Fixed Assets Home

Fixed Assets

• Ensure that Fixed Asset financial transactions are recorded in the General Ledger, Fixed Asset Sub Ledger.
  
  
• Monitor and provide training in the use of the Asset Tracking System (HardCat) used by Faculies and Service Centres to accurately record and track purchases in accordance with Policies and Procedures.
  
  
• Provide advice to staff on the business process for the acquisition, transfer, and disposal of fixed assets.
  
  
• Coordinate the annual stocktake of the University's fixed assets recorded in the financial accounts.
  
  
• Undertake revaluations of the University's land, buildings, and artworks as required by the accounting standards.

Contact

Greg Gibbard,
Senior Finance Officer Fixed Assets,
Building 01 Room 290B, Joondalup Campus
Extension 2290

 

 

Asset Account Codes

• Account codes to be used for Equipment purchases (not consumables / maintenance, trophies and minor sports equipment items, ie toner cartridges, building hardware, electronic components, footballs) are split into Less than and Greater than $5000.

Important Note - It is not uncommon for an asset to be built. This means that if a number of Less than $5000 coded items and / or mixed with a Greater than $5000 coded item are required to function together as a single unit and the total cost exceeds $5,000 then this would be classed as a piece of equipment to be recorded in the Financial Asset Register and hence all coding should be to the Greater than $5000 account codes.

• An example would be of a Server where software, cabling, and memory increases among other things will increase the value of the install notwithstanding that the cabling, software and other items might individually be less than the $5,000 threshold.
  
  
• An example where the above would not apply is where a Laptop computer was purchased and by the additional purchase of a security chain such as a Defcon would make the value of the purchase over $5,000. However because the security cable is not integral to the operation of the laptop all coding would be to the Less than $5000 account codes.
  
  
• ALL EQUIPMENT with a value exceeding $1000 or categorised as Attractive, Valuable or Portable purchased using these codes is to be recorded in the Asset Tracking System by a Faculty or Service Centres nominated Custodian in accordance with University Policy on the Control and recording of Assets.

Please click here for a printable listing of the Asset Account Codes and their uses 

 Asset Account Codes

              

	Between $1,000 & $5,000			Greater than $5,000
Type of Equipment	Purchase Account Code	Disposal Account Code	Trade-in Account Code	Purchase Account Code	Disposal Account Code	Trade-in Account Code
Artworks	6000	1528	1538	0570	1521	Not applicable
Computing	6001	1528	1538	0492	1523	1536
Communications	6001	1528	1538	0492	1523	1536
Furniture	6004	1528	1538	0493	1526	1537
Media	6002	1528	1538	0493	1524	1537
Motor Vehicles	Not applicable	Not applicable	Not applicable	0491	1522	1535
Other	6005	1528	1538	0493	1527	1537
Print	6003	1528	1538	0493	1525	1537

 

NOTE: Purchases of equipment LESS than $1,000 – USE ACCOUNT CODE 6006

DO NOT use these codes for consumable such as toner cartridges and ink nor for electronic components used in repairs

 

Asset Recording & Tracking

• Faculties and Services Centres are required to record all assets purchased with a value exceeding $1000 in the Asset Tracking System (HardCat).
  
  
• Minimum requirements for each record is:
  
  • BARCODE
  • Asset details (i.e. Asset type, (PRODUCT(Make & Model)), description)
  • Serial number
  • Purchase order
  • Invoice or Delivery docket number
  • Location
  • Person asset assigned to
  • Cost centre
  • Purchase price (Excluding GST)
  • Purchase Date
    
• Asset Custodians have been appointed by Faculty and Service Centres to maintain this register. Please refer to your Faculty Accountant or Business Manager.
  
  
• All changes of location are to be advised to the Custodian.
  
  
• All requirements for Disposal or Write-offs are to be advised to the Custodian.
  

Asset Disposal

The following established procedure has been developed in conjunction with the Facilities Management Officers on each campus and McLernon’s Supply and Demand.

 

Sale of obsolete equipment to staff is not permitted unless prior approval is obtained from the Director MSC in accordance with Policy AD053. All requests are to be coordinated through the Senior Finance Officer Fixed Assets.

As Faculty or Service Centre staff identify a need to dispose of obsolete or damaged equipment they will advise the relevant Custodian who is to contact the FMO at the campus where the goods are held, electronically complete the form supplied and update the Asset Tracking System (HardCat). 

1. All disposals must be initiated through Facilities Management Office (FMO).
   • FMO to forward by email the disposal form as requested by the Custodian.  
2. The disposing Cost Centre must electronically complete and submit the form.   
3. FMO on receipt will put a registration number on it in the form CCYYNNNN (Where CC = Alpha for Campus, i.e. CH = Churchlands, YY = last two digits of the year of disposal and NNNN is a numeric commencing 0001) (there is a spot near the top right for the number to be typed in).  
4. FMO will electronically forward the form to McLernon's who will then advise a date for collection.
5. McLernon's will advise electronically the Consignment number and review the serviceability stated on the form to the Senior Finance Officer - Fixed Assets.  
6. Receipts will be sent directly to Finance, coded and banked to the disposing cost centre's account.

  

NOTE: Asset Labels and other identifying labels must not be removed from any item sent for disposal (these labels will be removed after recording by McLernon’s prior to sale).

• All asset purchases are to be recorded in the Asset Tracking System (HardCat).

 

Research Grants

Funding bodies may specify conditions relating to equipment purchased in from Research grants.

Unless otherwise specified and if payment has been made from the University banking account:

• All asset purchases are to be recorded in the Asset Tracking System (HardCat).

Examples of conditions that may need to be observed are:

• equipment purchases may require separate approval.
  
  
• statement of assets purchased may need to be submitted to the granting body on an annual/end of grant basis.
  
  
• invoices may need to be sighted by the granting body.
  
  
• disposal procedures for equipment may be specified by the granting body.
  
  
• the granting body may need to approve the distribution of proceeds from the disposal of equipment. e.g. proceeds received from disposal returned to the granting body.

It is important, therefore, that the conditions of grant relating to assets/equipment are correctly applied.

 

Trade-in and Discounts

• Asset costs are to be shown exclusive of Trade-ins, Discounts or other considerations.
  
  
• Purchase orders are to show the full cost of the asset and any consideration is to be noted on the purchase order.
  
  
• The value of a trade-in will be recognised at the invoice processing stage to the correct account code, refer table above
  

Asset Forms