State of Kansas
Statewide Management, Accounting and Reporting Tool
This job aid outlines the steps needed to remove an asset from SMART. Please note this is not
the normal retirement process.
This job aid should be u
if the asset was entered erroneously.
For example, you might need to remove an asset because you accidentally entered one and
saved. Another example would be if you incorrectly labeled the asset as a property asset
Type = Property)
and shouldn’t hav
e. In that case, you
would need to
remove that asset
steps defined below
and manually enter the corrected one using Express Add.
Steps to Remove an Erroneously Entered Asset
“Begin Depreciation Date” for the asset
et Management >
Review Depreciation Info
to determine the
date the asset began depreciating. Expand the Depreciation
the Begin Date
Note: The most common error is that a
user will locate the In Service Date because it’s
the first one. You must use the Begin Date (circled in the screenshot below).
Agency Adjustment/Transfer/Retirement Processor
djust the cost of the asset down to
Asset Management > Asset Transactions > Financial Transactions > Cost
On the Main Transaction page, enter the
(as documented in step 1)
Transaction Date field.
(See note on next page for exception.)
Note: If the
Begin Date is a future date (example: The current date is 10/03/2012 and the
Begin Date is 01/01/2013), use today’s date in the Transaction Date field. The goal of
the adjustment down to $0.00 is to remove any depreciation that has been booked.
Since no de
preciation has been booked if the date’s in the future, using today’s date is
Select an A
ction of Adjustment and click GO
Enter a zero in the Cost field for the
Click OK to any warning messages.
Asset Management > Asset Transactions > Asset Disposal > Retire/Reinstate
Click Go in the
Click the Other Options tab. In the Description field
book, enter “
Click Save. On the Retire Assets tab, the Ret Status should be New for all books.
If the asset had the CAFR book, l
og a Help Desk ticket so that the Central Asset Processor can
accounting entries generated for the CAFR book have been backed out. Include the
following in your ticket:
Category: Asset Management
Asset Processor Corrections
Entries are Backed Out
Make sure there are no open transactions for the ass
et. If there are, run
the Depr Calc and
Create Acctg Entries processes ad hoc.
Depr Close process ad hoc for the affected asset
Note: The batch process should not be affected by this ad hoc run. UC4 will skip the
error message about how Depr Close has already been run for this Business Unit and
complete the job.
Select Rerun if Depr Close has already been run; select Reverse if
entries have been
posted to the GL and need to be reversed.
Asset Management > Accounting Entries > Review Financial Entries
Validate that all entries for the CAFR book have been backed out. If there’s an error, an
adjusting entry to the GL
may be necessary.