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Asset Management
2. Recording of Assets
The Finance One Fixed Asset Management Module is used to record capital and attractive assets. The system facilitates the full life cycle management of assets from registration of asset details through to the disposal of an asset. The required financial transactions for capital assets are generated by the system, for posting to the general ledger.
Division and Offices have enquiry and reporting access to all assets under their control. Security controlled access is given to Divisions and Offices for maintenance of attractive assets under their control. A list of approved Division/Office officers that are provided with controlled security access, is maintained by the Asset Management section.
- Capital assets are maintained centrally by the Asset Management Section.
- Attractive items are recorded by the Asset Management Section and maintained by Divisions and Offices. All disposal/write-offs are the responsibility of the Asset Management section on advice from the Division or Office responsible for the asset.
- Details of works of art, sculpture and museum collections are recorded in a separate system with enhanced image capability and maintained by the museum/collections co-ordinator. The Co-ordinator advises the Financial Accounting Section of the Office of Financial Services annually details for inclusion in the University financial statement. Based on written advice of the valuation from the Financial Accounting Section, the Asset Management Section, in turn, records the total valuation as a single artwork collection, sculpture collection or museum collection. in the fixed asset system. Items advised as not included in the revaluation are separately recorded in the fixed asset register.
2.1 What Assets Need to Be Recorded?
The following non consumable items acquired by the University by either purchase or donation need to be recorded:
- Assets costing $5,000 or more are recorded in the University's assets register.
- Attractive items from $1,000 to $4,999, having a useful life of 2 years or more.
- Non consumable items (irrespective of their value) which are at risk of loss or misappropriation and which Divisions or Offices wish to record.
Assets are recorded under the following categories:
- Building
- Infrastructure
- Land
- Library Collection
- Books
- Special Collection
- Motor vehicles
- Museum Collection
- Plant & Equipment
- Agriculture
- Air conditioning
- Audio visual
- Communications
- Electrical Instrument
- Furniture
- Information Technology (such as computing equipment)
- Machinery
- Laboratory Equipment
- Medical Equipment
- Office equipment
- Photographic Equipment
- Plant
- Refrigeration
- Workshop Equipment
- Sculpture
- Works of art and artefacts