Fixed Assets (FA)

Module closes at 5 pm on Wednesday 24 August

Essential Tasks	Final date for completion
Review Fixed Asset Register	Wed 10 Aug
Physically verify assets	Wed 10 Aug
Notify FA Helpdesk of disposals/amendments	Wed 10 Aug
Return FA register to Fixed Assets Helpdesk	Wed 10 Aug
Ensure that July not tracked additions are included on register - Refer FA exception spreadsheet	Mon 22 Aug

Finance Division key dates for information	Key date for information
Distribution of Fixed Asset Register as at 30 Jun	Fri 8 Jul
Exceptions spreadsheet with additions not tracked sent to departments	Tue 16 Aug
Processing of all amendments to FA register	Wed 24 Aug

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

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 /leavers?
Department locations – any relocations/ 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 10 August with any amendments detailed.

Update the Fixed Asset module

Department 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 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 24 August.

Central and Research Accounting

The deadline for processing all amendments to the FA register by Central and Research Accounting is 24 August.

In case of queries please contact the Fixed Asset Helpdesk [3] Tel. 66780