OFM Statewide Accounting has been working on updating the capital assets resources that are posted on the OFM Capital Assets webpage. Check it out!

As a reminder, at the close of the fiscal year, agencies should:

  • Conduct a physical inventory. Per SAAM 30.45 this must be completed at least once every other fiscal year.
  • Ensure asset information in CAMS or other asset tracking system is up to date by the end of July. This includes:
    • Making adjustments due to discrepancies found during the physical inventory.
    • Adding new assets.
    • Updating assets with changes (such as fund splits, class code, value adjustments).
    • Disposing of assets that are no longer in possession.
  • Review construction in progress (CIP) activity and ensure:
    • All current year project expenses have been recorded in CAMS or other asset tracking system.
    • Projects that are complete, or assets placed in service, have been converted from a CIP asset to the appropriate class code in CAMS or other asset tracking system.
  • Reconcile general ledger balances between AFRS and CAMS using CAMS reports generated out of Enterprise Reporting. See “Reconciliation Resources” section of the Capital Assets webpage.
  • Post transactions to AFRS to reflect activity entered in CAMS. These transactions include, but are not limited to:
    • Asset purchases
    • Disposal or sale of assets
    • Depreciation expense
    • Other asset adjustments
    • Construction in progress activity
    • NOTE: Be sure to use the appropriate transaction codes for these entries. The Capital Asset AFRS transaction codes resource provides a list of frequently used transaction codes for capital asset transactions.
  • Review ending balances to ensure AFRS entries posted correctly and are in alignment with CAMS as expected.
  • Complete the disclosure forms regarding capital assets. See the State Disclosure Forms training on our training website under Fiscal year-end training and resources.

 Note: These actions can be completed more frequently but at a minimum they must be done annually.

Agencies are encouraged to review these resources and reach out to their agency’s Statewide Accountant with questions.

We value your feedback, so if you have any comments or suggestions regarding these resources, please contact Kelly Diaz (Kelly.Diaz@ofm.wa.gov) or Kendra Hanson (Kendra.Hanson@ofm.wa.gov).