Municipal Manager, Chief Financial Officer, and Asset Management Unit
Cut-off Date for 2020/21 Fixed Asset Conversion Requests: 30 April 2021
This notification serves to inform Munsoft clients of the cut-off date in respect of requests to perform Fixed Assets Register (FAR) conversions for the 2020/21 financial period.
Munsoft continuously strives to provide our clients with quality and efficient service to ensure that our clients comply with the legislative deadlines, regulations, and standards governing local government.
There are five (5) months remaining till the end of the 2020/21 financial period and the municipalities need to ensure that all the transactions in the asset module are posted to the general ledger before the roll-over/closure of the 2020/21 financial period.
Therefore, it would be impractical for Munsoft to perform a fixed asset conversion, conduct training, and ensure that the client transact for the entire financial period without imposing a cut-off.
Furthermore, if the municipality does not transact using the asset module prior to the stipulated cut-off date, it may affect the municipality’s ability to submit the Annual Financial Statements (AFS) as per the legislated deadline and may compromise the quality of the AFS.
The following municipalities will be affected by the cut-off date:
- All municipalities who would like to use the asset module for the first time
- All municipalities who would like to re-convert the FAR
- All municipalities whose FAR’s have been converted during the 2020/21 financial period but are not transacting in the asset module.
Munsoft will accept requests to perform Fixed Asset Registers for conversions for the 2021/22 financial period from 1 September 2021.
Kindly contact your Service Delivery Manager before the cut-off date of 30 April 2021, if any assistance is required in the above matter(s).