Cornell University Administrative Service Center

Cornell University Administrative Service Center New York State Agricultural Experiment Station Standard Operating Procedure (SOP)

Task: Recording a Capital Asset Sub-Process: Preceding task: Revision Date: 06/07/06 SOP Reference #

Description: Timely recording of capital assets is necessary to maintain an accurate inventory and provide accurate data for financial statements and cost recovery mechanisms. Most assets are processed through the Automated Procurement and Payment Systems (APPS). Responsibility: Admin. Service Center Transaction Specialist, Dept/Unit support, DFA/Capital Assets Frequency: Timing: Process Steps: ASC Transaction Specialist

Step 1: Process new record in APPS. Assets should be recorded in the inventory system within two weeks of receipt. . Provide bar code, department code of the unit responsible for the asset, building code designated by Facilities Inventory, room number, funding source and amount, brief description of the asset, manufacturer, model number, serial number, acquisition date, purchase order number, indicate lease (Y/N), lease expiration date (if applicable), preparer’s name and phone number, and comments. . Print two copies of the APPS capital asset screen. File the first copy with the closed Purchase order. . Release completed record in APPS . File closed Purchase order with ASC records.

Step 2: Inform Department/Unit staff of new asset . Forward the second copy of the APPS capital asset screen print to the ordering department or unit. . Affix the bar code tag and green ownership tag to the APPS copy.

Department/Unit

Step 3: Tagging Assets. Bar codes should be affixed to all moveable equipment valued at $5000 or more in order to identify ownership and to facilitate the physical inventory process. . Receive copy of APPS capital asset screen print, bar code, and green ownership tag from the ASC Transaction Specialist. . Locate the new asset and place bar code and ownership tag where it is easily assessable for conducting physical inventories (preferably on the front of the asset). . If the asset is considered “un-taggable”; items that are too small, impractical (outside farm equipment), sensitive technical equipment, the department or unit must maintain a file for all “un-taggable” assets. . File the APPS capital asset screen print with Department/Unit inventory records.

D:\Docs\2017-12-29\006a16565e3f862b5d7d64dc8c519c19.doc Cornell University Administrative Service Center New York State Agricultural Experiment Station Standard Operating Procedure (SOP)

Input(s): Output(s): Form(s) req’d: Report(s): Tools req’d: Policy/Rules: Cornell University Policy 3.9, Capital Assets Error correction Procedures: Written by: Geneva Administrative Service Center Reviewed by: SOP filename: File Location:

D:\Docs\2017-12-29\006a16565e3f862b5d7d64dc8c519c19.doc