Fixed Assets (FA)

Module closes at 5 pm on Wednesday 27 August

Essential tasks	Final date for completion
Review Fixed Asset Register	Tue 12 Aug
Physically verify assets	Tue 12 Aug
Notify FA Helpdesk of disposals or amendments	Tue 12 Aug
Return FA register to Fixed Assets Helpdesk	Tue 12 Aug
Ensure that July not tracked additions are included on register - refer to FA exception spreadsheet	Fri 22 Aug

Finance Division activities - for information	Key date
Distribution of Fixed Asset Register as at 30 Jun	Thu 10 Jul
Exceptions spreadsheet with additions not tracked sent to institutions	Mon 18 Aug
Processing of all amendments to FA register	Wed 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. 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 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 (CRA) 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 – for example not “as attached”

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

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 on amending asset information is available:

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 [3] regarding any missed assets before 27 August.

In case of queries, contact the Fixed Asset Helpdesk [3] or tel. 66780