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Fixed Assets by Source�Classic’s EIS101

If the fund dimension of the account code is blank/zeroes (000), it will reference the asset_fund’s fund type and include the amount in that fund type section of the report under ‘acquisitions prior to system startup’ amount .

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Fixed Assets by Source�Classic’s EIS101

If the fund dimension of the account code is blank/zeroes (000) and the asset_fund is blank as well, it will include the amount in the acquisitions prior to system startup under the unknown fund type section of the report.

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Fixed Assets by Source�Classic’s EIS101

If the Acquisition contains a fund dimension on the account code, and the fund dimension is listed in Core>Funds, it will display the fund dimension on the report under its associated fund type

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Fixed Assets by Source�Classic’s EIS101

If the Acquisition contains a fund dimension on the account code but the fund dimension is not listed in Core>Funds, it will display the fund dimension on the report under the associated item's asset_fund fund type.

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Fixed Assets by Function/Class

Three ways to run the report by function and/or class.

Schedule by Function and Class

Subtotal by function (sort by asset class within each function)

Schedule by Class

Subtotal by class only (no function sorting)

Summary by Function and Class

Asset Class displayed in columns, subtotal by function
Allows you to summarize by first two digits of function
Generate for Book Value or Original Cost – will not include both on the report

Book Value = Original cost - Total Depreciation
Invalid Function or Invalid Class

Associated item is missing a function or asset_class (or missing invalid from Core>function or Core>asset class), their amount appears under ‘invalid’

Undetermined section

Any item with an invalid fund type, their amount will appear under ‘Undetermined’ section of report

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Both include the Original Cost and Book Value.

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Schedule of Change in Fixed Assets

Called a ‘change schedule’ for a reason…

Column format denoting changes made to the original cost during the FY
Sort choices: Asset Class, Fund or Function
If Summary is left unchecked, a detailed report is generated including the items that make up the amounts in the summary change schedule.

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Schedule of Change in Fixed Assets

Beginning Value: Beginning balance amount stored on the existing items
Acquisition Amount: Any new capitalized item entered or additional acquisitions to existing items entered during the fiscal year
Disposition Amount: Amounts of items that were part of the beginning balance but were disposed of during the fiscal year (total original cost).
Transfer In Amount: Org Cost amount of Transfer into this (i.e. asset class)
Transfer Out Amount: Org Cost amount of transfer out of this (i.e. asset class)
Adjustment Amount: Includes amount for any cap transactions which have the error adjustment flag checked. May also include amounts for items that changed cap status during the year.

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Acquisition Amount could be the entire org cost for any newly capitalized item entered or it could be the amount for an additional acq entered for an existing capitalized item (the remaining org cost of the existing item would be included in the beginning value)

NOTE: If an existing item had additional acq entered this year changing it from non-cap to capitalized, the additional acq amount will appear in the acquisition column and the rest of the org cost of the item appears as a positive amount under the adjustment column. The beg bal is not affected

NOTE: If capitalization criteria was run DECREASING the current threshold so that an item has now changed from non-cap to capitalized, the ENTIRE org cost appears as a positive adjustment. Beg Bal doesn’t get affected.

NOTE: If an existing item had an additional NEG ACQ entered changing it from cap to non-cap, the item’s org cost was originally included in the beginning balance… that amount has now been moved to the adjustment column (as a negative) to essentially remove the item from the GAAP schedule since it is no longer capitalized.

NOTE: If cap criteria was run INCREASING the current threshold so that an item has now changed from cap to non-cap, the ENTIRE ort cost appears as a negative adjustment. Beg bal doesn’t get affected.

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Balancing GAAP Reports�Original Cost

The ‘grand total for all fund types’ on the following should match

Fixed Asset by Source
(all options) Fixed Asset by Function/Class (original cost) column
Schedule of Change in Fixed Assets – ending balance

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Schedule of Change by Fixed Assets Options

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Schedule of Change in Depreciation

Called a ‘change schedule’ for a reason…

Column format denoting changes made to depreciation during the FY
Sort choices: Asset Class, Fund or Function
If Summary is left unchecked, a detailed report is generated including the items that make up the amounts in the summary change schedule.

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Schedule of Change in Depreciation

Beginning Depreciation: Current Life to Date depreciation value (LTD depreciation as of June 30 of the last fiscal year closed for all items that were capitalized at the beginning of the current fiscal year.)
Continuing Items: fiscal to date depreciation for all items that were capitalized at the beginning of the year
Acquisition: depreciation for the current year for any new capitalized items entered or additional acquisitions to existing items entered during the current fiscal year
Disposition: Total depreciation (Life to date + Fiscal to date) for any capitalized items disposed of during the current fiscal year
Transfer In: Any capitalized items that have been transferred will have their LTD depreciation reported in the Transfers column. It will show up as a positive amount in the function, fund, or asset class it was transferred into.
Transfer Out: Any capitalized items that have been transferred will have their LTD depreciation reported in the Transfers column. It will show up as a negative amount in the function, fund or asset class it was transferred out of.
Error Adjustment: Total Depreciation (LTD + FTD) for any items that had a transaction posted with the error adjustment flag checked. May also include depreciation amounts for items that changed cap status during the year.

