Avoiding Property Accounting Problems

Perform a Monthly Reconciliation

The Monthly Activity by Chart and Organization Report in EDDIE (Electronic Data Delivery Information Environment) allows units to create its own list of additions, updates, disposals, and transfers. Running this report each month will help units find and fix errors while the transactions are still recent. If a unit relies on a record-keeping system other than Banner Fixed Assets the unit must reconcile the parallel system to Banner Fixed Assets at least monthly.

Update when the Property Accounting Contact Changes

When the unit reassigns equipment roles, updates to these roles in the FABweb/Biennial Inventory application must be requested and processed through the Unit Security Contact (USC). The FABweb unit rep and biennial unit contact receive important communication from University Property Accounting and Reporting (UPAR) that they will need as they maintain the unit's property accounting records.

Develop a Communication Process

To keep property records accurate, each unit should develop a process for unit faculty, staff, and students to alert the unit property accounting contact about:

• New equipment purchases
• Changes to equipment location, custodian, condition, etc.
• Anticipated transfers
• Disposals

Maintain Accurate Equipment Information

If the information about equipment is accurate on the requisition and purchase order, processing a new acquisition in FABweb will be easier. Units should pay particular attention to:

• Account codes—The code and code range reflect the type and cost of the equipment. If the account code does not match the cost of the item you will have to submit a Journal Voucher to correct the entry. To determine the correct code for a unit’s equipment, see Account Code Reference Guide for Equipment Purchases.
• Commodity Codes—Make sure to enter the correct commodity code as the depreciation rate is based on the useful life, which is part of the commodity code.
• Document Level Accounting—When creating a Banner requisition, remove the checkmark from the DOC Level Accounting field. If the checkmark is left in place, the fixed asset record in Banner will be created with incorrect dollar amounts. See IBuy Training Knowledgebase.

Updating records regularly makes it easier to conduct the biennial inventory and respond to auditors' questions.

Document Trade-ins on Purchasing Documents

When moveable equipment is traded in on the purchase of new equipment:

1. Include the following information about the trade-in equipment on the purchase documents (requisition, purchase order, invoice voucher):
   • Property control (PTag) number
   • Description
   • Serial number of the equipment to be traded
2. Report the new asset to UPAR using FABweb and add the property control number of the traded-in equipment in the "External Cross Reference" field.
3. To dispose of traded-in equipment, return to the main menu of FABweb, select "Dispose" and continue through the tabs.