12.1.6 Process a New Acquisition in FABweb

Policy Statement

Employees must set up security access before they may use FABweb.

Unit assigned FABweb Unit Rep(s) must review their FABweb new acquisitions timely to review OTag records, request adjustments to OTags and OTag values as needed, and complete and submit the new acquisition record to Property Accounting in a timely manner.

Reason for the Policy

State regulations require all equipment purchases be added to inventory within 90 days from procurement. This policy provides expectations for units in communicating with Property Accounting in submitting equipment records throughout the year and at each year-end to ensure all equipment purchased in the current fiscal year are completed timely and on inventory by the end of each fiscal year. OTag records are not always able to be created in the correct desired dollar amount and quantity, which requires unit scrutiny of OTag records and values for adjustments prior to completion and submission to Property Accounting.

Applicability of the Policy

All Units must strive to meet these equipment processing goals for inventoried equipment in order to remain in compliance with State of Illinois regulations.

Procedure

Review of OTag records in FABweb

Units should review each new acquisition in FABweb and request changes to OTags and values within 30 days from the OTag creation date:

1. Log on to FABweb.
2. Select "Process a New Acquisition for Banner Fixed Assets."
3. Select the asset(s).
4. Review the OTag record and related purchase documentation for cost and value accuracy and inform University Property Accounting and Reporting (UPAR) of any error in the OTag record creation and adjustments needed to OTag records and values.
5. UPAR will process JV’s to alter the OTag asset records as needed for unit completion and submission.

To process a new acquisition in FABweb:

Submission of OTag records in FABweb

Units must strive to submit a new acquisition in FABweb within 30 days from the OTag creation date or adjustment date. Unit Reps will receive an email each week if there are any outstanding OTags to be submitted within their FABweb new acquisitions inbox. These records must be submitted timely as follows:

To process a new acquisition in FABweb:

1. Log on to FABweb.
2. Select "Process a New Acquisition for Banner Fixed Assets."
3. Select the asset.
4. Continue through the FABweb tabs.
5. The asset record is forwarded to UPAR who reviews and submits it to Banner. This generates property labels. If the labels have not arrived within four weeks, contact UPAR.

If an enhancement or upgrade is being made to existing equipment, treat it as a new acquisition. Indicate the parent-child relationship when processing the new acquisition in FABweb.

Units not submitting FABweb records timely, will be subject to the following procedure throughout the year with more stringent timing required at year end:

1. UPAR will email the Unit Rep identifying the OTags not yet submitted and request unit completion or OTag adjustment information within the next 30 days (more stringent timing required at year end).

2. Units must strive to respond to UPAR inquiries within this 30 day requirement and any lack of compliance will be reported to unit, school, and college business management. More stringent timing required at year end.

3. If units are unresponsive, UPAR will complete the record on behalf of the unit to ensure the record is added to the system equipment inventory. UPAR will forward information about the completed equipment record to the unit rep and provide the PTag label for unit affixing.

Year-end specific timing and processing

Units may purchase and/or receive items very late in the fiscal year, making timely record completion difficult. Equipment records must be completed in the same fiscal year in which they were purchased. As a result, units must submit all current fiscal year records by the end of University Accounting period 12. This due date for FABweb new acquisition at year-end is further outlined in the annual year-end closing procedures. UPAR helps track these required submissions and units can reach out to their assigned staffer in UPAR new acquisitions group for more guidance and direction at year end.