Are you aware of the University of North Carolina System’s Capital Asset Standards? According to these standards, an annual physical inventory of equipment is required to verify that all assets can be physically located and that they are recorded properly regarding their location and identifiable traits. The inventory certification is conducted in the Asset Management System, which is found under MyPackPortal > Financial System Homepage > Asset Mgmt – Surplus tile.
Here are some best practices to keep in mind relating to the annual inventory process:
FOLLOW THE APPROPRIATE ACTION PROCESS FOR ALL ASSETS
Rather than entering a note in the AM Coordinator Comments section of the asset, follow the appropriate process for disposing, surplusing, transferring and submitting asset change requests. This will prevent the inventory from being denied.
KEEP THE ASSET LOCATION UPDATED THROUGHOUT THE YEAR
Try to keep the location of an asset as well as any identifiable information updated in Asset Maintenance throughout the year to help make the assets easier to locate during inventory time.
For example, if you know an asset is being relocated prior to the inventory period, update the location in the Asset Maintenance system right away. Having the updated location listed will save you time and effort when you are trying to locate that asset for the inventory certification.
KEEP THE ASSET RESPONSIBLE PERSON UPDATED THROUGHOUT THE YEAR
The same goes with the Responsible Person listed for assets. The person listed will be your point of contact to locate certain assets, so keeping that information as up-to-date as possible is a best practice.
For example, if you know a faculty member is retiring and they are listed as the Responsible Person for multiple assets on your inventory, find out who the replacement will be and update that information in the Asset Maintenance system.
EXPORT YOUR INVENTORY CERTIFICATION TO EXCEL TO REVIEW ASSETS
Exporting your inventory certification to excel is a best practice because it will allow you to sort your data and maneuver your asset listing without changing things in the actual inventory. You can sort however it best benefits you, and you can also divide the list by responsible person or location to certify assets more efficiently.
BE PROACTIVE, HAVE A PLAN AND STICK TO IT
Do not procrastinate with your inventory certification. The earlier you begin completing your inventory, the better position you will be in to submit it on time. The longer you wait (and the closer to Winter break it gets), the harder it will be to contact the different lab managers and Responsible Persons needed to locate the assets before the deadlines.
BE AS THOROUGH AND DETAILED AS POSSIBLE
Being thorough and detailed when completing your inventory certification will benefit everyone involved in the process. Enter detailed asset identifiable information in the Coordinator Notes section in the inventory to make the inventory process so much easier and less time consuming.
