Recent updates
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How do I process 13th month entries?
Updated onArticleThe 13th Month refers to the practice of keeping an annual accounting period open for 20 additional days into the next accounting period for expenses incurred during the prior period and paid within the 20 day window. For those with calendar fiscal years, any services rendered or goods received in December and paid before January 20th, must be back dated to December.
According to Paragraph 3.1.740 in the BARS Manual "Open periods are required by statute for cities (RCW 35.33.151 and RCW 35A.33.150) and allowed for counties (RCW 36.40.200). Special purpose districts which use the county or a city as their treasurer may use the same open-period as their treasurer. If a district acts as its own treasurer, no open period is allowed by statute."
Trending Year End Processing Year End Processing
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How do I amend the current budget?
Updated onWorkflowUse the proposed budget cell to enter the budget amendments. This can be entered in either Line View or Full View. It is recommended to use Line View.
Trending Year End Processing Year End Processing
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How do I generate a payroll projection?
Updated onArticlePayroll Projections forecasts payroll expenses for the upcoming budget year. This is only available for Advanced Payroll (v2) on the Vulcan Release 07.25.2018 of BIAS or later.
Create a baseline projection, then generate, annualize, and update individual employees that may have been part time in the current year and will be full-time in the next year or vice versa. Edit wages and benefit tables for employees at the expected levels for the upcoming budget year.
All plans, wages, distributions are kept separate inside the projection so your operational settings are not affected.
Payroll Payroll Projections Payroll Projections
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How Do I Project Payroll?
Updated onArticlePayroll Projections forecasts payroll expenses for budgeting purposes. The Payroll Projection tool is only available for Advanced Payroll (v2).
Payroll projections best practices begin with creating a baseline projection. After creating the baseline, copies can be created to analyze different scenarios.
All plans, wages, distributions are kept separate inside the Projection. Operational settings don't change when a change occurs in payroll projections.
Payroll Payroll Projections Payroll Projections
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How do I set up an Asset Connect account?
Updated onArticle1. Go to the Asset Connect website.
2. Click the Sign up link.
Asset Connect Asset Connect Getting started & maintaining Asset Connect
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How do I create a new Location?
Updated onArticle1. Click on the Locations tab on the left menu bar.
Asset Connect Asset Connect Getting started & maintaining Asset Connect
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Glossary
Updated onArticleAcquisition Cost (Purchase Price)
An acquisition cost, also referred to as the cost of acquisition, is the cost that a company recognizes on its books for property or equipment after adjusting for discounts, incentives, closing costs and other necessary expenditures but before sales taxes.Purchase Date
The date on which an asset is purchased as indicated on a contract or certificate. Used in tax accounting to determine the cost basis and holding period of the asset for proper depreciation.Accumulated Depreciation
The amount of a long-term asset's cost that has been allocated to Depreciation Expense since the time that the assets was acquired.CY Depreciation Costs
The amount of the asset's cost that will be added to Depreciation Expense in current year.Depreciation
A reduction in the value of an asset with the passage of time, due in particular to wear and tear.Book Value
Book value of an asset is the value at which the asset is carried on a balance sheet and calculated by taking the cost of an asset minus the accumulated depreciation.Current Value
Is the accounting that assets and liabilities be measured at the current value at which they could be sold or settled as of the current date.Replacement Cost
The amount that an entity would have to pay to replace an asset at the present time.Salvage Value
Is the estimated resale value of an asset at the end of its useful life.Physical Life
Is how long the Asset will be functioning.Service Life
Is how long the Asset will be useful.Economic Life
When an asset ceases to be the lowest cost alternative to satisfy a specified level of performance or service levelRemaining Life
Service Life - (Current Date – Purchase Date)Asset Condition Assessment
Is the process of continuous or periodic inspection, assessment, measurement and interpretation of the resultant data to indicate the condition of a specific asset so as to determine the need for some preventative or remedial action.Straight-Line Depreciation
The most common method of depreciation, which involves depreciating the equipment an equal amount over each period. ((Acquisition Cost – Salvage Value) / Service Life)Maintenance/Defect Inspection (Type 1)
Designed to determine the need for maintenance and/or temporary works.Overall Asset Inspection (Type 2)
Designed to assess the overall condition of an asset and determine its remaining useful life.Asset Condition “Types”
- Good - Asset is “as new” or requires only routine maintenance to keep it in service
- Fair – Asset has a 20% chance of breaking down within any year
- Poor - Asset has a 50% chance of breaking down within any year
- Very Poor - Asset will likely break down within 1 year
- Unknown – Asset condition is unknown and may pose a risk
Asset Connect Asset Connect Getting started & maintaining Asset Connect
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How do I add an Asset Holder?
Updated onArticle1. Click on the Asset Holders tab on the left menu bar.
Asset Connect Asset Connect Getting started & maintaining Asset Connect
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How do I create a new Department?
Updated onArticle1. Click the Departments tab on the left menu bar.
Asset Connect Asset Connect Getting started & maintaining Asset Connect
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How do I add an Area to a Location?
Updated onArticle1. Click on the Locations tab on the left menu bar.
Asset Connect Asset Connect Getting started & maintaining Asset Connect