| Module closes at 5 pm on Tuesday 27 August |
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Essential Tasks |
Final date for completion |
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Mon 12 Aug |
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Physically verify assets |
Mon 12 Aug |
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Notify FA Helpdesk of disposals or amendments |
Mon 12 Aug |
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Mon 12 Aug |
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Ensure that July not tracked additions are included on register - Refer FA exception spreadsheet |
Thu 22 Aug |
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Finance Division key dates for information |
Key date for information |
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Distribution of Fixed Asset Register as at 30 Jun |
Wed 10 Jul |
| Exceptions spreadsheet with additions not tracked sent to institutions |
Fri 16 Aug |
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Tue 27 Aug |
| It is essential that the register is up to date and that assets have been physically verified. |
Nil Net Book Value Assets
An area which is coming under recurrent scrutiny from our auditors is the number of assets on our register with a Net Book Value (NBV) of nil. We currently have circa. 5,500 assets with nil NBV on our Fixed Assets Register, some of which were purchased almost 40 years ago. It is therefore vital that these assets are physically verified to ensure that they remain within the University’s ownership and are still in use.
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 the FA module 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 or leavers?
- Institution locations – any relocations or expansions?
- Tag numbers – are they recorded and correct?
- Asset additions and disposals during the 11 months to June
- Appropriate individual asset descriptions – e.g. not “as attached”
Confirmation of the fixed asset return should be sent to Central and Research Accounting by 12 August with any amendments detailed.
Update the Fixed Asset module
Department users are able to update the following details on the FA module:
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Asset descriptions
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Tag numbers
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Serial numbers, model numbers
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Asset locations
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Responsible employee
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Further information and guidance on amending asset information is available: |
July Accounts Payable invoices not tracked as an asset
Review the exceptions spreadsheet sent out by Central and Research Accounting on 16 August for items purchased in July over £5,000, and ensure all asset purchases for July are reflected.
Notify the Fixed Asset Helpdesk regarding any missed assets before 27 August.
Central and Research Accounting
The deadline for processing all amendments to the FA register by Central and Research Accounting is 27 August.
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In case of queries please contact the Fixed Asset Helpdesk Tel. 66780 |