Fixed Assets Department
Annual Physical Inventory
Purpose
• The purpose of the annual physical inventory
is for all Financial Manager to account for all
college property and maintain its
location/custodian name up to date in the
Banner/Fixed Assets System.
Physical Inventory Report
• Print Department Inventory Report
(Estimated Date March 13, 2009)
a. Deliver report to each department by
March 31, 2009
b. Provide instructions on completing
report and department signature
receiving report
c. Return completed report by 4/30/09
Information To Verify
•
•
•
•
•
•
•
Account for item
STC Inventory Tag Number
Complete Item description
Serial Number
Location (campus, building and room #)
Custodian Name
Check off items verified
Items Not Located
• Note as not found
• Was the item transferred, stolen?
• a. If not found, you are required to continue
searching
b. If transferred, you should have a copy of
the Fixed Asset Control Record
c. If stolen, you should have a copy of the
police report/case number
Physical Inventory Report
Completion
• Dept Financial Managers should verify all
items are accounted for
• Dept Financial Managers are required to sign
and date each sheet of the report
• Each department should keep a copy for their
records
• Send the original to the Fixed Assets
department by due date
Physical Department Spot
Check
• In addition to completing the yearly physical
inventory report, the College/Fixed Assets
Department is required to conduct a college
property spot check by department.
• This process is done to ensure that
information provided by the departments is
accurate and maintained in the Banner/Fixed
Assets System.
Process to Conduct Spot
Checks
• Schedule a meeting with the Financial
Manager, Administrative Assistant, Secretary
and other employees involved during the
physical inventory process.
• The Fixed Assets Department reviews the
physical inventory report along with everyone
at the meeting and concentrates on the assets
stated not found by the department.
Process to Conduct Spot
Checks
• The Fixed Assets Department will then conduct a
search and try to find the assets. Once the spot check
review is completed the following documentation is
done:
a. We create a report on items found
b. Update changes in the Banner/Fixed Assets System
c. Provide copies of the spot check report to the
Financial Manager
d. The Fixed Asset Department keeps a
copy for future auditors or SACS.