Rebuild GASB Data

Menu Path: Fixed Assets > Entry > Processing > Periodic Routines > Rebuild GASB Data

Use this option to rebuild the Fixed Assets' GASB table when you initially set up your system for Government Accounting Standards Board (GASB) reporting. The option updates the beginning balance, additions, deletions, and ending balance fields based on current asset file information for the selected fiscal year. It also rebuilds the source amount records associated with the fund source to bring the capital assets by major class total into balance with the investments by source total on the Comparative Schedules by Source report.

• Do not run the Rebuild GASB option after beginning the fiscal year in which your organization first provides GASB 34 reports.
• All users must be logged out of Fixed Assets while you run this option.
• The Rebuild GASB Data option deletes all records in the GASB table for the selected fiscal year. This means that any activity that occurred during the fiscal year, such as fund type changes, function changes, and activity changes, will no longer be reflected in the GASB table and will not be reported on GASB schedules.
• Also, funding source changes will no longer be reflected in the Source Amount table when you attempt to update a prior year.

Prerequisites

Before running this option:

• Complete all maintenance procedures to bring your asset records up to date.
• Verify that the asset records contain a function, activity, capital asset flag, fund type, and category code.
• Run the Retro Depreciation option on the Asset Depreciation page.
• Back up your Fixed Assets database immediately before using the Rebuild GASB Data option.

Processes and Table Updates

The Rebuild GASB Data option deletes all records from the GASB table for the selected fiscal year. It then reads through all asset and improvement records and creates GASB table records based on the file index consisting of the Fiscal Year, Fund Type, Function, Activity, and Major Class.

Only assets that are flagged as capital assets are included in the GASB table balances.

All capital assets are reported as part of the beginning balance for the fund type, major class, function, and activity, except those that were acquired during the fiscal year or were retired before the beginning of the fiscal year.

The Fixed Assets GASB table is updated based on your current asset data.

• Assets acquired in the fiscal year result in updates to the Additions, Ending Balance, Accumulated Depreciation Additions, and Accumulated Depreciation Ending Balance fields.
• Assets retired in the fiscal year are included in the Beginning Balance, Deletions, Ending Balance, Accumulated Depreciation Beginning Balance, Accumulated Depreciation Deletions, and Accumulated Depreciation Ending Balance fields.
• All other capital assets are included in the Beginning Balance, Ending Balance, Accumulated Depreciation Beginning Balance, and Accumulated Depreciation Ending Balance fields. Assets retired prior to this fiscal year are not included in the GASB table balance.
• Accumulated deprecation is updated based on the accumulated depreciation amount on the asset record and the depreciation history records.

The Source Amount table tracks the number of assets associated with the fund type and funding source by year. For the prior fiscal year, it reflects the balance by fund type and funding source of assets at the end of the fiscal year. For the current year, it reflects the current asset balance by funding source.

Assets acquired during the year or in a prior year are included in the balance. Assets retired during the year are removed from the balance. Also, keep in mind that business-type asset balances store separately from governmental-type assets.

Rebuild the GASB and Source Amount Tables

1. Choose the Rebuild GASB Data page.
2. In the Fiscal Year field, you may accept the default, which should match the current fiscal year set in the Fixed Assets Profile.

3. Select one or both of the following checkboxes:

   • Build GASB Items - If you select this box, the system displays totals for the selected fiscal year in the Total Items in GASB Table and GASB Items to be Deleted and Rebuilt fields.

   • Build Source Amount Table - If you select this box, the system displays totals for the selected fiscal year in the Total Items in Source Amount Table and the Source Amount Items to be Deleted and Rebuilt fields.
4. Click OK.
5. Click Yes. If the system encounters any problems, the errors display in $FASLOGDIR/rcgasb10.log.
6. To rebuild the tables for the prior fiscal year, repeat Steps 1-5, except in Step 2, be sure to select the appropriate year in the Fiscal Year field.
7. Choose the Fixed Assets by Fund Source option to generate the Comparative Schedules by Source report. Verify that the report's asset totals match the investment totals.

GASB Table Updates

Throughout the year, the system updates the GASB table whenever assets are added, changed, depreciated, retired, or deleted. Following is a chart showing how these changes affect the table. The symbols used in the chart include:

The GASB table only updates when one of the following items changes in an asset record:

• Fund Type
• Function
• Activity
• Major Class