For a better experience, click the Compatibility Mode icon above to turn off Compatibility Mode, which is only for viewing older websites.

Fixed Assets

Fixed Asset Confirmation Tool

For the last two fiscal years, the University Community has been asked to utilize the Fixed Asset Confirmation Tool to complete the annual fixed asset confirmations process.  On Monday, June 18, 2018, the data in the Fixed Asset Confirmation Tool will be refreshed and the FY 2018 confirmation process will begin.  The confirmation process is mandatory this year.  General Accounting has updated the asset data for all of the assets that were confirmed using the tool in FY 2017.  For the assets inventoried in FY 2017 by Duff and Phelps, General Accounting has updated over half of the asset data provided in their report. 

The Fixed Asset Confirmation Tool is available in the same application as the OLD Journal Entry Workflow application.  There is a link on the home page of the Comptroller's Office website, in the Quick Links section called "Fixed Asset Confirmation Tool" to allow for easy access.  Access to this application is automatically granted to custodians of record as of the June 2018 application refresh and the financial manager on the org that purchased the asset.  As such, not all members of the University community will see the Fixed Asset Confirmation Tool under the "Applications" menu.  Notifications from the listserv will be sent to the financial managers and custodians the week of June 18, 2018 announcing the launch of the confirmation processed.

During this process, please be sure to validate the fields provided so that we can update the Banner fixed asset system.  Please note in the comment section if the last six digits of the PTAG# does not match the tag on your asset.  Please include the tag that is on the asset in the comment.  It is also critical that you update the location, custodian and the status of the asset.  General Accounting will review as part of the fiscal year close any items that are marked as disposed/junked in the Fixed Asset Confirmation Tool and write them off in the fixed asset system for FY 2018.  General Accounting will also update the fixed asset system during FY 2019 with updates from the FY 2018 confirmation process and the remaining updates from the Duff and Phelps report.

The following are a list of Frequently Asked Questions regarding the fixed asset confirmation process and managing your fixed assets:

Capital Asset Confirmation Tool FAQs

How do I access the Capital Access Confirmation Tool?

In order to access the Fixed Asset Confirmation Tool, you can log into with your Drexel One user ID and password.  The application will default to a splash page stating that "The Journal Entry Workflow has moved....".  You need select from the "Applications" menu at the top of the page the "Fixed Asset Confirmation" option.  You will then be brought to a list of your assets that require confirmation.

How do I confirm my fixed assets?

The custodian is responsible for reviewing and updating all of the fixed asset details for each asset on their list. Many of the fields in the fixed assets system have incorrect or outdated information. As such, we highly encourage you to change the descriptions of the assets to be as clear as possible and to update serial and model numbers, manufacturers, part numbers to the extent possible. If you want to dispose of an asset, please update the condition to “DS-Disposed/Junked”. These are the only assets that will be written off the University’s fixed asset system. All other condition codes will be treated as if the asset is still in use. Please also verify the accuracy of the org code, location and custodian. There is also space available to make comments to General Accounting about the asset.

We also encourage you to validate the Asset ID/PTAG number associated with your asset.  The last six digits of the Asset ID/PTAG number should equate to the numbers on the bar code tag.  If this tag number is different, please add the correct number to the comments field of the asset and include the correct tag number.  We will update this in the Banner fixed asset system during FY 2019.

If you don’t have any edits to make, simply click the “Confirm” button. Once you confirm the asset it is removed from your list and General Accounting receives the notice that the asset was confirmed. They will then update the last inventory date in Banner for future reference.

If you do have edits, click on the “Edit” button. The “Edit” box will allow you to update any of the fields in the bottom portion of the pop-up window.

If you are confirming an asset that requires editing and the org code is terminated, you will be required to update the existing org code to a valid org. The same requirement exists for an asset being edited that has a custodian that is no longer employed at the University. You will need to change that to a valid person. Both the org fields and the custodian fields are dynamic, meaning you can type a portion of the org number or description or new custodian name and it will bring back the closest match.

In the “Edit” box, you have three options:

1) “Cancel” – This will delete any updates you have made while in the “Edit” box.

2) “Save and Confirm” – This is what you will use when you are sure that all of the information is correct and you have NOT changed the custodian. Clicking this button will remove the asset from your list.

3) “Save Changes” – This option should be used to change the custodian if you were erroneously assigned as the asset custodian. It will not confirm the asset, but move it to the custodian you named queue. The new custodian will be notified through mass email reminders, like this one, that they have records to review. Note: Due to the number of potential custodian changes we opted not to send an email notification to the custodian after every asset reassignment.

Can I assign a proxy to assist with the confirmations?

The custodian has the ability to assign one proxy to assist with the confirmations. The person in the financial manager role can also assign one proxy. If the proxy confirms any asset it is removed from the list in the same way as if the custodian or financial manager completed the confirmation. There is no approval or review required of a proxy.

How do I assign a proxy?

To assign a proxy as the custodian or financial manager, you can click the “Add Proxy” button at the top of the screen. You will then be presented with a pop-up box and then you can search for the name of the employee you would like to assist you with the confirmation process. 

What does the “Confirm All” button do?

The “Confirm All” button should not be taken lightly. This button should only be used after you have completed a thorough review of your assets and made updates using “Save Changes”. This will submit all of the assets that you are assigned as confirmed.

What does the “Export All Records” button do?

If you click on the “Export All Records” button, you will trigger a download of all the assets that have been assigned to you for review. At this time we don’t have the capacity to load your changes from a file, but plan to have that option in the future.

What if I reassigned a custodian and accidentally clicked “Save and Confirm”?

