Fixed Asset Accounting Lets put a tag on
- Slides: 21
Fixed Asset Accounting Let’s put a tag on it!
Points of Interest State regulations for Property Equipment Definition Types of Tags Tagging Procedures – Fixed Assets’ responsibility – Department’s responsibility
Why we do what we do… Property belonging to SIU, regardless of value, is controlled under the provisions of the State of Illinois Property Control Act.
What is equipment? Equipment = $100 or more with a life of more than 1 year.
Why different tags? If the Equipment amount is > $ 500 = Silver tag < $500 but > $100 = Blue tag
How does tagging effect you? The Fixed Assets department identifies equipment purchases and assigns a tag to the asset. A “Tagger” then visits the department to apply the silver tag.
How does tagging effect you? Blue tags are sent to the department. It is the department’s responsibility to affix the tag.
What do our “taggers” do? Although it is not always possible to affix a physical tag, each asset is assigned a tag for tracking.
What do our “taggers” do? Tags are affixed to a non-removable, unbreakable part of the equipment.
What do our “taggers” do? Model Number Serial Number Manufacturer Building/room number
What happens when changes occur? Deletions Lost/Stolen Cannibalization Trade-In Scrap on-site Transfers Inter-departmental Other State agencies Transfers to Surplus Property Loans
Lost/Stolen As soon as the department notices equipment missing an Equipment Deletion Request Form must be completed. Stolen items will be investigated by Public Safety. Lost items will be investigated by Fixed Assets.
Cannibalization The use of parts from one item to repair another. Prior approval from CMS is required. Broken or obsolete computer equipment should be sent to Surplus Property.
Trade-In Ø Prior approval must be obtained from Fixed Assets and CMS. Ø Trade-In’s are not permitted on P-card purchases. Ø The approved form and the requisition for the new equipment are forwarded to Purchasing.
Scrap on-site Ø Restricted use only.
Transfers Inter-departmental From one University Unit to another Another State Agency Outside of the University Use the Equipment Transfer Request Form
Transfers to Surplus Property Equipment Transfer to Surplus Property Request Form must be submitted to Surplus Property. Computer hardware must be cleared of all data and Disk Swiping Label affixed.
Loans University property temporarily removed from the premises for University related business. Department should keep a log of overnight or weekend use of equipment. Equipment Loan Request Form must be on file with Fixed Assets.
Annual Equipment Verification Required by the State Property Control Act. Update room/building changes. Due early March of each year.
Points to Remember Annual Equipment Verifications Due early March each year. E-Forms are available on the E-Forms web page. P-cards – reconcile and submit paperwork on a timely basis. Enter information related to individual equipment items. Data security on surplus equipment Transfer to Surplus forms are to be sent directly to Surplus Property.
Need more? Additional Help: AIS e. Learning - Online tutorial provides a brief overview of the asset inquiry and reporting functions. http: //ais. siu. edu/elearning. htm Accounting Services Web Page – Our web site contains a variety of useful information about equipment transactions, links to the appropriate e-forms, building/unit number list, and staff directory. http: //www. as. siu. edu/EQUIPMENTTRANSACTIONS. html Or E-mail us: asset@siu. edu
