FA 105: Physical Inventory of Equipment

Transcription

1 6/18/2014 FA 105: Physical Inventory of Equipment Copyright 2015 University of Illinois Office of Business and Financial Services. All rights reserved. No part of this publication may be reproduced or used in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping or in information storage and retrieval systems without written permission of University of Illinois OBFS Training, Performance Development, Communications, and Policy. 1

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3 Housekeeping Ask questions anytime Complete evaluations after the webinar 3

4 Agenda Objectives Inventory List Deadlines Conducting the Inventory Problem Solving Resources Summary 4

5 Objectives Know where and how to obtain the inventory list Understand unit responsibilities for conducting biennial inventory Recognize the deadlines for completion of the biennial inventory Know where to find additional resources 5

6 FA 105: Physical Inventory of Equipment INVENTORY LIST 6

7 Fixed Assets by Org report UR FIFA Fixed Asset by Org report in EDDIE Corporate Categories Finance Fixed Assets UR FIFA Fixed Asset by Org Step by Step instructions On-Line Tutorial 7

8 Inventory List Default sort order is PTag number Can be downloaded to Excel and sorted: By Location code Custodian Equipment Manager Retain list and any notations in department files for one inventory cycle 8

9 Printing Print button Hint: Print a range of pages. 9

10 Download to Excel Hint: Click Export, Export Document As, Excel 10

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12 FA 105: Physical Inventory of Equipment DEADLINES 12

13 Chicago Campus Biennial Physical Inventory Certification MARCH 31 Resolve Pending Items JUNE 30 13

14 Springfield Campus Biennial Physical Inventory Certification MAY 31 Resolve Pending Items AUGUST 31 14

15 Urbana Campus and UA Biennial Physical Inventory Certification AUGUST 31 Resolve Pending Items NOVEMBER 30 15

16 FA 105: Physical Inventory of Equipment CONDUCTING THE INVENTORY 16

17 Why Conduct Biennial Inventory? Compliance with State regulations, Federal requirements, and University policies Ensure that Unit Heads fulfill their control and custodial responsibilities Identify unused/unneeded equipment 17

18 Timing of Biennial Inventory Urbana campus and Chart 9 UA June through August Chicago campus January through March Springfield campus March through May uneven years Department Property Contacts spreadsheet OBFS Home Page > Equipment Management Under Helpful Documents 18

19 Best Practices Independent Observation Early Contact Invested Individuals Training 19

20 Conducting The Inventory Physically locate all items on the Fixed Asset by Org report Review attributes and note necessary updates (see slide 22) Missing items require a condition code of P Note items that are found and not on the report (see slide 26) Review the status of loaned items 20

21 Conducting The Inventory cont. Update FABweb as necessary Update an existing Banner Fixed Asset with attributes if needed Process a transfer to update responsible organization if needed Process a Surplus/Disposal to remove items from inventory if needed Submit Certification Letter 21

22 Attributes Constant attributes Commodity code, manufacturer, model number, serial number Fluctuating attributes Condition code (not in use, loaned, etc.) Description Title to code Location code (building and room number) Entity code 22

23 FABweb Data Entry Must be completed before certification letter sent To update attributes Add non-cash additions (found items) Interdepartmental transfers Disposals 23

24 Resolve Pending Items If found, update condition code from P to appropriate code If not found after concerted search Process a surplus/disposal request in FABweb Select Designation Category Presumed Disposal Provide comments Requires Department Head approval Resolve no later than due date 24

25 FA 105: Physical Inventory of Equipment PROBLEM SOLVING 25

26 Found Items 26

27 Loaned Equipment An executed loan agreement is in place Location code n0999n is used Condition code L for loaned to other institutions E for loaned to faculty/staff Serial number is recorded Borrower is identified in Custodian field or description 27

28 FA 105: Physical Inventory of Equipment RESOURCES 28

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31 Location Codes Must be at room and building level Location code reports OBFS Home Page > Equipment Management Under Helpful Documents View Direct FIFGRLOCH Location Hierarchy Report EDDIE UR_FIGL_Location 31

32 Property Accounting Training FA 101: Introduction to Property Accounting FA 102: FABweb Additions and Updates FA 103: FABweb Transfers and Disposals FA 104: Equipment Loans and Other Transfers FABweb Batch Upload U & I Accounting Training Sessions OBFS Training Events Calendars 32

33 Equipment Management Forms OBFS Home Page Equipment Management Forms Biennial Physical Inventory Certification Biennial Physical Inventory Checklist Property Accounting Contact Change Form Entity Code Change Request 33

34 Summary We have learned where and how to obtain the inventory list the unit responsibilities for conducting biennial inventory the deadlines for completion of the biennial inventory where to find additional resources 34

35 Contacts Janet Ayers Juana Rodriguez Jeff Weaver

36 Questions? 36