The Fixed Asset module interrelates with both the Accounts Payable and General Ledger modules. At year end there is a particular focus on ensuring that the register is up to date and that assets have been physically verified. This is an area that the auditors have been paying close attention to in recent years.
|Tasks required||Final date for completion||Y|
|Review Fixed Asset Register||Fri 12 Aug|
|Physically verify assets||Fri 12 Aug|
|Notify FA helpdesk of disposals/amendments||Fri 12 Aug|
|Ensure that July additions are included on register||Wed 24 Aug|
|Module closes at 5pm||Fri 26 Aug|
In case of queries please contact the Fixed Asset Helpdesk
Reviewing the Fixed Asset Register
The Fixed Asset Register will be sent out by Central and Research Accounting for the period up to the end of June once Fixed Assets for June is closed. Particular attention should be paid to:
- Ensuring that all assets listed can be physically verified
- Nil value assets – are these still in existence and in use
- Responsible employees – new starters /leavers
- Departmental locations– relocations/ expansions
- Tag numbers – are they recorded and correct
- Asset additions and disposals during the 11 months to June
- Appropriate Individual asset descriptions – eg. not “as attached”
Confirmation of the fixed asset return should be sent to Central and Research Accounting by the 12 August with any amendments detailed.
Update the Fixed Asset module
Departmental users are able to update the following details on the Fixed Asset module:
- Asset descriptions
- Tag numbers
- Serial numbers, model numbers
- Asset locations
- Responsible employee
July Accounts Payable invoices not tracked as an asset
Review the exceptions spreadsheet sent out by Central and Research Accounting on 18 August for items purchased in July over £5,000 and ensure all asset purchases for July are reflected. Notify any missed assets to the helpdesk by 24 August.
Central and Research Accounting
Central and Research Accounting will process all amendments by Friday 26 August.