Policies & Procedures


 

Section: ACT
Part: PRO
Statement No.: 10.3
Date: 04/17/2012
University of North Carolina - General Administration
Administrative Policies and Procedures Manual
Title: Conduct Fixed Asset Reconciliation

 

1.             Reconciliation of the Fixed Assets Inventory

 

Purpose: To reconcile the increases in the Fixed Assets Inventory to Equipment Expenditures

 

Documents Needed:          

·      GACOTRAN/TVCOTRAN – Monthly transaction report by Budget Code and by object code

·      Fixed Assets Data Entry forms for new assets

·      Additions/Disposals to Fixed Assets (From Fixed Asset System -WebFOCUS, supporting memorandum, state surplus property forms, etc.)

·      Excel Reconciliation Workbook (includes: additions, donations, deletions, adjustments)

Procedures:

 

Performed By:                       Steps:

 

 

Fixed Asset Officer              1.           Gather the documentation listed above in order to begin the reconciliation process.

 

2.            On the Additions to Fixed Asset report, extract the balance for month-to-date additions to the inventory. This amount should include any asset costing over $5K per item.

 

3.             Compare the amounts in Step 2 to equipment purchases on the  GACOTRAN/TVCOTRAN (FBMO95). These amounts should tie individually to object codes 5115, 5125, 5215, 5225, 5415, 5425, 5435, 5515, 5555, 57xx, 58xx, and 59xx. Reconcile any discrepancies by using the detailed information found on the Fixed Assets (WebFOCUS) report and reviewing warrants as appropriate.  Provide notes on the COTRAN report of reconciling items.

 

4.             Notify the Fixed Assets Officer of any changes needed to the Fixed Assets Inventory.

 

Fixed Assets Technician        5.             Make changes to the Fixed Assets Inventory as directed by the Fixed Asset Officer.