Physical Inventory Procedures

Goal

Complete an annual physical inventory to account for all the College’s assets accurately.

Purpose

Cost Center Managers/Asset Coordinators must complete an annual physical inventory to account for their department's assets and fulfill their responsibilities for preserving and safeguarding the College’s assets.  This includes maintaining up-to-date asset information, such as the Worker's name and asset location as needed.

Associated Material

Email Notification (Dates to Conduct Verification), Workday Extend Asset Maintenance Application, Certificate of Completion, and Workday Business Assets System.

Procedures

To complete the annual physical inventory verification process as per South Texas College Policy CDB – Accounting Inventories.

Email Notification – Central Receiving/Fixed Assets Department will send each Cost Center Manager/Asset Coordinator the date to begin conducting the annual physical inventory verification, which will also include the verification deadline.


  • Step 1:  The Cost Center Managers/Asset Coordinators will be responsible for exporting their department's physical inventory report from the Workday Business Assets System.  The report will need to be saved to begin the verification process.
  • Step 2:  The verification of assets involves confirming that the following information is correct in the inventory report: the asset exists, the asset description is correct, the inventory tags are correct, the serial number is correct, and the asset location is correct.
  • Step 3:  For assets that need updates/corrections, the Cost Center Manager/Asset Coordinator or designee will need to submit a work order via the Workday Extend Asset Maintenance Application.
    The Workday Extend Asset Maintenance Application will also be utilized for the following processes:
    • The EIB and FACR forms will also be utilized for the following processes:
      • Removal of obsolete/no longer in use asset(s).
      • Damaged asset(s) are not in working order.
      • Asset(s) to transfer to or from another Cost Center Manager/Asset Coordinator.
      • Asset(s) requiring a Location, Asset Coordinator, or Worker Name Update Only.
      • Stolen Asset(s):  Please contact the South Texas College – Department of Public Safety and complete an incident report.  Email the incident report to fixedassets@southtexascollege.edu. If the item(s) are grant-owned or other sponsored titles, a copy of the police report must also be sent to the grant administrator.
      • Asset(s) Not Found.
  • Step 4: After the verification process is complete, use the Workday Extend Asset Maintenance Application to submit work orders to complete updates.
  • Step 5:  The final step will be for the Cost Center Manager/Asset Coordinator to complete the Certification of Completion form and send it via email to fixedassets@southtexascollege.edu.

Responsibility

Cost Center Managers and Asset Coordinators are responsible for safeguarding their assets, completing the annual physical inventory verification, utilizing the Workday Extend Asset Maintenance Application to submit work orders for updates, and submitting the Certificate of Completion form.

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