Fixed Assets (FA)

Fixed Assets Module closes Thursday 27 August

Contents

  1. Essential tasks
  2. Finance Division actions - for information
  3. Leases
  4. Nil Net Book Values
  5. Reviewing the Fixed Asset Register
  6. Update the Fixed Asset module
  7. July Accounts Payable invoices not tracked as an asset

Essential tasksFinal date for completion
Review all institutional assets again the Fixed Asset RegisterWed 12 Aug
Physically verify assets against the Fixed Asset Register (all institutions with stores)Wed 12 Aug
Deadline for institutions to notify FA Helpdesk of disposals or amendments and return the amended registerWed 12 Aug
Ensure that July not tracked additions are included on the register - refer to FA exception spreadsheetMon 24 Aug
Signed leases to be submitted before closure of General LedgerTue 25 Aug
Notify FA helpdesk BEFORE 27 Aug (module close date) Wed 26 Aug

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Finance Division activities - for informationKey date
Distribution of Fixed Asset Register as at 30 JunFri 10 Jul
July additions not tracked report and exceptions spreadsheet sent to institutionsTue 18 Aug

Central processing of all amendments to FA register

Thu 27 Aug
It is essential that the register is up to date and that assets have been physically verified.

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Leases

All leases must be declared as part of the year end process. Departments must therefore submit all signed leases to CRA. For the 2025/26 year, the deadline is 25 August which aligns with the General Ledger close date.

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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. There is currently have circa. 4,000 assets with nil NBV on the 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 the assets remain within the University’s ownership and are still in use.

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Reviewing the Fixed Asset Register

The Fixed Asset Register will be sent out by Central and Research Accounting (CRA) for the period up to the end of June once the FA module for June is closed. 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 – is the asset recorded and correct?
  • Asset additions and disposals during the 11 months to June
  • Appropriate individual asset descriptions – for example not “as attached”

Confirmation of the fixed asset return should be sent to CRA by 12 August with any amendments detailed.

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Update the Fixed Asset module

Institution users are able to update the following details on the FA module:

  • asset descriptions
  • tag numbers
  • serial numbers, model numbers
  • asset locations
  • responsible employee

Further information and guidance:

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July Accounts Payable invoices not tracked as an asset

Review the exceptions spreadsheet sent out by CRA on 18 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.

In case of queries, contact the Fixed Asset Helpdesk or tel. 65999, option 5 then option 3

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