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TRANSCRIPT
Controller’sOffice– GeneralAccountingPhysicalInventoryReport
February 2017
DiscussionTopics
• CriteriaforanAsset
• WhyaNewPhysicalInventoryProcess
• UsingthePhysicalInventoryReport
• AdditionalInformation
• ImportantDates
CriteriaforanAsset
• Anassetisdefinedasfurniture,fixturesandequipmentthathasavalueof$5,000orgreaterandhavingausefullifeofover2years.
WhyaNewPhysicalInventoryProcess
• AssetsconvertedtonewPeopleSoftsystemwithconversion.
• ResponsibilityforthePhysicalInventorycounthasbeentransferredtotheController’sOfficefromConsolidatedServiceswiththeconversiontoPeopleSoft.
• AutomatethepastpaperinventoryreportsprocessandwilluseExcelspreadsheetsdistributedviaemail.
• ThisisPhaseIoftheautomationofthephysicalinventoryinPeopleSoft.
PhysicalInventoryReport
PhysicalInventoryReport- Thisreportwillbeusedtoidentifyassetswithineachdepartment.
InventoryAction- Usethisareatoselecttheactiontakenforeachitem.
InventoryDetails- Allofthedetailscurrentlyidentifiedforeachitem.
PhysicalInventoryReportInventoryAction:Found
Whenyouselectthisoptionitwillturnblue,indicatingthatyouneedtocompletecolumnsinthebluehighlightedareaofthereport.
Requiredfields:• Datelocated• SelectUnitize,Consolidate,orNA.Besureto
indicatetheitemsthatneedtounitizedorconsolidatedinthecomments.
Otherfieldsifapplicable:• Iftheinformationontheinventoryreportneedsto
beupdatedcompletecolumnsVthroughAC.
PhysicalInventoryReportInventoryAction:Found
InventoryAction- Usethisareatoselecttheactiontakenforeachitem.
DateLocated- Thedatetheitemwasfound.
UnitizeorConsolidate-SelectUnitize iftheitemislistedontheinventoryreportasoneassetandinrealityitismorethanone.SelectConsolidate iflistedasseparateassetsandshouldbeone.
AdditionalInformation- Iftheinformationneedstobeupdatedusethesecolumns.
PhysicalInventoryReportInventoryAction:NotFound
Whenyouselectthisoptionitturnsorange,indicatingthatyouneedtocompletecolumnsintheorangehighlightedareaofthereport.
DisposalCode:Lost/Missing/Stolen• Provideadisposaldate• Provideadocumentreferencenumber,orpolice
reportnumber.• UniversityPoliceReport• InventoryForm8(DeletionRequest)
DisposalCode:Casualty• Provideadisposaldateforwhenanitemwaslost
inaflood,fire,etc.
PhysicalInventoryReportInventoryAction:NotFound
DisposalCode:Surplused• ProvideaDisposalDateforwhenanitemwas
takenoutserviceandtransferredtoConsolidatedServices.
DisposalCode:Transferred• Provideadateofdisposalforwhenaitemwas
movedtoanotherdepartmentorcampus.• ProvidetransferredOper Unit,FundCode,Class
Field,DeptID,andacontactname.• ProvideacompletedTransferForm7forall
transferreditems,ifnotdonesoalready.Foranyfuturetransferyoushouldalsousethisform.
PhysicalInventoryReportInventoryAction:NotFound
InventoryAction- Usethisareatoselecttheactiontakenforeachitem.
DisposalCode- Iftheitemcannotbefoundusethisfieldtoidentifywhy.
DisposalDate- ProvideforitemswithDisposalCodesCasualty,Surplused,andTransferred.
DocumentRef- ProvidethePoliceReportnumberforitemsLost/Missing/Stolen. TransferredTo- ForTransferreditemsprovidetransferredOper
Unit,FundCode,ClassField,DeptID,andacontactname.
PhysicalInventoryReportInventoryAction:Add
Whenyouselectthisoptionitturnsgreen,indicatingthatyouneedtocompletecolumnsinthegreenhighlightedareaofthereport.
Additionalfields:• AddinformationintheColumnsDthruR.
Note:Completeasmanyfieldsaspossiblesothatwecanidentifytheasset.
PhysicalInventoryReportInventoryAction:Add
InventoryAction- Usethisareatoselecttheactiontakenforeachitem.
NewItemColumns- Foranynewlyaddeditems,completecolumnsDthruR.
PhysicalInventoryReportInventoryAction:Special
Whenyouselectthisoptionitturnsyellow,indicatingthatyouneedtocompletethecommentcolumnhighlightedyellow.
Requiredfields:• Addacommentrelatedtotheitemthatdoesnot
matchanyoftheotherInventoryCodes.
RequiredAction:• SendanemailtoKevinO’Brientodiscusstheitem
inquestionanddecideanappropriateaction([email protected]).
PhysicalInventoryReportInventoryAction:Special
InventoryAction- Usethisareatoselecttheactiontakenforeachitem.
Comments- AddacommentrelatedtotheitemthatdoesnotmatchanyoftheotherInventoryCodes.
AdditionalInformation
• YourpointofcontactthroughoutthisprocesswillbeKevinO’[email protected]
• ThePropertyAccountabilityPolicywillnotbesentoutthisfiscalyearasitisintheprocessofbeingupdated.
ImportantDates
• FormswillbeemailedFebruary27thruMarch3.
• FormsneedtobereturnedtoKevinO’BrienbyApril28th.
WheretoFindtheResourcesReferencedinthisPresentation
Controller’sWebsite– GeneralAccounting:http://web.admin.sc.edu/ap
• ProceduresandFormsformanyprocesses- morebeingadded
WheretoFindtheResourcesReferencedinthisPresentation
GeneralAccountingResourcesContactUs:
GeneralAccountingContactGeneralAccountingforquestionsregarding:*JournalEntries *RQs*BankingTransfers *Assets*CapitalProjects *Tax*JournalVouchers*Endowments*TeamTravel*InternationalSuppliersandSalesUseTaxReturns.
EmailAddress:[email protected]
AccountsPayableandTravelContactAccountsPayableforquestionsregarding:*VendorPayments *Paymentrequest*APUploads *Refunds*Travel
EmailAddress:[email protected]
SupplierMaintenanceContactSupplierMaintenanceforquestionsregarding:*W-9 *NewSuppliers*W-8 *ChangestoSupplier
EmailAddress:[email protected]
WheretoFindthisRecordedWebinarandPPT
QUESTIONS
