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BEN Assets Topics

Viewing an Asset from Financial Information

From Asset Administrator or Senior Asset Administrator responsibility, Inquiry> Financial Information

There are several ways to view asset information:

Find by Asset Detail (tab)

  • Enter one of the following as your search criteria: Asset Number, Tag Number, Serial #, etc.
  • Click “Find”

Find by Assignments (tab)

  • Only one search criteria is needed to perform this search. Enter the location you want to query in the following format BLDG-Floor-Room
  • Click “Find”

Find by Source Lines (tab)

  • Enter one or more of the following as your search criteria: Supplier Name, Invoice Number, PO Number, etc.
  • Click “Find”

Find by Lease (tab)
**Note- We are not currently utilizing leases at this time in BEN Assets

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Viewing an Asset from Asset Workbench

From Asset Administrator or Senior Asset Administrator responsibility, Asset> Asset Workbench

There are several ways to view asset information:

Find by Asset Detail (tab)

  • Enter one of the following as your search criteria: Asset Number, Tag Number, Serial #, etc.
  • Click “Find”

Find by Assignments (tab)

  • Only one search criteria is needed to perform this search. Enter the location you want to query
  • Click “Find”

Find by Source Lines (tab)

  • Enter one or more of the following as your search criteria: Supplier Name, Invoice Number, PO Number, etc.
  • Click “Find”

Find by Lease (tab)
**Note- We are not currently utilizing leases at this time in BEN Assets

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Viewing an Asset by Custodian or Tagging Contact

From Asset Administrator or Senior Asset Administrator responsibility, Inquiry> Financial Information

  • Close the Find Assets form (The Assets form will now appear)
  • Press the ‘F11’ key for query mode
  • Click in the Descriptive Flexfield (beer mug) field located next to the Category field
  • Click on the LOV icon at the end of the field to search for the Custodian Name or Tagging Contact Name from the List of Values
  • Type the name of the Custodian or Tagging Contact using the following format (LAST, FIRST%)
  • Once the name is entered in the field, click the ‘Find’ button
  • Click the ‘OK’ button to close the form
  • Press ‘Ctrl F11’ to return results

From Asset Administrator or Senior Asset Administrator responsibility, Asset> Asset Workbench

  • Close the Find Assets form (The Assets form will now appear)
  • Press the ‘F11’ key for query mode
  • Click in the Descriptive Flexfield (beer mug) field located next to the Category field
  • Click on the LOV icon at the end of the field to search for the Custodian Name or Tagging Contact Name from the List of Values
  • Type the name of the Custodian or Tagging Contact using the following format (LAST, FIRST%)
  • Once the name is entered in the field, click the ‘Find’ button
  • Click the ‘OK’ button to close the form
  • Press ‘Ctrl F11’ to return results

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Viewing an Asset by Location

From Asset Administrator or Senior Asset Administrator responsibility, Inquiry> Financial Information

  • Click on the “Find by Assignment” tab
  • Enter the location, if known in the following format (BLDG-Room-Floor)
  • Or if you do not know the location, click on the LOV icon at the end of the field
  • Click on the ‘Combinations’ button
  • Click on the LOV icon located in the Building field to search for the Building from the List of Values
  • Locate the building that you are looking for and click on it
  • Click the ‘OK’ button – you will see a list of valid BLDG- Room- Floor combinations for that building
  • Click on the BLDG-Floor-Room combination that you want
  • Click the ‘OK’ button
  • Click on the ‘Assignments’ tab
  • Click “FIND”
  • Note: You can only search on valid BLDG-Floor-Room combinations. To obtain a list of assets by building, run the “Report of Assets” report in BEN Reports or Business Objects.

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Viewing all location combinations for a building

From Asset Administrator or Senior Asset Administrator responsibility, Inquiry> Financial Information

  • Click on the “Find by Assignment” tab
  • Enter the location, if known in the following format (BLDG-Room-Floor)
  • Or if you do not know the location, click on the LOV icon at the end of the field
  • Click on the ‘Combinations’ button
  • Click on the LOV icon located in the Building field to search for the Building from the List of Values
  • Locate the building that you are looking for and click on it
  • Click the ‘OK’ button – you will see a list of valid BLDG- Room- Floor combinations for that building

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Viewing depreciation of an Asset

From Asset Administrator or Senior Asset Administrator responsibility, Inquiry> Financial Information

From the Find by Assets Detail tab

  • Enter one of the following as your search criteria: Asset Number, Tag Number, Serial #, etc.
  • Click “Find”
  • From the Assets form, click on the “Books” button
  • Depreciation information will be populated in the YTD Depreciation and Accumulated Depreciation fields

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Date an asset was placed in service

From Asset Administrator or Senior Asset Administrator responsibility Inquiry>Financial Information

  • Enter the Asset number
  • Click the ‘Find’ button
  • Click the ‘Books’ button to see the ‘Date in Service’

Note: The Date placed in service is also the invoice date of the asset.

