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Fixed Assets

Fixed Asset Confirmation Tool

For the last three 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 17, 2019, the data in the Fixed Asset Confirmation Tool will be refreshed and the FY 2019 confirmation process will begin.  The confirmation process is mandatory.  General Accounting has updated the asset data for all of the assets that were confirmed using the tool in FY 2018. 

The Fixed Asset Confirmation Tool is available in the same application as the Journal Entry Workflow 2.0 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 2019 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 when they log-in.  Users will be defaulted to Journal Entry Workflow 2.0 when they click on the Fixed Asset Confirmation Tool link and will need to navigate to the "Applications" menu, then click "Fixed Asset Confirmation". Notifications from the listserv will be sent to the financial managers and custodians the week of June 17, 2019 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 "DS-Disposed/Junked" in the Fixed Asset Confirmation Tool and write them off in the fixed asset system for FY 2018.  Assets marked with any other condition code besides "DS-Disposed/Junked" will remain in the fixed assets system. 

A training video on how to confirm assets has been produced and is available in the Comptroller's Office Training Channel in Stream.

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

Fixed Asset Confirmation Tool FAQs

How do I access the Fixed Assets 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 the Journal Entry Workflow 2.0 application.  From there, you will need to navigate to the "Applications" menu at the top of the page and click on the "Fixed Asset Confirmation" option.  You will then be brought to a list of your assets that require confirmation.   Please note that only individuals listed as a custodian of an asset or who are a financial manager on an org will see the Fixed Asset Confirmation listed in the Applications menu of the Fixed Assets Confirmation Tool.

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 code, room number 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/Permanent Tag number associated with your asset.  The last six digits of the Asset ID/PTAG number should equate to the numbers on the new silver and black bar code tags.  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 2020.  The new Permanent tags that are used by Drexel and the Academy of Natural Sciences have six digit bar codes.  The last six digits of your asset id or permanent tag should match that number.  If the asset has an old blue and white asset tag, the asset id or permanent tag will reflect that number as the last five digits.  Some assets were retagged during a fixed asset inventory and may not have been updated in the system.  In these cases you may have an asset id or permanent tag ending in 5 digits and a silver and black bar code tag on the asset.  Alternatively, you could have a blue and white five digit tag on the asset, but the asset id or permanent tag displaying on the confirmation is ending in six digits.

If you don’t have any edits to make, simply click the “Confirm” button which looks like a check mark. 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 which looks like a pencil. The “Edit” box will allow you to update any of the fields in the bottom portion of the "Edit Asset" screen.

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 four options:

1)  “Confirm” – Click on this button after you have made all of your asset changes and updates.  If you click the "Confirm" button and you also changed the custodian as one of your changes, this will not reassign the asset in the Fixed Asset Confirmation Tool.  However, General Accounting will update Banner with the new custodian for use in future confirmations.

2) "Reassign Custodian" - Click on this button if you want to reassign the asset to another person by first updating the Custodian field.  You can search using the magnifying glass icon to the right of the Custodian field.  Search using the fields (Last Name, First Name, Middle Initial, and User ID), click "Search Button".  Then double click the name of the custodian that appears in the box at the bottom of the "User Search" pop-up box.  Then click, "OK".  At this point, if you want the new custodian to complete the confirmation, click the "Reassign Custodian" button.  This will remove the asset from your list if you were only a custodian.  If you are a financial manager it will remain but you will see the update to the custodian.  The new custodian will receive a email from the system that they have a new asset assigned to them that needs to be confirmed.

3) “Save Changes” – This option will allow you to make changes to any of the fields but to not officially confirm the asset.  This will allow you to come back to the asset at a later time to make additional updates or confirm asset or reassign a custodian.

4) “Back” – This will return you to the main page of the Fixed Asset Confirmation Tool.  It will also delete any updates you have made while in the “Edit Asset” screen if you did not first click "Save Changes.

Can I assign a proxy to assist with the confirmations?

Yes.  The custodian has the ability to assign one proxy to assist with the confirmations. The person in the financial manager of the org that owns the asset 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.

The custodian or financial manager can assign the proxy using the "Add Proxy" field.  There is a search button to the right of this field in which you can search or Last Name, First Name, Middle Name and ID of the person they wish to make the proxy.  You should click the "Search" button and the name of the person or persons will appear.  Double click on the name of the person who you want to make the proxy and click the "OK" button.  You should then be returned to the main page of the Fixed Asset Confirmation Tool.  You will then need to click "Save Proxy".  You should then see a confirmation message that the proxy has been saved.

How do I assign a proxy in the Fixed Asset Confirmation Tool?

The custodian or financial manager can assign the proxy using the "Add Proxy" field.  There is a search button to the right of this field in which you can search or Last Name, First Name, Middle Name and ID of the person they wish to make the proxy.  You should click the "Search" button and the name of the person or persons will appear.  Double click on the name of the person who you want to make the proxy and click the "OK" button.  You should then be returned to the main page of the Fixed Asset Confirmation Tool.  You will then need to click "Save Proxy".  You should then see a confirmation message that the proxy has been saved.

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 “Confirm”?

If you mistakenly confirmed an asset instead of reassigning a custodian for an asset that does not belong to you or your department, please email genaccting@drexel.edu with the Permanent Tag #, description of asset and the name of the custodian you put on the asset record. General Accounting can return the asset.  If you updated the custodian prior to clicking "Confirm", when General Accounting returns the asset, they will receive an email notification and it will appear in their confirmation list in the Fixed Asset Confirmation Tool.   

My asset had a new bar code tag assigned and I don’t see that listed as the last six digits of my asset's permanent tag?

Duff and Phelps retagged assets with Drexel University bar code tags during the FY 2017 inventory.  We have updated Permanent Tags in Banner 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 Permanent Tag numbers and where you have a discrepancy to note that in the comments section with the bar code tag number that appears on the assets.  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.  The "Edit" button is the button that looks like a pencil.  You will then be taken to the "Edit Asset" screen which has all of the asset's details.  To update the location code, click on the magnifying glass icon to the right of the location code and its description.  "Location Code Description" pop-up box will then appear.  You can then search in the search field by typing the location code (if you know it) or more realistically the building name and or room number.  When you find the location, double click it.  You will notice it turns green. Exit out of the "Location Code Description" screen and you will notice that the location code in the edit asset screen is now updated.  Should you not find your building and room number please enter it in the "Room #" field and/or the "Comments" field.

General Accounting is trying to convert all the assets to our new location codes, so if you see a location code that does not have a room number tied to it, please update it to the new location code by following the directions above.  We also recommend as a best practice to put the building name and room # in the "Room #" field to ensure that this information makes its way to Banner for future confirmations.

 

 

 

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, model #, serial #, custodian, location code, org code, asset description, 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 code or org code all work pretty similarly.  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 Permanent Tag 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 to schedule time to tag the asset if it is taggable.  They may also reach out with other question related to who should be the custodian or where the asset is located.  The Permanent Tag 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 Permanent Tag.  For fiscal year 2019, some assets have already been identified and capitalized in Banner.  You will see FY 2019 assets capitalized as of 5/31/2019 on your confirmation list. The remaining assets are in the process of being entered and this process will continue through year-end close.  Any assets not captured will be confirmed in FY 2020.   

I am ready to junk, sell, trade-in, or otherwise dispose of a fixed 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 Schedule, 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 Fixed Asset Confirmations?

We recommend that a capital asset custodian be appointed as the liaison between the purchaser of the equipment and the General Accounting Office. Typically the person who orders the equipment is listed as the custodian.  However, when this is unclear, General Accounting will reach out to the purchaser and ask who the custodian should be.