Contact: Financial Services
The purpose of this procedure is to describe the information required for recording a newly acquired asset and providing an annual consolidated Moveable Asset Listing to Financial Services, that reconciles to transactions in the General Ledger (GL).
This procedure describes how to record a newly acquired asset using the university's centrally provided Moveable Asset Listing spreadsheet.
Departments or Organizational Units must ensure that the purchase of moveable assets is recorded in the appropriate accounts (Account ID's 612XXX for assets under $10,000 CAD, and 614XXX for assets with a value of $10,000 CAD or greater). Departments or Organizational Units should monitor these accounts on a regular basis to facilitate the annual reconciliation to the GL.
For assets greater than or equal to $10,000 CAD, minimum details that must be tracked include:
- Fiscal year acquired
- Asset Name, description (eg. model #, serial #, etc.)
- Purchase order number
- Location where asset is assigned
- Acquisition cost (GL value) and associated chartfield code(s)
- Name and contact information of the person associated with the asset
Annual review of moveable asset information:
Prior year consolidated Moveable Asset Listing, listing departmental moveable assets will be prepared and distributed to each Faculty/School and Shared Services business office (Business Officer) in the first week of February.
The Moveable Asset Listing provided will include the moveable assets for all departments within the business office as well as additions identified by Advancement (donated assets) and Physical Plant Services (capital project in 40000 fund) in the prior year for each department/organizational unit under the responsibility of the business office.
Additionally, each business office will be provided with a reconciliation template to facilitate the reconciliation of the GL to the Moveable Asset Listing.
|Department or Organizational Unit||
During the month of February each department/business unit should:
|Internal Audit||From time to time, Internal Audit will conduct an audit of movable assets to ensure that departments are tracking assets as required.|
Date Approved: January 12, 2015
Approval Authority: Controller
Date of Commencement: January 2015
Amendment Dates: December 11, 2019
Date for Next Review: December 2024
Related Policies, Procedures and Guidelines:
- Policy on Tracking Moveable Assets
- Procedure for Disposal of Scrap/Surplus Moveable University Assets
- Authorization for Off-Campus Use of Assets - FORM
- Authorization for Transfer of Research Funded Assets - FORM
- Disposal of Data Storage Devices and Portable Media
- Tri-Council Grants
- Major Funding Agencies