Announcements - Asset Management

Capital Leases No Longer Required in Asset Management

The Department of Administration has recently made the decision that lease entry into SMART Asset Management (AM) is optional effective immediately.

If an agency chooses to continue entering leases, only operating leases should be tracked in SMART Asset Management. Capital leases will not be tracked in SMART. Existing capital leases have been retired to prevent future entries from generating to the General Ledger. Service Desk tickets have been sent to the agencies impacted by the retirements. Existing operating leases are still active in SMART.

Operating Leases entered in AM will only be used for an agency’s internal tracking. The Department of Administration will not use this information in the statewide financial reports.

A job aid (“Operating Leases job aid”) has been created if your agency decides to continue tracking operating leases in SMART. It is located at http://www.smartweb.ks.gov/training/asset-management/am-job-aids. The job aid includes instruction on how to enter, update, and retire operating leases.