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Finance will identify assets which meet the threshold for capitalization through monthly invoice review and record these on the Fixed Asset Register. A representative from the Finance Team will reach out to you, if needed, to gain clarification as to whether an asset meets the definition of a Fixed Asset.
If an item you have acquired is identified as a Fixed Asset, Finance will update your Jira Request for Payment (RFP) to note that it is a Fixed Asset. Finance will reach out with additional information on how to tag your asset.
Donated assets should be disclosed to University Advancement Services. Advancement will communicate the need to add the asset to the Fixed Asset Register on an annual basis. Wh. Finance will reach out with additional information on how to tag your asset during year end procedures.
Tagging an asset
Each month, when the GL Accounting team prepares the reclass journal entry to move the expensed invoice balance to the appropriate fixed asset account, the requestor from the RFP will receive an email from General Accounting Ledger to affix a physical tag to the asset to be tracked centrally on the fixed asset schedule maintained by the GL Accounting team.
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