Number: 
150-411-02
Type: 
Procedure
Policy Steward: 
Manager of Analytical Ops
Format Updated: 
University Policy & Standards Converted: 
Status: 
Current
Revision Date: 
Monday, October 7, 2024
Next Review Date: 
Sunday, October 7, 2029

Procedures for each Responsible Party

Printable Version

 

Unit

Financial Strategic Services (FSS)

  • When creating the first journal voucher to establish the asset, note in transaction text that costs are for a “work in progress” (WIP) asset.
  • Clear all 40199 transactions for fabricated equipment at the end of each quarter.
  • On all subsequent journal vouchers, list the asset number in text and indicate whether the asset is still a WIP or is complete.

Fixed Assets Property Management

  • Review fabricated equipment request, approve or deny the request, and return completed form to Unit.

  • Set up asset record for the fabricated equipment with a “work in progress” (WIP) status and inform Unit and FSS of the asset number assigned.
  • When notified by FSS that there are no further charges for the equipment, change status of asset record from WIP to completed, make sure all asset information is filled in, and start depreciation on the asset.

Fixed Assets Property Coordinator

  • Contact unit to affix bar code tag to equipment.

Additional Information

Revised: 08/29/2024

Asset Accounting