tracking assets physical inventory inventory services the university of texas at austin
TRANSCRIPT
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Tracking AssetsPhysical Inventory
Inventory Services
The University of Texas at Austin
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Objectives Physical Inventory Timeline Understanding the NVP Report Physical Inventory Process
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When Do We Perform Inventory? Inventory Services establishes eight inventory
cycles. Cycle deadlines are based on the number of items assigned to the departments
The cycles are posted to the inventory web page and may be viewed here at anytime
Please note – you may begin your inventory at any time the system is open – the earlier the better
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Before You Begin Know your certification due date and gather tools and
materials to meet the deadline Run a current NVP report of departmental assets or
download your inventory list from FRMS Review the building/room list from the NVP report for
your area Scanner Requests
Email [email protected] to request a scanner and make arrangements
Provide building code(s) where equipment is located
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Why can’t I use the online NVP report for certification? The printed DEFINE NVP report contains serial # and
percentage stats not available on the DEFINE online command or the FRMS departmental web portal
Please refer to the NVP Report Training
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Understanding the NVP Report Found (F)
New fiscal year acquisitions will be indicated as “found” when they are added to your inventory
Update location if the inventory item has moved
Missing (M) For items previously indicated as missing – continue to look for these items and change the
status only if item is found
University owned items marked as “missing” will be written-off and removed from the system after two years
Do not remark items missing or reset missing date if the asset was not found during the annual physical inventory process.
No need to submit an IRR to remove the missing item
Every item must be marked as either “F” or “M”
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Physical Inventory Process Step 1: Locate Step 2: Scan Step 3: Reconcile Step 4: Report
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Step 1: Locate Use the NVP/FRMS report to locate assets
Make sure to search everywhere:
Offices/classrooms Labs Closets/storage areas Previous documentation/files Check off-campus forms or logs Communicate with coworkers to assist with locating Communicate with P.I. or faculty responsible for the item
Did they move, loan, transfer, trade in, or remove the item with any other methods without notifying you?
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Step 2: Scan Before beginning to scan in a room, ensure that the scanner is set to that
room and building Change room number and/or building when needed Scan all equipment within any one room even if item is not in your unit.
This will provide an update location and “found” status to the other department Scanning an item will not change ownership or unit transfer It will simply update the found status and will record the logon ID of
the person who scanned the item
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Step 2: Scan Cont’d Other important information:
Scanner Do not scan more that 200 items at a time to ensure all data is
retained on the scanner Drop-off the scanners in our office (MAI 132) so we can upload your scan
data Repeat this process until all inventory items for the unit you are in charge
of have been scanned
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Step 3: Reconcile After the scanning is complete review all the
“unfound” items’ on the NVP or FRMS and mark them missing (unless they were previously marked missing)
Submit appropriate removal forms for all equipment no longer in your possession but still listed in DEFINE or on the NVP report as being in your possession
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Step 3: Reconcile cont.
Contact Inventory Services for any scanned items that have been tagged but are not listed in your inventory or that show up on your NVP report as a virtual number (INV numbers 9XXXXX)
Work with Inventory Services if your department is above two percent of missing items
Inventory Services will be able to assist you in tracking down or researching any missing items at your request
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View Percentage of Unfound Items
Comp Unit Unfound % Unfound Depr Amt Total Depr Amt As of Date/Time---- ------- ----------- ---------------- -------------- --------------- 0 5100 99.49 % 150,147.27 150,906.50 12/08/03 00:48 0 5100000 99.49 % 150,147.27 150,906.50 12/08/03 00:48
Department must find 100% of all federally- or privately-owned inventory
Your unfound percentage should be below 2%. If the unfound percentage is at or above 2%, there may be a penalty assessed to the department’s budget
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Step 4: Report
Once you have completed all equipment scanning, manual updates, and performed your due diligence to find ALL missing assets, you are ready to certify
The certification form certifies that: All items are accounted for within your department and
their status has been updated in DEFINE or FRMS