University Secretariat and Legal Counsel

University Secretariat and Legal Counsel

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Procedure for Recording Moveable Assets

Contact Officer:  Associate Director, Accounting


Purpose

The purpose of this procedure is to describe the process for recording a newly acquired asset, performing quarterly reconciliations, and providing a consolidated list of Moveable Assets to Financial Services.

Procedure

This procedure describes how to record a newly acquired asset using the university's centrally-provided asset tracking tool. Business units who have alternative asset tracking tools in place may continue to use alternative tools as long as policy requirements are met.

Regardless of which asset tracking tool is used, departments must ensure that the purchase of moveable assets is recorded in the appropriate accounts (Account ID's 612XXX and 614XXX). Business units should monitor these accounts on a regular basis to facilitate quarterly reconciliation.

For assets > $10,000 CAD, minimum details that must be tracked include:

  • Asset Name, description, model #, serial #
  • Name of manufacturer and vendor
  • Location where asset is assigned
  • How the asset was purchased?
  • Date of purchase order and date received or acquired ?
  • Acquisition Cost - allocated to the appropriate account code(s) as applicable
  • Name and contact information of the person associated with the asset?
  • Scan or copy of packing slip and other relevant documents

Recording a newly acquired asset:

Responsible Officer/Section Process
Department or Organizational Unit

If departments or units are using the university's centrally-provided asset tracking tool, the following steps apply:

 

Step 1 - Go to the Financial Services Website and click on the "Asset Tracking" link under the Quick links section at the bottom of the Financial Services homepage.

 

Step 2 - Click on the link for "Recording a newly acquired asset" and review the instructions and the help information provided on the web page.

 

Step 3 - Click on the link "Click here to record a new asset" and enter available information into all of the fields. Missing information can be entered in the future when it becomes available. When finished click on the "submit" button

 

Step 4 - You will receive an email confirmation for the asset you have just recorded. Save that confirmation in an appropriate location within your email system (such as Outlook) so that you can retrieve that email in the future to modify the record for that asset and add additional data including attaching scanned documents such as purchase orders, packing slips, etc. 

 

 

Step 5 -  When the packing slip and other shipping and warranty documentation is received, reply to the confirmation email from Step 4, attach the relevant documentation (including a scan of the printed material) and send the email.

 

Quarterly reconciliation of moveable asset information:

Responsible Officer/Section Process
Financial Services Quarterly reports listing departmental assets tracked in the University's centrally-provided asset tracking tool will be prepared and distributed to each Departmental Administrator by the Asset Tracking Administrator in Financial Services (cc Faculty business office). These reports will be created and emailed in the first week of the new Quarter.

 

Departments who use a different facility to track and manage their Moveable Assets other than the centrally-provided asset tracking tool will not receive a quarterly report from the Asset Tracking Administrator.

Department or Organizational Unit

Departments should review the quarterly report from the Asset Tracking Administrator promptly.

 

For purposes of Asset Tracking, a new quarter begins on the 1st of each of the following months: February, May, August and November.

 

Before the end of the first month of the new Quarter each Departmental Administrator should:

 

  1. Ensure that each moveable asset recorded in the General Ledger (Account ID's 612XXX and 614XXX) as purchased in the previous quarter is included in the quarterly list provided by the Asset Tracking Administrator. If the department does not use the centrally-provided asset tracking tool, they must generate the quarterly report from their asset tracking tool. Discrepancies between the 2 reports should be followed-up and appropriate action taken to ensure that both lists accurately reflect the existence and status of all Moveable Assets owned by that department.

  2. Departmental Administrators are responsible for ensuring that all relevant, available information regarding moveable asset disposals are recorded in the applicable asset-tracking tool. Relevant information of an asset disposal includes the details of the disposal, the date of disposal and the amount of proceeds if any.

  3. In the case of loss, damage, or theft of assets during shipment, departments should initially contact Strategic Procurement Services (SPS) for assistance. The Insurance Unit at the University should be contacted in all cases of loss, theft, or damage of assets.
Internal Audit

From time to time, Internal Audit will conduct an audit of movable assets to ensure that departments are tracking assets as required.

Annual Accounting for Moveable Assets:

Responsible Officer/Section Process
Faculty Business Office By February 15th of each year, the Faculty or Shared Service Business Office will be responsible to submit a consolidated list of Moveable Assets as of January 31st that has been reconciled to PeopleSoft Finance to the Asset Tracking Administrator for review. A submission template is provided on the Financial Services website. The list should be sent via email to: asset.tracking@queensu.ca and must be in an Excel or .csv file format.

 

Date Approved:  January 12, 2015

Approval Authority: Controller

Date of Commencement: January 2015

Amendment Dates:

Date for Next Review: May 2017

Related Policies, Procedures and Guidelines: