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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

Review Fixed Asset Register

Fri 11 Aug

 

Physically verify assets

Fri 11 Aug

 

Notify FA helpdesk of disposals/amendments

Fri 11 Aug

 

Ensure that July not tracked additions are included on register - refer FA exception spreadsheet

Wed 23 Aug

 

Module closes at 5pm

Fri 25 Aug

 

 


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In case of queries please contact the Fixed Asset Helpdesk

Tel. 66780 or email UFS_FA@admin.cam.ac.uk


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. notas attached”

Confirmation of the fixed asset return should be sent to Central and Research Accounting by 11 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 17 August for items purchased in July over £5,000 and ensure all asset purchases for July are reflected. Notify any missed assets to the fixed asset helpdesk by 23 August.


Central and Research Accounting

Central and Research Accounting will process all amendments by Friday 25 August.

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