Fixed Assets System

Processing in the Fixed Assets System consists of verifying information in your asset records, depreciating assets for the current fiscal year, and then closing the fiscal year.

Complete the following steps in the Fixed Assets System:

1. Run the Fixed Assets > Reports > Fixed Assets Reports > Detail Listing of Fixed Assets report option to verify the acquisition date of assets.
2. Use the Fixed Assets > Entry & Processing > Fixed Assets > Asset Information > search for assets > Depreciate option to process depreciation and post it to Fund Accounting.
3. Run the Fixed Assets > Entry & Processing > Periodic Routines > Year End Processing option.
4. Run the Fund Accounting > Reports > System Maintenance > Check Ledger Balances > Per Fund option to verify that all funds are in balance.
   Important
   If you encounter an out-of-balance condition at any stage of the fiscal year-end process, contact PowerSchool for assistance.
5. Run the following Fund Accounting > Reports > Audit Trails options to verify your budget codes are in balance:
   • General Ledger Audit Trail
   • Expenditure Ledger Audit Trail
   • Revenue Ledger Audit Trail
   • Project Ledger Audit Trail (if applicable)
6. Run any additional Fund Accounting > Reports options as needed.