Physical Inventory Procedures

Goal

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

Purpose

Cost Center Managers/Asset Coordinators must complete an annual physical inventory to account for their department assets and to fulfill their responsibilities of 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 Physical Inventory Report, Workday Business Assets Enterprise Interface Builder (EIB) Forms, Fixed Assets Control Record (FACR), 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 an EIB form(s) and a Fixed Assets Control Record (FACR) form to the Central Receiving/Fixed Asset Department via email.
    • 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) 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, all the EIB and FACR forms with updates must be emailed to the Central Receiving/Fixed Assets Department at fixedassets@southtexascollege.edu.
  • Step 5:  The Central Receiving/Fixed Assets staff will review the forms and upload them to the Workday Business Assets System.
  • Step 6:  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

The Central Receiving/Fixed Assets Department staff are responsible for the email notification, processing the completed EIB forms into the Workday Business Assets System, and ensuring that all the Cost Center Managers/Asset Coordinators complete the certificate of completion.

Cost Center Managers/Asset Coordinators are responsible for safeguarding their assets, completing the annual physical inventory verification, the Workday Business Assets Enterprise Interface Builder (EIB) Forms, Fixed Assets Control Record (FACR) forms for all asset updates, and completing and submitting the certificate of completion.

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