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Disposition: Amounts of items that were part of the beginning balance but were disposed of during the fiscal year

NOTE: If an existing item had additional acq causing it to become capitalized (and the item is tracking depreciation), the FTD depreciation will appear in the acquisition column and the rest of the item’s depreciation appears as a positive amount under the adjustment column. The beg dep is not affected

NOTE: If capitalization criteria was run DECREASING the current threshold so that an item has now changed from non-cap to capitalized (and that item is tracking dep), the ENTIRE dep appears as a positive adjustment. Beg Bal doesn’t get affected.

NOTE: If an existing item had an additional NEG ACQ entered changing it from cap to non-cap (and it’s tracking dep), the item’s existing dep was originally included in the beginning dep… that amount has now been moved to the adjustment column (as a negative) essentially removing the item from the GAAP schedule since it is no longer capitalized.

NOTE: If cap criteria was run INCREASING the current threshold so that an item has now changed from cap to non-cap (and tracking dep), the ENTIRE dep appears as a negative adjustment. Beg bal doesn’t get affected.

After the 1.35.0 (inv-457) release beginning values on either the schedule of change in FA or schedule of change in DEP WILL NO LONGER BE CHANGED due to changes made in the system causing the item’s cap status to be changed. Those changes should be reported under the adjustments column because it is considered a change DURING the fiscal year! Huge improvement from Classic and the detail report will be able to provide those tags that are causing the change. The auditors will be VERY happy with this.

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Balancing GAAP Reports�Depreciation/Book Value

The ‘grand total for all fund types’ on the following should match

(all options) Fixed Asset by Function/Class (Book Value) column should match to Book Value’s Book Value column
Schedule of Change in Depreciation’s ending balance should match to Book Value’s Total Depreciation column
NOTE: Book Value must have the following selected to balance with GAAP reports:

Capitalized Assets Only
Active Items

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Schedule of Change by Depreciation options:

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Non-GAAP Reports

Think outside the box! If an existing report doesn’t have certain fields you want to sort on, use Item’s ‘Export Grid Items’ option to filter and create a spreadsheet, which you can then sort as needed.
Continually making report improvements

Review outstanding JIRA issue for reports improvements
Review outstanding FB JIRA issues

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Audit Report

Difference between Demand and Official? Official includes signature block
Report Types:

Not limited to actual menu options. For example, if you updated replacement costs on existing items via spreadsheet import, you can’t select by what happened via Import option. The replacement costs are stored on the ITEM record so you would need to enter “Item’ report type to find changes made to item related fields.

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Book Value

Contains depreciation information for items that are marked for depreciation which may include both cap and non-cap items
Option to generate a report for cap and/or non-capitalized items
Sort options. If choosing to sort by fund, fund type, function and/or asset class, the report will automatically subtotal for those sort options.

Fiscal Year defaults to current year

If I have FY22 and FY23 open but FY22 is current, the default fiscal year displayed on the program will be 2022

report will include items with acq date up through end of FY22. LTD will be amount of depreciation up through the end of the prior year (FY21). FTD will include depreciation for FY22.

Balance Book Value against Fixed Asset By Function/Class and Schedule of Change in Depreciation reports

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FYE Reports/Bundle

Triggered when an open period is closed
Creates a zipped file containing several FYE Inventory reports (PDF format) that is emailed to designated addresses
For report bundle to generate and email sent, setup required:

Email Addresses specified in Core>Configuration
Email Configuration installed under System>Configuration

Detailed information on reports included in bundle listed in FYE Report Bundle chapter
Document Store will eventually be able to send the FYE Bundle to an Inventory File Archive (eliminating the need to email the reports)

DS will eventually be able to import:

EISCD archived reports from Classic
Prior year Inventory FYE Report bundles zipped file

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Depreciation Posting Report – replacement for EISCLS’s EISDEP report. – contains projected FTD depreciation and Book Value amounts

Depreciation Posted for All Items: contains FTD depreciation for all active (Active, New, Excess Asset Held for Sale, Excess Asset Not In Use) capitalized and non-capitalized items
Book Value After Posting All Items: Original Cost minus Total Depreciation (LTD + FTD) for all active (Active, New, Excess Asset Held for Sale, Excess Asset Not In Use) capitalized and non-capitalized items
Depreciation Posted for Capitalized Items: FTD depreciation for all active (Active, New, Excess Asset Held for Sale, Excess Asset Not In Use) capitalized items only
Book Value After Posting Capitalized Items: Original cost minus Total Depreciation (LTD + FTD) for all active (Active, New, Excess Asset Held for Sale, Excess Asset Not In Use) capitalized items only

FYE Balances Report – replacement for EISCLS EISCLS.TXT – contain projected ending balances (org cost) for current fiscal year displayed). Only cap active items are included on the report

FYE Balances Report

INV-395 – Allowing standard users to see the Job Scheduler view – will be schedule for FYE