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Creighton University

Accounting Procedures

PROCEDURE TITLE:

Fixed Asset Biennial Inventory

PROCEDURE NUMBER:

FAPR 04

RELATED POLICY STATEMENT(S):

FAPL 03

DATE ISSUED: 

July 1, 1993

DATE REVISED:

July 1, 1997

OVERVIEW

 

To help ensure that fixed assets owned by Creighton University are properly accounted for, a biennial (every two years) physical inventory will be conducted. The inventory will be conducted on a cylce basis.

REQUIRED FORM(S)

 

Inventory Write Up Sheet

PROCESSING STEPS

 

The assets will be scanned. If assets are untagged,they will be recorded on the inventory write-up sheets and become part of the reconciliation process.

During the inventory process the building and room numbers will automatically be updated. Upon completion of each building a summary of reconciliation items by department will be presented to each department head or administrator for review, comment and resolution. This follow-up needs to be completed on a timely basis (30 days) to ensure accurate reconciliation.