Finance Forum Presentation - Fixed Assets and Financial Reporting

Judy Murphy, Jennifer Steele, and Diane Hinton gave a presentation on Plant Fund Accounting at JMU. This covered AACP Modules 10.1 Fixed Asset Inventory and 10.2 Transfer of Equipment. Judy mentioned that Plant Fund Accounting is responsible for managing the university’s fixed assets, tagging purchased equipment, administering physical inventory, reviewing and processing EICR Forms, and managing the university’s Surplus Property warehouse. Tagging equipment purchases made by the university are a means of tracking and safeguarding physical property, providing proper stewardship of university assets, and allows for a unique identifier for each piece of equipment. Judy also spoke on the tagging process from start to finish and explained the differences of the various tags that are used. Departments are required to conduct an inventory of their equipment each year. Plant Fund Accounting recently implemented a new system for tracking equipment called Assetmaxx. Not possible under the old system, Assetmaxx now allows an image of the equipment to be stored as well as the ability to use a bar code reader during inventory. Departments should have a Fixed Assets Coordinator who is responsible for managing the department’s inventory throughout the year. This will allow the yearly inventory to run more smoothly.

Diane mentioned that an EICR form is used to transfer assets to another department, move assets to a different building within the department, move assets to Surplus Property, or dispose of assets. Fixed Assets conducts random audits throughout the year to ensure the department’s inventory is as accurate as possible.

The Surplus Property warehouse is located on Virginia Avenue several miles north of the main JMU campus. The warehouse is available free of charge to JMU departments in need of furniture or other surplused items. The warehouse is open each Wednesday to JMU departments from 1:30-4:30 and other times by appointment. Contact The Surplus Property Coordinator, Mark Colopy, at colopyma or 8.6931 to make an appointment or to move departmental items to the warehouse. All computers and related equipment that are to be surplused are facilitated through PC Services. For more information, you can visit: http://www.jmu.edu/acctgserv/fixedassets.shtml .

Sean Smoker, Financial Reporting, presented on Creating and Changing DeptID#s and Accounts (AACP Module 9.6). In order to create or change any department or account code, the department will need to complete Action Request for Departments/Accounts, located at: http://www.jmu.edu/acctgserv/New_Dept_or_Acct_Form.doc. Once completed, this form should be submitted to Sean at MSC 5715. Information to be filled in on the form includes:

• Your name
• Appropriate Signatures
  • Responsible Person: either Fiscal Contact or Department Manager and the AVP/Dean
• A completed purpose section
• Will this department collect revenue? If so, remember appropriate written authorization from the Assistant Vice President for Finance is required.
• e-IDs of anyone who needs access to the department or account For more information, you can visit: http://www.jmu.edu/acctgserv/reporting.shtml .