Physically tag and convert O-tags to Permanent Tags (P-tags) following steps above.
Acquisition Method: DN – Donated
Send details of gifts in-kind to development.
Review depreciation setup.
FFADEPR Fixed Asset Depreciation
■ Salvage Value: usually 0
Depreciation Method:
Useful Life: should default from asset type
Frequency: should default to Monthly
Start Date: date asset is placed in service
Save
Run depreciation.
FFPDEPR Depreciation Process
Printer: DATABASE
Parameter Values:
Depreciation frequency: M
Posting date: month-ended
Execution mode: Audit first, then Update
Report type: Detail
Save.
Reconcile capital equity account to capital expense accounts; these should balance to zero.
Custodians conduct an annual physical inventory of assets under their care to confirm the existence, condition, and location of the University's fixed assets. Change to an asset's condition or location will be reported to the accounting office.
Asset custodians
Fixed Assets Accountant
Banner fixed assets module
Annually, department asset custodians confirm that all assets are still in service and in working order by fiscal year-end
Annually, Fixed Assets Accountant conducts physical inventories of approximately one-third of all fixed assets on a rotating basis so that each asset is physically confirmed every three years