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Business Process Flowchart

Fixed Assets

Packet Description
The Fixed Assets Packet describes how to create and maintain
assets in MAGIC. Key components within this package include
integration points with Supplier Relationship Management (SRM),
asset lifecycle, asset retirements, asset transfers, and the close
process.

MAGIC Roles
The MAGIC Roles used in these flows are:
 FA - Fixed Assets Property Officer
IM - Goods Receipt Processor Non
Non-stock
stock
SRM - Manager Purchasing / SRM Approver
SRM - Buyer Operational
SRM – Approver / Manager
SRM – Requisitioner
FA- Asset Disposal Approver
FA - OPTFM Approver

A description of each role can be found on the MMRS Website.

MAGIC Flows Help or Questions


The individual MAGIC flows that are included in this
Click here to learn how to
packet are:
read a MAGIC Business
Flowchart.
 Asset Acquisition to Capitalization
 Asset Internal Transfer If you have a question,
 Fixed Asset Disposal please use the MAGIC
 Asset Acquisitions without a PO or for Lapse Feedback webpage to
submit your question.
Business Process Flowchart

Fixed Assets

Significant Changes
 Property Officers will have to collaborate with Purchasing and Accounting within
their agency to ensure that the assets are created and reported correctly in the
system.
 Asset master shell records will be created at the beginning of the purchasing
process and assigned directly to a purchasing document.
 Depreciation will be calculated within the system.
 OSA will no longer approve disposals.
 DFA/OPTFM will begin approving disposals of certain asset classes.
classes
 OSA will be able to run required monthly reports and documents related to
disposals/additions to OSA.
 In MAGIC, asset transfers will be changed to financial information.

High Level Process Description

E
Every assett has
h a lifecycle
lif l off ffour distinct
di ti t phases:
h

1. Acquisition: assets can be purchased from vendors (e.g., laptops), acquired


by donations, acquired by confiscation, or through capital projects

2. Capitalization: through goods receipt or asset module transaction, value is


added

3. Useful life: assets depreciate during their operational life

4. Retirement: assets that are no longer useful are transferred, sold, or


scrapped

 Chart of Accounts is the ggroup p of G/L accounts used to classify


y revenue,, expenses,
p ,
assets, and liabilities. Every fixed asset has sub-ledger account where depreciation
and other costs are posted. Postings to this account result in postings to
reconciliation accounts and funding sources responsible
Requisitioner
SRM

Agency Requires Create Order


an Asset Shopping Cart shopping cart
SRM Buyer SRM Approver/

Workflow
Operational SRM Manager

Reject Shopping Cart


Approval
SBWP

Approve

Create/Edit (Agency decision)


Assign Source of
Is SC Purchase Order Create Asset Shell Order May require additional
No Yes Supply
to be PO, SOLE or or Enter Asset Purchase Order asset approver
(Contract/
Sourced? EMER Number
Supplier)
SRM Approver
SRM Manager
Purchasing/

Workflow Workflow
Rejected Purchase Order Is Oversight
Approved
Approval Approval
SBWP Required?

Yes
Oversight

Workflow
Rejected Purchase Order
No
Approval

Approved
Goods Receipt
Processor –
Non Stock

Post Goods
Asset Capitalized Receipt
MIGO
FA- Property
Officer

Update Asset
Master Record
If Necessary
AS02
Asset Internal Transfers
Agency

Transfer request received. Transfer Complete


FA-Property
Officer

Create Receiving Asset Transfer Within


Shell Company Code

AS01 ABUMN
Fixed Asset Disposal

Agency needs to
FA-Property Officer

dispose of an Asset

Asset Class
Create/Submit Determines Workflow
Worklist Non-Vehicle
SBWP
AR01

Vehicle
Approver
OPTFM

Workflow
Asset Worklist
Reject Approval Approve

SBWP

NOTE: If FA-Disposal Approver


removes an asset from the worklist
FA-Disposal

with the editing function, that asset


Approver

Workflow remains on the agency’s inventory.


Asset Worklist
Reject
SBWP

Approve
Agency

Asset is now inactive


Asset Acquisitions without PO or for Lapse

Agency discovers prior year


asset that has not been Asset is now active.
tagged
FA-Property Officer

Create Asset Record Post value to asset Update asset record

AS01 ABNAN AS02

Adjust useful life


(if applicable)