Fixed Assets Procedures

Goal

Maintain record of all assets purchased by the college.

Purpose

The purpose of the Fixed Assets System is to help account managers fulfill their responsibility to administer, account for, and preserve the institution's investment in property, plant and equipment. This responsibility extends across departments.

Associated Material

Banner System/Fixed Assets, Purchase Orders and Fixed Assets Extraction Report

Procedures

Tag and Update Assets in Banner/Fixed Assets System

  • Items are verified when orders are received and tagged with proper tag. Tagged item information is recorded on a log for later approval.
    • Items are tagged based on cost over/under $1000.00, regular account, grant account and it is recorded in its proper log for future approval in fixed assets module.
    • Items under $1000 = Purple Tag,
    • Inventory items = Silver Tag,
    • Grant under $1000 = Green Tag,
    • Grant-inventory items = Silver & Green Tag
  • At the end of the month, the extraction report is generated and reviewed for items that need to be updated in Banner/Fixed Assets system (asset with a cost of $1000 or more). The log is compared and the following information is updated in the extraction report: tag number, grant tag (if applicable), serial number, campus name, building name and room number, custodial name and custodial number. Each item is reviewed and cross checked with the system invoice to determine a cost.
  • Each asset is updated in Banner/Fixed Assets with the following information: tag number, item description, asset type, serial number, inventory tag number, grant tag (if applicable), location name and custodian name. Once the asset information is entered a permanent tag number is issued for each updated asset.
  • The permanent tag is recorded in the extraction report and filed for future reference.
  • Items that do not meet the cost of $1000 are recorded in Excel. Information entered in the excel inventory spreadsheet include: purchase order number, item description, tag number, serial number and location.

Responsibility

Fixed Assets Department

  • The Fixed Assets department staff is responsible for approving all assets purchased for the College.
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