Fixed asset policy procedure manual

Fixed Assets Policies and Procedures 9 (FXDM), where the disposal date, disposal method, disposal price, and/or disposal cost are entered. When the disposal process is completed, journal entries are reviewed by the Assistant Controller before being posted to the general ledger from the Fixed Asset Module. Reconciling Reporting. Fixed asset system. The University Controller is responsible for the coordination, development, and implementation of the policies and procedures that comprise the university-wide fixed asset system. This system facilitates good business practices and internal controls over the acquisition, disposal and inventory information of the University. FIXED ASSET ACCOUNTING AND MANAGEMENT PROCEDURES MANUAL. SECTION 5 Numbering and Tagging Fixed Assets. REVISION 3 February 4, Other Numbering Systems. Number schemes other than the above will not be assigned by a Department Fixed Asset Coordinator (DFAC) without prior approval and coordination of the numbering scheme.

Acquiring and Financing Fixed Assets. The College capitalizes purchases of tangible personal property greater than $5, with a useful life greater than one year. Property not meeting these requirements will not be recorded in Banner as a Fixed Asset and will be expensed in the current accounting period (except library books which are capitalized as a group each year). All capital equipment must be identified with a fixed asset tag. FIXED ASSET ACCOUNTING AND MANAGEMENT PROCEDURES MANUAL Table of Contents REVISED December i Section 1 Organizational Responsibilities. Creating and maintaining a Fixed Asset Policies and Procedures Manual can provide the framework for effective management of an organization’s fixed assets. Effective fixed asset management preserves the value and utility of an organization’s fixed assets and deploys those assets in a manner that creates value (returns in excess of the cost of capital) for the organization’s stakeholders.

In addition to definitions, policies and procedures, it includes a section on establishing the initial inventory of fixed assets. Revisions were. for audited financial statements, campuses are to develop procedures to institutional policies related fixed asset management and with federal. Fixed Assets Policies and Procedures. 4. EQUIPMENT LESS THAN $5, Items with a purchase price of $5, or less, are considered NON-CAPITAL if they.