Asset Assistance
Office of Financial Reporting Asset Assistance
Asset Management Report
The Office of Financial Reporting (OFR) provides guidance and support to agencies on asset-related accounting transactions and reporting requirements within MAGIC. Proper asset management is essential to ensure accurate financial reporting and compliance with statewide accounting policies.
How OFR Helps
Post-Capitalization Adjustments OFR assists agencies when additional costs must be added to a capital asset after the fiscal year in which the asset was originally capitalized has closed. These transactions require special handling to ensure the asset record accurately reflects its total value.
Assets Expensed in Error When a capital asset is mistakenly recorded as an expense, OFR provides guidance on correcting the transaction and establishing the asset record appropriately.
Procurement Card (P-Card) Asset Purchases Assets acquired using a Procurement Card (P-Card) require additional review to ensure they are properly identified, capitalized, and recorded in the state's asset records.
Mass Asset Transfers Between Agencies OFR assists with the transfer of assets from one agency to another, ensuring both agencies properly record the transfer and maintain accurate ownership records.
Monthly Depreciation Test Runs Prior to the monthly depreciation process, OFR performs a depreciation test run to identify potential errors or issues. This proactive review helps agencies address problems before depreciation is posted.
Asset Offset Clearing Certain asset transactions entered by agencies may not generate complete double-entry accounting records. In these situations, MAGIC creates an Asset Offset Clearing entry to balance the transaction. OFR reviews and corrects these entries to ensure proper accounting treatment.
When to Contact OFR
Contact OFR (OFRAssetsRequest@dfa.ms.gov) if you need assistance with:
- Capitalizing an asset after fiscal year close
- Correcting assets that were expensed in error
- Recording P-Card asset purchases
- Processing interagency asset transfers
- Resolving depreciation errors
- Clearing Asset Offset transactions
- Questions regarding asset accounting and reporting requirements
Early communication helps prevent reporting issues and reduces the need for corrective actions later in the fiscal year.