Controller s Office General Accounting Physical Inventory Report. February 2017

Transcription

1 Controller s Office General Accounting Physical Inventory Report February 2017

2 Discussion Topics Criteria for an Asset Why a New Physical Inventory Process Using the Physical Inventory Report Additional Information Important Dates

3 Criteria for an Asset An asset is defined as furniture, fixtures and equipment that has a value of $5,000 or greater and having a useful life of over 2 years.

4 Why a New Physical Inventory Process Assets converted to new PeopleSoft system with conversion. Responsibility for the Physical Inventory count has been transferred to the Controller s Office from Consolidated Services with the conversion to PeopleSoft. Automate the past paper inventory reports process and will use Excel spreadsheets distributed via . This is Phase I of the automation of the physical inventory in PeopleSoft.

5 Physical Inventory Report Physical Inventory Report- This report will be used to identify assets within each department. Inventory Action- Use this area to select the action taken for each item. Inventory Details- All of the details currently identified for each item.

6 Physical Inventory Report Inventory Action: Found When you select this option it will turn blue, indicating that you need to complete columns in the blue highlighted area of the report. Required fields: Date located Select Unitize, Consolidate, or NA. Be sure to indicate the items that need to unitized or consolidated in the comments. Other fields if applicable: If the information on the inventory report needs to be updated complete columns V through AC.

7 Inventory Action- Use this area to select the action taken for each item. Date Located- The date the item was found. Unitize or Consolidate- Select Unitize if the item is listed on the inventory report as one asset and in reality it is more than one. Select Consolidate if listed as separate assets and should be one. Physical Inventory Report Inventory Action: Found Additional Information- If the information needs to be updated use these columns.

8 Physical Inventory Report Inventory Action: Not Found When you select this option it turns orange, indicating that you need to complete columns in the orange highlighted area of the report. Disposal Code: Lost/Missing/Stolen Provide a disposal date Provide a document reference number, or police report number. University Police Report Inventory Form 8 (Deletion Request) Disposal Code: Casualty Provide a disposal date for when an item was lost in a flood, fire, etc.

9 Physical Inventory Report Inventory Action: Not Found Disposal Code: Surplused Provide a Disposal Date for when an item was taken out service and transferred to Consolidated Services. Disposal Code: Transferred Provide a date of disposal for when a item was moved to another department or campus. Provide transferred Oper Unit, Fund Code, Class Field, Dept ID, and a contact name. Provide a completed Transfer Form 7 for all transferred items, if not done so already. For any future transfer you should also use this form.

10 Inventory Action- Use this area to select the action taken for each item. Disposal Code- If the item cannot be found use this field to identify why. Disposal Date- Provide for items with Disposal Codes Casualty, Surplused, and Transferred. Physical Inventory Report Inventory Action: Not Found Document Ref- Provide the Police Report number for items Lost/Missing/Stolen. Transferred To- For Transferred items provide transferred Oper Unit, Fund Code, Class Field, Dept ID, and a contact name.

11 Physical Inventory Report Inventory Action: Add When you select this option it turns green, indicating that you need to complete columns in the green highlighted area of the report. Additional fields: Add information in the Columns D thru R. Note: Complete as many fields as possible so that we can identify the asset.

12 Physical Inventory Report Inventory Action: Add Inventory Action- Use this area to select the action taken for each item. New Item Columns- For any newly added items, complete columns D thru R.

13 Physical Inventory Report Inventory Action: Special When you select this option it turns yellow, indicating that you need to complete the comment column highlighted yellow. Required fields: Add a comment related to the item that does not match any of the other Inventory Codes. Required Action: Send an to Kevin O Brien to discuss the item in question and decide an appropriate action (OBRIEN4@mailbox.sc.edu).

14 Inventory Action- Use this area to select the action taken for each item. Comments- Add a comment related to the item that does not match any of the other Inventory Codes. Physical Inventory Report Inventory Action: Special

15 Additional Information Your point of contact throughout this process will be Kevin O Brien OBRIEN4@mailbox.sc.edu The Property Accountability Policy will not be sent out this fiscal year as it is in the process of being updated.

16 Important Dates Forms will be ed February 27 thru March 3. Forms need to be returned to Kevin O Brien by April 28 th.

17 Where to Find the Resources Referenced in this Presentation Controller s Website General Accounting: Procedures and Forms for many processes - more being added

18 Where to Find the Resources Referenced in this Presentation

19 General Accounting Resources Contact Us: General Accounting Contact General Accounting for questions regarding: * Journal Entries * RQs * Banking Transfers * Assets * Capital Projects * Tax * Journal Vouchers * Endowments * Team Travel * International Suppliers and Sales Use Tax Returns. Accounts Payable and Travel Contact Accounts Payable for questions regarding: * Vendor Payments * Payment request * AP Uploads * Refunds * Travel Supplier Maintenance Contact Supplier Maintenance for questions regarding: * W-9 * New Suppliers * W-8 * Changes to Supplier Address: generalaccounting@sc.edu Address: accountspayable@sc.edu Address: apsupplr@mailbox.sc.edu POC for Physical Inventory is OBRIEN4@mailbox.sc.edu

20 Where to Find this Recorded Webinar and PPT

21 QUESTIONS

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