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Review of Fixed Asset Guidelines October 9th, 2012

Review of Fixed Asset Guidelines October 9th, 2012. Fixed asset guidelines. Introduction Guidelines administered by FAS and apply to all fixed assets owned by MUN Purpose to provide departments with tracking and safekeeping procedures Definitions

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Review of Fixed Asset Guidelines October 9th, 2012

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  1. Review of Fixed AssetGuidelinesOctober 9th, 2012

  2. Fixed asset guidelines • Introduction • Guidelines administered by FAS and apply to all fixed assets owned by MUN • Purpose to provide departments with tracking and safekeeping procedures • Definitions • Various terms used in treatment and accounting for fixed assets • See section 2.0 in guidelines for full listing • Defining Fixed Assets • Permanent in nature, used in normal conduct of operation, total acquisition cost exceeds $2,500 Ex. – furniture, equipment, computers, vehicles • Software greater than $100,000 (including all acquisition costs)

  3. Fixed asset guidelines 3. Defining Fixed Assets (continued) • Goods “not” considered to be fixed assets: • Operating leases where ownership will never transfer to MUN • Items whose useful life is less than one year • Computer software less than $100,000 (including acquisition costs) • Furniture, equipment, computers, vehicles less than $2,500 (including acquisition costs)

  4. Fixed asset guidelines • Purchasing fixed assets from operating funds 4.1 How to purchase a fixed asset Purchase Orders – captures information required by fixed asset module in Banner 4.2 Fixed asset account codes Must be coded to 790xx account. Appendix A of guidelines contains listing

  5. Fixed asset guidelines • Purchasing fixed assets from operating funds (continued) 4.3 Completing the fixed asset addition form • Complete in full upon receipt of goods • Copy retained by department and copy sent to FAS 4.4 How a department obtains a fixed asset permanent tag • Permanent tag assigned upon receipt of addition form • Permanent tag to be placed in visual location on asset

  6. Fixed asset guidelines • Purchasing fixed assets from operating funds (continued) 4.5 Special Situations • Purchasing multiple units of the same asset • Purchasing fixed and non-fixed assets on the same PO • Creating a fixed asset PO paid in percentages • Purchasing leased fixed assets • Purchasing fixed assets using PDTER funds • How to account for a donated fixed asset

  7. Fixed asset guidelines • Fixed Asset Updates 5.1 Transfer/Change/Delete • When department gives asset to another department or transfers asset to new location • Changes information on Property Report • Deletes asset no longer located at department 5.2 Surplus Property • When asset is deemed no longer in working order, obsolete, scrapped or dismantled • Surplus form must be completed and forwarded to Facilities Management

  8. Fixed asset guidelines • Off Campus use of equipment 6.1 When is eligibility granted to use equipment off campus • For conducting university-related business off campus 6.2 How to request permission to use equipment off campus • Directly from FAS • Numbered form completed and forwarded to FAS

  9. Fixed asset guidelines • Fixed asset reports & inquiries 7.1 Fixed asset report and inquiries in Banner Finance 7.2 How to view your Fixed Asset Property Report 7.3 Information provided by reports and inquiry screens

  10. Fixed asset guidelines • Roles / Responsibilities 8.1 Departmental • Ensure all forms are completed and forwarded to FAS • Maintain annual file including all related forms and information • Review property report and verify accuracy through records and physical check • Regular review of account codes to ensure items meeting FA criteria are properly recorded and documented

  11. Fixed asset guidelines • Roles / Responsibilities (continued) 8.2 Financial Reporting and Analysis • Processes all fixed asset forms and keys to Banner • Follows up on fixed asset additions for which a form has not been received • Forwards annual property reports and confirmation letters for departmental review and verification • Adjusts fixed asset information based on departmental review of property report

  12. Fixed asset guidelines • Roles / Responsibilities (continued) 8.3 Enterprise Risk Management • Conducts review of University capital asset inventory • Ensures fixed assets properly recorded, located in department and have permanent tag attached • Ensures purchases equal to or greater than $2,500 are properly recorded on property report • Ensures surplus inventory is removed from property report

  13. Fixed asset guidelines • Frequently asked questions and answers • See guidelines, section 9.0 (pages 11-14 ) • Common questions include: • Is computer software considered a fixed asset? • Will replacement computer peripherals meet the fixed asset criteria as an attachment or component? • Can I purchase fixed assets on procurement card? • If I purchase multiple items on the same PO, does an addition form need to be completed for each item • Contacts • Dion Rowsell, Staff Accountant (864-8985) • Michele Pike, Accounting Clerk (864-7557)

  14. Fixed asset guidelines Thank you for attending today’s session

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