Assets Register Additions

1.	Policy
	1.1 Assets acquired by purchase, donation, construction or transfer from another institution and valued at $10,000 or more will be entered into the Assets Register and capitalised in the General Ledger. 1.2 Artworks will be treated as a single asset on the Assets Register and will be capitalised on an annual basis. The library collection will not be included on the Assets Register as the Library maintains detailed information about the collection which can be used for the purposes of capitalising this asset. Library collection additions will be capitalised on an annual basis as part of the preparation of the annual financial statements. 1.3 Where items which are individually valued below $10,000 form part of a set or entity which is valued at $10,000 or more, the set or entity will be treated as an asset. 1.4 Leased assets valued at $10,000 or more will be included on the Assets Register if they are Finance Leases. Finance leases will be depreciated. 1.5 Assets of the University will be categorised as follows: • Equipment • Computer equipment • Computer software (Major Systems) • Vehicles • Marine • Aircraft • Buildings and Infrastructure • Land • Artworks • Library collection
2.	Procedures 2.1 The procedures set out below apply to assets other than the library collection and artworks. 2.2 A purchase order is normally required for the acquisition of an asset and the cost will be allocated to an ‘Asset Acquisition Account’. 2.3 Completed transactions will be captured in the Accounts Payable module of the Finance System and transferred to the Asset module at the end of each monthly accounting period. 2.4 Assets entered into the Assets Register will be tagged with an official University barcode. The Assets Officer is responsible for ensuring that all new and existing assets are tagged. 2.5 Department heads will notify the Assets Officer of the acquisition of assets which have been donated, constructed or transferred from other institutions so that the asset is place on the Assets Register and a barcode label is issued. To Top