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Tagging of new Equipment

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Changing the location of an asset

From Asset Administrator or Senior Asset Administrator responsibility, Assets> Asset Workbench

  • Enter the asset number
  • Click the ‘Find’ button
  • From the Assets form, click on the “Assignments” button
  • Enter a “-1” in the ‘Unit Change’ field for the current location
  • Arrow down to the next line and put a “1” in the ‘Unit Change’ field
  • The Expense field will fill automatically
  • Tab to the Location field
  • Enter the new location (BLDG-Floor-Room)
  • Click “Done” to save changes

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Changing custodian and/or tagging contact

From Asset Administrator or Senior Asset Administrator responsibility, Assets> Asset Workbench

  • Enter the asset number
  • Click the ‘Find’ button
  • Click the “Open” button
  • Click on the DFF [ ] (Beer Mug)
  • In the custodian name and/or tagging contact field, enter the employee’s name (using the following format LAST, FIRST %). Once the name is entered, TAB to the next field
  • You can also search for the custodian name and/or tagging contact in the LOV by clicking on the LOV icon at the end of the field
  • When the find screen opens, enter the employee name (example: LAST, FIRST %). Once the name is entered, hit the “FIND” button to facilitate the search

  • Note: Any employees who have been terminated will have “Terminated” next to their name. Anyone with this designation should not be selected as a Custodian or Tagging Contact
  • Once the new custodian and/or tagging contact names have been entered, update the phone number, if necessary
  • Click “OK” to close the DFF box
  • Click “Done” to save changes

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Change account number used to purchase an asset

The general ledger account used to charge the cost of an asset during the requisition creation process can only be changed by creating a journal entry
Note: When creating a journal entry, add the asset # or the tag # in the description field (More Details button).
See PMG website for more information: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/ManualJournalsClearingAccts.pdf

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Change the Responsible Org of an asset

From Asset Administrator or Senior Asset Administrator responsibility, Assets> Asset Workbench

  • Enter the asset number
  • Click the ‘Find’ button
  • Click the “Open” button
  • From the Asset Details form, click on the DFF [ ] (Beer Mug) located under the Description field)
  • Enter the new Responsible Org in the Responsible Org field
  • Click “OK” to close the DFF box
  • Click “Done” to save changes

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Costs included in the Acquisition Cost of equipment

  • The total cost or purchase price of the equipment, including components (e.g., a microscope costs $4,000, the lens that goes with the microscope costs $1,500; the total cost of the asset is $5,500 and the asset should be capitalized)

  • Note: The following can also be added to the cost:
  • Freight/shipping
  • Labor for equipment installation

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Change tagging information on an asset

From Asset Administrator or Senior Asset Administrator responsibility, Assets> Asset Workbench

  • Enter the asset number
  • Click the ‘Find’ button
  • Click the “Open” button
  • From the Asset Details form, click in the Tag Number field to change the Tag Number
  • Click in the DFF [ ] (Beer Mug) to change the Tagging Date and Tagging Status
  • Click “Done” to save changes

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Process to correct an asset expensed in error

The following steps must be taken to correct an asset that’s been expensed instead of capitalized:

  • Create a manual journal to transfer costs from an expense object code to the asset object code. The entry is made by the School/Center to correct this error by crediting the expense account and debiting the asset clearing account (object codes 1870, 1871, 1872, 1874 or 1877)
  • Once the journal entry is created, the School/Center should complete the “Equipment Information Form” which can be found at http://www.finance.upenn.edu/comptroller/forms/ and send it to PMG so an asset can be created in BEN Assets

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Procedures for disposing of old equipment

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Retirement form in BEN Assets shows a ‘Pending’ status

The Retirement form will show the status as ‘Pending’ until the ‘Calculate Gains & Losses’ process is run (nightly). After the Gains and Losses run, the status will change to ‘Retired’.

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How a depreciation journal is booked

Depreciation entries will be booked at the General University level. Schools and Centers who want to find their depreciation expense can get the information out of BEN Assets using BEN reports (Report of Assets) or the Business Objects queries stored in the repository

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Find the Depreciation Expense for an Org

From BEN Reports or Business Objects, run the “Report of Assets” report for your ORG to find the depreciation information. The YTD Depreciation shows the current year’s depreciation expense for each asset as of the most recent month-end. The Accumulated Depreciation amount is updated monthly and reflects the Accumulated Depreciation as the most recent month-end for each asset.

