fin-10.pdf

The pdf document outlines procedures and guidelines for capitalizing capital assets and managing the capital assets inventory at the project level in Multnomah County, Oregon. It details the responsibilities of County Departments, including coding purchases to the appropriate General Ledger accounts for land, buildings, and other improvements. The document also covers dollar thresholds for capital assets, depreciation methods, capital leases, lease-purchase agreements, donated assets, and additional capitalizable costs. Additionally, it explains the process for creating new capital projects, communication with General Ledger on capital asset inventory, capital revenue and proceeds accounts, and the role of Central Finance/General Ledger in recognizing and tracking capital assets. The document also addresses responding to auditor inquiries, proper documentation, and references to accounting standards and guidelines.