The following procedures are used to “tag” capital assets for identification and tracking:
- The Controller’s Office processes a report, monthly that displays all expenditures over $5,000. This report is reviewed to identify capital assets that have been paid within a monthly time span.
- Once the report is reviewed and invoices are pulled, capital equipment/ assets that should be tagged are extracted from the report. These items are then listed in an Excel spreadsheet on the network (Z: drive) for the Purchasing Department to view and tag. The spreadsheet contains general information such as the description cost, account number, serial number, model number/ type, building, floor/ room, barcode tag #, department name, manufacturer, and contact person.
- Purchasing/ Receiving personnel physically go to the location of the new asset. The asset is identified and verified based on the information provided on the spreadsheet. Purchasing may also record any information necessary to complete the spreadsheet.
- Purchasing/ Receiving personnel place a barcode tag on the asset in an accessible location or where the department prefers the tag – in a not easily seen location. (i.e. instrument case instead of the actual instrument).
- Once the equipment is tagged, all identifying information that was recorded for the asset is entered into the spreadsheet on the network. Both the Controller’s Office and Purchasing are able to view this document at all times.
- If an asset cannot be tagged, Purchasing/ Receiving personnel will note the reason on the spreadsheet, along with additional information about the asset that was gathered while viewing the asset.
- Periodically checking the spreadsheet, the Controller’s Office will add the new assets and their identifying information to the fixed asset database.