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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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fixed asset guidelines
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)
fixed asset guidelines1
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)
fixed asset guidelines2
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

fixed asset guidelines3
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
fixed asset guidelines4
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
fixed asset guidelines5
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
fixed asset guidelines6
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
fixed asset guidelines7
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

fixed asset guidelines8
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
fixed asset guidelines9
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
fixed asset guidelines10
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
fixed asset guidelines11
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)
fixed asset guidelines12
Fixed asset guidelines

Thank you for

attending today’s session