Recommended monthly procedures

On this page:

• Departmental reponsibilities
• The central process for fixed assets

Departmental responsibilities

Ensure that the "Track as Asset" box in the AP module is ticked for all fixed assets purchases in excess of £5,000. This is essential. Notify the Fixed Asset Helpdesk of any assets not tracked.

Notify the Fixed Assets Helpdesk of any fixed asset disposals during the month.

Run monthly (after the 5th working day):

• the Departmental Fixed Asset Report and review for accuracy.
• the Asset Additions (UFS) report to check new additions during that time

See Chapter 10 - Month End Procedures

Departmental Fixed Asset report

Provides information pertaining to all of a department's non-retired assets e.g.

• the Cost, Depreciation and Net Book Value (as of the last Mass Additions process run);
• the Vendor;
• the Purchase Order;
• the Invoice Number.

The 'Locations' version of the report additionally gives the locations of each asset (with corresponding responsible officer) and the number of units at each location and can be a useful security check.

Asset Additions (UFS) report

This clear and concise report identifies assets purchased in a department during any specified time period (not just a year). It displays:

• asset number and description
• date taken into service - normally the purchase date
• original cost.

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The central process for fixed assets

Monthly 'Mass Additions' process

The main central process revolves around creating 'mass additions' - this sweeps all invoice data re ticked 'track as asset' items into a holding area called mass additions within the fixed asset module.

The automatic procedures contained within this process are:

1. Assets are categorised (using sources of funds) to allow appropriate analysis.
2. An 'asset key' is assigned to an asset (required for departmental analysis).
3. A default location is assigned.
4. A default responsible employee is assigned.
5. A depreciation transaction code is assigned.
6. Mass additions are reviewed for correct treatment.
7. Post / Hold / Delete items.
8. Also at this stage split / merge etc.
9. Process mass additions - sweeps assets into the fixed asset register.
10. Depreciate additions on a monthly basis.

Missed assets

If a department omits to tick the track as asset box when entering the invoice into AP a subsequent manual entry can be carried out. For this, the helpdesk needs to be notified. It is the department's responsibility to review the register and check whether all appropriate items have been treated correctly. Similarly the Helpdesk should be notified of donated assets that have not been processed in the AP module.

Adjustments

Following notification from a department the Finance Division will also carry out the required accounting entries for fixed asset retirements, disposals, mergers or splitting multi-asset purchase.

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