Accounting for Asset Inventory
July 1, 1993
July 1, 1995
Since all fixed assets over a specified dollar cost are tagged when they are acquired to help the University track their whereabouts, it is imperative that the Controller's Office is advised of their movement or eventual disposal. Until the Controller's Office is properly notified of a fixed asset's disposal or movement and the Fixed Asset system is updated, the department will continue to be held accountable for the University funds invested in that asset. The timely and accurate reporting of asset disposals (along with any salvage proceeds) and moves will help ensure the accuracy of University's accounting records and reduce departmental time in reconciling and reviewing exceptions generated from the physical inventory. Additionally, timely depositing and recording of salvage proceeds will help the University's cash management activities.
All fixed asset disposals should be coordinated through the Purchasing Department as specified in the Purchasing Policy & Procedures Manual, section 4.6.
Any moves within a building, between buildings or to/from temporary or permanent storage are to be reported. In addition, if the using department of the equipment changes without the equipment physically moving from one room to another, the new using department (organization number) must also be reported.