The new system provides detailed property records for all fixed assets, including disposition method and disposition date. It has the ability to re-associate individual components to other assets or locations as needed, and allows authorized users to flag a specified number of assets for disposal, e.g. for retirement, transfer, or deletion.
At this time, there is no established business process to generate an initiating entry that would then move to an approval. Disposal actions, while being transparently tracked in the new financial system, will need to be initiated outside of system and become a business process that the City will establish. However, if proceeds are received for an asset, the accounting entries will be automatically generated (gain/loss) for General Ledger.
Asset Processors and Asset Managers will need to initiate transfer, attach associated documentation per separately identified business processes, and create necessary journal entries for the General Ledger.