If you mistakenly confirmed an asset that was changed to a new custodian, please email genaccting@drexel.edu with the Asset ID/P-TAG #, description of asset and the name of the custodian you put on the asset record. General Accounting can return the asset and that will put it in the new custodian’s confirmation queue. General Accounting can return any asset back to the original custodian or the reassigned custodian as necessary.

My Asset had a new bar code tag assigned and I don’t see that listed as my Asset ID/PTAG?

Duff and Phelps retagged assets with Drexel University bar code tags during the FY 2017 inventory.  We have updated Asset ID/PTAG#s in the system based on their inventory, but are finding that there are some data integrity issues.  Due to the volume of the assets inventory we are trying to ensure that the Asset IDs/PTAG numbers are as accurate as possible going forward.  We are encouraging everyone to validate the Asset ID/PTAG numbers and where you have a discrepancy to note that in the comments section with the Drexel University bar code tag number.  If you don't have a bar code tag, please provide whatever tag number is appearing on the asset.

We are also aware that Duff and Phelps tagged many items that were not capital.  As such, you may have assets with a tag that is not on your confirmation list.  You should only be concerned with assets on the list requiring confirmation.  Duff and Phelps used the manufacturer's suggested retail price in today's dollars and if it exceed $5,000 they tagged the asset.  This was not appropriate as General Accounting only capitalizes an asset if the invoiced cost is in excess of $5,000 and we do that in the year of purchase.  If you are concerned about something that is tagged that is not on your confirmation report, email genaccting@drexel.edu and we will validate the list provided during the inventory. 

How do I change the location code assigned to the asset?

You can change the location code assigned to the asset during the confirmation process using the tool by clicking the "Edit" button next to the asset.  A pop-up box will then appear with all of the asset details.  You will need click on the box under the word "Location" and then click the "x" that appears to the right.  That will delete the current location.  If you wanted to update the location to Nesbit Hall, Room 106, you would enter in the field "00%Nesbit" (without quotation marks) in the box.  You will see a drop down list of all the rooms in Nesbit that you can select from.  During FY 2017, we added to Banner all of the location codes that the FM space management system utilized.  As part of the confirmation process you may want to update the location using the new codes which are clearer and will help us find your assets during future inventories. 

 

What data related to the asset am I able to update?

The Fixed Asset Confirmation Tool allows you to update the following data elements:  condition code, model #, serial #, custodian, location code, org, description of asset, manufacturer, and room number.  A comment field is also available for other items you with to let General Accounting know about.  Changing a custodian, location or org all work the same way.  You just click on the field and a drop down appears in which you can select the appropriate person, org or location.  For the other fields, they are just text fields and some are subject to data limits.  The condition code is the most important field and only those assets marked in the tool as "DS - Disposed/Junked" will be written off.  If the last six digits of the Asset ID/PTAG code do not match the tag on your asset, please note that in the comments section and include the correct tag number and we will update in the Banner Fixed Assets system.  If you have questions about making edits to an asset contact genaccting@drexel.edu.

What is the definition of a capital asset?

A capital asset is an item that has a useful life of greater than one year and a unit cost of $5,000 or more.

EXAMPLE 1:    Department X purchases 10 computers, and the invoice total is $16,000. Although these assets meet the first criterion of having a useful life greater than one year, their per unit cost of $1,600 is less than the $5,000 minimum. These computers will be expensed in the year of purchase and not considered for capitalization.

EXAMPLE 2:    Department X purchases 1 computer with a cost of $16,000. This item is a capital asset under Drexel's capitalization policy because it meets both the life and cost per unit criteria.

My department is getting ready to requisition the purchase of a capital asset. Are there certain accounts that I should use?

Yes. The following accounts distinguish between the different types of capital assets and should be used when completing a purchase requisition.

6305 Furniture/Equipment >$5,000
6310 Software/Computers >$5,000
6315 Maintenance Equipment >$5,000
6320 Transportation Equipment >$5,000
6325 Building Equipment >$5,000
6330

Other Equipment >$5,000

For fiscal year 2018 and going forward, General Accounting will make journal entry in any cases where a capital expenses were identified in an account that is not one of the ones listed above. 

Is there anything else that I need to do after my capital asset is delivered?

No. A member of the General Accounting staff will contact the requisitioner after the asset is identified as capital.  For fiscal year 2018, this process is occurring as part of the year-end close.  Going forward, we will search for capital assets on a monthly basis.  The PTAG or Asset Id is assigned to your fixed asset when it is entered in Banner which typically occurs before the physical tagging. The actual bar tag code is six digits and those digits are the last six digits of the PTAG/Asset ID.

I am ready to junk, sell, trade-in, or otherwise dispose of a capital asset. What should I do?

During the fiscal year, if you have an asset that you wish to inform General Accounting of its being disposed, please complete the Capital Asset Disposition Form [PDF] and email the completed form to genaccting@drexel.edu.  At the end of the fiscal year, the Comptroller's Office will send out a notification to asset custodians and financial managers that the Fixed Asset Confirmation Tool is ready for asset confirmations.  During the confirmation time period published in the Year-end Closing Calendar, you can provide updates to the assets via this tool. 

Who has responsibility for the capital assets in my department, including completion of the annual Capital Asset Confirmation Report?

We recommend that a capital asset custodian be appointed as the liaison between the purchaser of the equipment and the General Accounting Office. The cost center administrator should provide the name of the custodian to General Accounting. If a custodian has not been appointed, the cost center administrator will be contacted for all capital asset information. If you have questions about capital assets, please contact genaccting@drexel.edu.