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How depreciation is calculated

  • All plant assets will be depreciated using the straight line method. Assets will be depreciated over a useful life as determined by the category code (Major- Minor) of the asset.
  • BEN Assets follows a mid- month convention to calculate the depreciation.

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Budget future FY activity to new asset clearing object codes

You are not required to budget to the new clearing object codes for FY-09, but you may as they appear on the RCM lines. You are required to budget your equipment to the new asset clearing object codes for the FY-10 budgets.

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Equipment-in-Process

  • Equipment in Process (EIP) refers to costs incurred for fabricating non-expendable, tangible personal property that is not available elsewhere, by physically combining or assembling modular components and/or materials into one identifiable unit. This will be considered EIP until the equipment is completed and placed in service.

  • Note: When you finish the assets and place them in service (capitalize them), Oracle Assets begins depreciating them.

    The following do not qualify as EIP:
  • Costs incurred for standard items that are altered or customized to make them usable on a project
  • Items that are added to replace existing components or added to upgrade the asset, are not considered components and should be expensed rather than added to the cost of the existing asset

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Adding Equipment-in-Process (EIP) in BEN Assets

  • The requisitioner from the department’s business office must notify PMG of equipment to be built comprising of different PO’s invoices, or components. The requisitioner must provide the property information (tagging contact, custodian, category code, responsible org, etc.) that would be entered in the property management form during the requisition creation process.
  • PMG will create an “in process” asset in BEN Assets and provide this asset number to the buyer/requisitioner.
  • The requisitioner can then create the requisition(s) for the components of the equipment to be fabricated. The buyer should use object code 1877 (Equipment in Process Clearing Account) when creating these requisitions and complete the property management form in the requisition. The requisitioner should select “Y” in the ‘Component? Y/N’ field and enter the asset number provided by PMG in the “Primary Asset Number” field.
  • As the invoices are processed for these components, PMG will add the invoice costs to the Primary Asset identified on the requisition.
  • When the asset is placed in service, the department must notify PMG to place the asset in service in BEN Assets.

  • Also refer to PP&E Procedure – Acquisitions: Assets Purchased via BEN Buys: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/AssetsPurchased%20viaBENBuys.pdf

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Capitalizing a component for an ‘Equipment in Process’ that cost less than $5K

If the combined cost of the fabricated asset exceeds $5,000, the useful life is greater than 1 year and the University retains title to this asset, it should be capitalized. The requisitioner should use object code 1877 Equipment in Process Clearing Account when creating the requisitions for the individual components and complete the property management form in the requisition. The requisitioner should select “Y” in the “Is this a Component? Y/N” field and enter the asset number provided by PMG in the “Primary Asset Number” field. As the invoices are processed for these components, PMG will add the invoice costs to the Primary Asset identified on the requisition.

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Determine if equipment is capitalizable

Equipment is capitalizable if it satisfies all three conditions listed below:

  • Equipment costs over $5,000
  • University retains the title
  • Has a useful life of more than 1 year

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‘Description’ field information for equipment requisitions- (Non-Catalog Requisition)

For equipment items ordered on a non-catalog requisition, the item description field must include an English language description of the item including the Manufacturer’s name and Model #.

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An ‘Installation Location’

This is where an item is being placed for use. The appropriate Bldg/Floor/Room can be selected from the drop down box in the LOV. Only a valid Building, Floor and Room can be used. The information should match the information managed by Facilities in Space@Penn. For additional information on University Buildings go to: http://www.facilities.upenn.edu/mapsBldgs/

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Record assets located in non-University Space

  • If the space is leased, the leased space should exist in Space@ Penn. If its not there, contact Facilities to have the space added.
  • If the space is not leased, then use the ‘Remote’ location (7023-N/A-N/A).

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Assets placed in system at the ‘Room’ level

  • Maintaining asset records at the room level makes it easier to locate the assets and improves the safeguarding of University assets
  • For assets used in research maintaining the assets at the room level improves the University’s indirect cost recovery on grants by appropriately identifying the asset with its actual use

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Location information is unknown at time of purchase- building is being built

The asset should be assigned a location where the asset will be located prior to being placed in service. When the asset is tagged by the Tagging Contact after receipt, the Tagging Contact should also verify the information related to the asset that is maintained in BEN Assets and update the information as necessary. This would include updating the location to the proper location.

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Record a repair that extends the life of an asset

Generally, repairs are expensed. This would include upgrades and replacement parts. Repairs that extend the life of an asset are an exception and should be handled under the direction of the Property Management Group.

