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Accounting and Reporting

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Frequently Asked Questions


Financial Reporting

Question: Who do I contact with questions about student accounts? Answer: All questions regarding student accounts should be directed to the University Business Office at 540.568.6291 or 540.568.6505.
Question: Why do I not see my June 30th cash balance in the new year? Answer: Submit your questions through the IIS Finance Request process.
Question: I have a debit/credit on my monthly report that I have a question about or think is incorrect. Answer: Submit a request - IIS Finance Request. Please indicate your department number, date of charge, account number the charge appears under, journal number or voucher number, and the amount of the charge. Also, include a fax number if you would like the information faxed to you.

Fixed Assets

Question: How do we determine what equipment needs to be tagged?

Answer: Each day a query is run from the PeopleSoft Finance System showing invoices or vouchers that have been entered into the system for payment.  The stack of vouchers for that day is then scanned into the Nolij software system before being brought to our office.  Once the vouchers have been received, they are reviewed and a list is made of any purchases that may be potential assets.  The list, along with the query, are then used to review these purchases in more detail to determine if the purchase meets all the criteria required to be written up and tagged.  Any purchase made with Equipment Trust Fund moneys automatically is written up and tagged.   Other purchases are reviewed to see if they meet the following criteria:

  1. The purchase is $5,000.00 or greater
  2. The purchase is for a functional piece of equipment with a useful life greater than one year
  3. The purchase is not a component of a building

If these criteria are met, then the purchase is written up and an asset tag is assigned based on how the purchase was funded.

Question: When will an item be tagged? Answer: We will contact the Fixed Assets Coordinator to make an appointment. Please keep in mind that most invoices have a 30-day grace period in which to be paid. If we have not contacted you to decal equipment that meets the requirements within 45 days of receipt, please contact Judy Murphy at ext 82341.
Question: What is a Fixed Assets Coordinator and why should a department select one? Answer: Each department is required to select an individual to serve as its Fixed Assets Coordinator. This person will not only be the contact for scheduling appointments but also will be in charge of maintaining departmental equipment records and conducting an annual physical inventory. Having a coordinator benefits the department. They ensure that accurate and current equipment records are maintained.
Question: Why should a department complete an EICR when transferring equipment? Answer: Completing an EICR is the only way that equipment changes can be made to your inventory. Please remember to list the JMU ID# from the bar code decal. We recommend that the department keep a copy for their records to assist at inventory time and to send the original EICR to us (after obtaining the necessary signatures) so that the change can be made to your inventory.
Question: What do I do with surplus computer equipment? Answer: All surplus computer equipment is handled by PC Services Surplus.  Complete an EICR form and email it to fixedassets@jmu.edu for approval.  Fixed Assets staff will forward approved EICR forms to PC Services Surplus to schedule a pick-up.  For detailed instructions please go to the Surplus Equipment webpage and review "Transferring Surplus Computer Equipment to PC Services".
Question: How do I obtain a copy of the inventory?> Answer: Simply call Diane Hinton at ext 83748 or Jennie Fink at ext 83724 to request a copy of the inventory.
Question: Where can I find additional information regarding fixed assets and surplus property? Answer: Please see the University's Financial Procedures Manual Section 6000:Asset Control and Management.

Surplus Property

Question: What is surplus property at JMU? Answer: Surplus property is university owned personal property (furniture, equipment, supplies, etc.) which is in excess or no longer useful to a department. All university property considered as surplus (excluding transfers between departments) must be processed by our surplus property staff according to university and state policies and procedures.
Question: How is surplus property processed at JMU? Answer: Redistribution of surplus property is our main goal. First priority is meeting the needs of university departments by offering usable surplus items as available. Secondly, we market and transfer surplus property to other state agencies thus prolonging the economic benefit to the Commonwealth. Assets deemed surplus by a department are kept at the Surplus warehouse located at 1070 Virginia Ave. Following a reasonable time period, other approved methods of disposal are pursued.
Question: I need office furniture for a professor, how can I save my department the expense of buying new furniture? Answer: Visit Surplus Equipment and follow procedures for "Obtaining Items from Surplus Property".
Question: I have furniture that is no longer useful in my department, how do I transfer it to Surplus Property? Answer: Visit Surplus Equipment and follow procedures for "Transferring Items to Surplus Property".
Question: When should I fill out and send an Equipment Inventory Change Request (EICR) Form to the Fixed Assets and Surplus Office? Answer: Please complete an EICR Form for all equipment, furniture, supplies, etc. that is transferred to Surplus Property, another department, a different building, and all disposal requests.
Note: Please record all JMU ID numbers accordingly
Question: How can we obtain an additional computer or printer for use in our department? Answer: Send an email with your request for computer equipment to pcservices@jmu.edu.
Question: I have computer equipment that my department can no longer use, how do I transfer it to Surplus Property? Answer: Surplus computer equipment is picked up and processed by PC Services. Visit Surplus Equipment and follow procedures for "Transferring Computer Equipment to PC Services".

NOTE: If the computer equipment has an Equipment Trust Fund (ETF) JMU barcode decal, you must verify that ownership has passed to the University and it can be surplused. See "Surplus of Equipment purchased with Equipment Trust Fund".