Corresponding Policy: See /wiki/spaces/~655483049/pages/987923096 policy.
Corresponding Forms: N/A
Process: Figuring out How to Make Corrections to a Fixed Asset
Corrections of Fixed Assets/Accumulated Depreciation general ledger data and Banner Fixed Assets record data are to be made using the Banner Fixed Assets system forms whenever possible. The use of journal vouchers should be rare.
Once a record has been created in Banner Fixed Assets, subsequent corrections should be made to the existing record. (Records should not be removed and new records created to correct an asset's information. Doing so overstates additions and deductions during the year end fixed asset analysis for the annual financial statements.)
Costs are often incurred for an addition or major improvement that pertains to an existing asset in Banner Fixed Assets. This would suggest that one update or correct the existing capital asset record in Banner Fixed Assets. However additions or major improvements of real property should be added as additional records to the Banner Fixed Assets module.
Once an asset has been entered into the Banner Fixed Assets and started to depreciate, no changes should be made to the asset type or service life of the asset. Exceptions need to be approved by the Controller or designee.