Updating the Fixed Assets module

On this page:

• Tag numbers
• Responsible employee
• Security
• Physical verification of assets

After the month end process departmental users will be able to access the new assets that have been uploaded in to the fixed asset module. They will also be able to:

• Update certain details, e.g. serial numbers.
• Change an asset's location.
• Change the responsible employee.
• View details of their assets.
• Produce reports.
• Review for completeness.

Of course at any time during the month departmental users will be able to carry out all of these actions for existing assets which have been set-up in previous months.

For details of how to do this in UFS please see guidance on the Finance Training Learning Hub.

Tag numbers

Departments have the responsibility to ensure all new asset purchases are uniquely tagged by a numbered security tag. This should contain a unique number to allow the asset to be tied up to the details on the asset register. It will allow for a quick and easy check.

Departments have the ability to add tag numbers to assets at the Accounts Payable processing stage or the Fixed Asset module has a field where the Tag number can be entered by a department for each asset once it is on the system.

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Responsible employee

Each department should make one or more persons responsible for the fixed assets. Their duties would include:

• Regular checks to ensure that assets are being correctly maintained.
• Notification to Fixed Asset Helpdesk of any assets disposals.

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Security

The fixed asset module does not have sub-ledger security. It is possible for people outside the department to see what assets your department holds. If you update the location field to identify the precise location of the asset then this is also viewable by persons outside the department.

The lack of Security was felt appropriate to allow people in the University to find out if another department had a particular asset. Therefore, if an asset was under utilised there may be the possibility of it being shared or loaned to another area. This could save the University considerable amount of money in the long term. There is also evidence from the providers of research grant funding that indicates that they wish this practice to become widespread. It makes better use of their funds if we can share assets.

Whilst access to the fixed asset module is only given to a small minority of University employees (approx. 3 per department) departments may wish to consider if it is appropriate to keep full location details of specific assets on the system, for security reasons. If departments do not wish to give full details of the precise location of an asset for security reasons then may we advise either using a code known only to a few within a department for the location field or leaving the asset location as the departmental default location. Note the default could be somewhere innocuous e.g. reception or the accounts office.

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Physical verification of assets

At the end of each financial year the Head of Department is required to sign a year-end certificate for their department; this includes certifying that the Fixed Asset Register holds the correct number and type of assets held in the department.

Best practice recommends that departments perform a physical verification of the assets listed at least once a year and notify the Fixed Asset Helpdesk of any changes required. Such amendments may be submitted at any time.

However, to support best practice and the certification of assets in the department, Central and Research Accounting conducts a bi-annual review of departmental assets and records. In February and June each year full lists of assets registered to each department are distributed to the relevant departmental contacts. This list enables departments to verify the presence of assets and identify updates to ancillary information such as location and employee.

Once asset details have been verified departments should return the review sheets - within the stated timetable- with details of any amendments required to their Fixed Asset Register. This helps to ensure that UFS assets records and associated accounting is as accurate as possible.

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