In certain cases where cash proceeds were received as part of the capital asset disposal, a legal entry is derived that will offset the AM entry recognizing the other nonoperating revenues (expenses) account: Derived GAAP Entry the source fund that received the proceeds –in Class Fund (CSU Account Account Name (Net Position) Program Fund) Amount 711102 Short-term investment 881-Unrestricted 90 532 $xxx Other nonoperating 811-Net investment in 723006 50 532 ($xxx) revenues (expenses) capital assets Journal Accounting records derived from legal for recording the payment received from disposal Description of capital asset. Campuses are also required to report in its GAAP financial statements the depreciation/amortization expense and the corresponding accumulated depreciation/ amortization related to its capital assets. To meet different reporting requirements, no depreciation expense is recorded in the legal books. Instead, the net investment in capital assets is directly reduced in the memo fund through AM CSU Fund 501 Accounting Entries process. The Asset Management module for depreciation calculation must be run to calculate the depreciation/amortization for a certain period the necessary journal entries related to depreciation/amortization. This process can be run more than once during an accounting period. Derived Management automated Legal Memo Journal Entry in CSU Fund 501 Fund (CSU Account Account Name (Net Position) Program Fund) Amount Net investment in capital 811-Net investment in 713811 90 501 $xxx assets capital assets 811-Net investment in 711207 Capital assets, net 90 501 ($xxx) capital assets Management Automated GAAP Entry Class Fund (CSU Account Account Name (Net Position) Program Fund) Amount 811-Net investment in 722005 Depreciation 12 501 $xxx capital assets Net investment in capital 811-Net investment in 713811 90 501 ($xxx) assets capital assets
In certain cases where cash proceeds were received as part of the capital asset disposal, a legal entry is derived that will offset the AM entry recognizing the other nonoperating revenues (expenses) account: Derived GAAP Entry –in the source fund that received the proceeds Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 711102 Short-term investment 881-Unrestricted 90 532 $xxx 723006 Other nonoperating revenues (expenses) 811-Net investment in capital assets 50 532 ($xxx) Journal Description Accounting records derived from legal for recording the payment received from disposal of capital asset. Campuses are also required to report in its GAAP financial statements the depreciation/amortization expense and the corresponding accumulated depreciation/ amortization related to its capital assets. To meet different reporting requirements, no depreciation expense is recorded in the legal books. Instead, the net investment in capital assets is directly reduced in the memo fund through AM CSU Fund 501 Accounting Entries process. The Asset Management module for depreciation calculation must be run to calculate the depreciation/amortization for a certain period the necessary journal entries related to depreciation/amortization. This process can be run more than once during an accounting period. Derived Management automated Legal Memo Journal Entry in CSU Fund 501 Account Account Name Fund (Net Position) Program (CSU Fund) Amount 713811 Net investment in capital assets 811-Net investment in capital assets 90 501 $xxx 711207 Capital assets, net 811-Net investment in capital assets 90 501 ($xxx) Management Automated GAAP Entry Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 722005 Depreciation 811-Net investment in capital assets 12 501 $xxx 713811 Net investment in capital assets 811-Net investment in capital assets 90 501 ($xxx)