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Determine the ‘Responsible ORG’ of an Asset

The Responsible ORG is the 4-digit that owns or is responsible for safeguarding of the asset. This information defaults from the first line of the Purchase Order (PO) but can be modified by the Buyer in the Property Management section of the requisition, by clicking on the LOV.
Note: When equipment is bought for a Capital Project, and there are multiple orgs or schools involved, the Responsible ORG should be determined by the ORGs or Schools/Centers involved. As a guideline, determine who is using or who is responsible for equipment after purchase.

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Process to capitalize equipment (in BEN Assets) which was purchased under a capital project

An ‘Equipment Information Form’ must be completed by the AA and sent to PMG in order for the equipment to be added in BEN Assets. This form is necessary to add the equipment in BEN Assets. All information related to the equipment such as Category, Location, Custodian Name, Phone #, Tagging Contact Name, Phone #, Description, etc. are required. Then once the Construction projects are closed out, the PMG will capitalize the equipment in BEN Assets.

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BEN Assets training requirements

BEN Assets training is done in two parts:
Knowledge Building pre-requisite: This is online web based training. Employees with the following responsibilities will be required to complete this training:

  • Senior Asset Administrators
  • Asset Administrators
  • Custodians
  • Tagging Contacts

Hands-on BEN Assets training: This is a half day training session conducted by Financial Training department to train on the BEN Assets module in BEN Financials. Employees with the following responsibilities are required to attend this training.

  • Senior Asset Administrators
  • Asset Administrators

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Procedures for Purchasing Assets in BEN Buys

To get a better understanding of the types of assets and the associated property information required to be entered by the requisitioner at the time a requisition is created for equipment review the following procedures: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/AssetsPurchased%20viaBENBuys.pdf

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Manual addition of acquisitions of land and buildings

The following procedures describe the process for manual addition of acquisitions of land and buildings into BEN Assets. The procedures can be found on the PMG website: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/BuilldingandLand.pdf

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Capitalizing construction projects at closeout

The following describes the procedure for capitalizing construction projects once they are substantially completed or closed out. The procedures can be found on the PMG website:http://www.finance.upenn.edu/comptroller/accounting/property/procedures/CapitalProjectCloseout.pdf

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Adding Donated equipment and collectibles to BEN Assets

The following are procedures for adding donated equipment and collectibles into BEN Assets. The procedures can be found on the PMG website: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/DonatedEquipment.pdf

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Identifying software for internal use

The following are procedures for identifying and capitalizing software for internal use. The procedures can be found on the PMG website: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/InternalUseSoftware.pdf

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Adding library books to BEN Assets

The following are procedures for adding library books to BEN Assets. The procedures can be found on the PMG website: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/LibraryBooks.pdf

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Manual Journal Entries to Clearing Accounts, Returns, Cash Refunds and Trade-ins

The following procedures describe the process for review of Manual Journal entries and BEN Deposits entries made into the clearing accounts in the GL and creation or adjustment of assets resulting from these journals. The procedures can be found on the PMG website: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/ManualJournalsClearingAccts.pdf

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Equipment Relocations

The following procedures provide steps necessary to be taken to ensure that the relocation of equipment is properly authorized and accurate records are maintained. The procedures can be found on the PMG website: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/Relocation.pdf

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Retiring an Asset

The following procedures describe the procedures Schools and Centers must follow to properly retire assets that have been sold, transferred, discarded or otherwise disposed of. The procedures can be found on the PMG website: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/Retirement.pdf

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Finding Category Codes

The following URL provides a list of Category Codes (old and new) to use when purchasing equipment: http://www.finance.upenn.edu/comptroller/accounting/property/propcodes.shtml

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Property Management forms

Property Management forms can be found at the following URL: http://www.finance.upenn.edu/comptroller/forms/index.shtml#PropMan

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Plant, Property & Equipment Roles and Responsibilities

The following URL provides a detailed description of Plant, Property & Equipment Roles and Responsibilities: http://www.finance.upenn.edu/comptroller/accounting/property/procedures/RolesandResponsibilities.pdf

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Find Equipment assigned to a particular custodian

In BEN Reports, run the “Report of Assets”. Enter the name of the custodian/PI in the “Custodian” parameter field to view assets assigned to that individual.

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BEN Assets reports available in BEN Reports

To view detailed information on the BEN Assets reports available in BEN Reports, go to the following URL: http://www.upenn.edu/computing/da/dw/benreports/guide.html

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Fast Facts


FastFacts are useful tips about BEN Financials. To see a complete FastFact, click MORE. To view all of the FastFacts click on 'FastFacts' from the left navigation column.
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