Fixed Assets

No. The confirmation process is optional for FY26.

Yes, if time permits.

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 for a total of $16,000. Although these assets meet the useful life criterion, the per unit cost of $1,600 is below the $5,000 threshold. These items will be expensed in the year of purchase and are not capitalized.

Example 2:
Department X purchases 1 computer for $16,000. This item meets both the useful life and cost thresholds and is considered a capital asset under Drexel’s capitalization policy.

There are a few common reasons:

• The asset cost is below $5,000
• The asset is assigned to a different organization or custodian
• The asset was recently purchased and has not yet been recorded in the system

After logging in:

• Navigate to Applications > Fixed Asset Confirmation

Not all users have access.

Access is limited to:

• Assigned custodians
• Financial managers associated with the purchasing organization

If you believe you should have access, please contact General Accounting at acct11@drexel.edu.

Custodians are responsible for reviewing and updating asset information in the Fixed Asset Confirmation Tool. If you choose to review your assets, please ensure that key fields such as description, custodian, location, organization code, and asset details (manufacturer, model, and serial number) are accurate.

If an asset should be disposed, update the Condition Code to "DS - Disposed/Junked". Only assets with this condition code will be reviewed for write-off. All other condition codes will be treated as assets in service.

Asset Tag Validation

Please validate the Asset ID (PTAG) against the physical asset tag:

• The last six digits of the Asset ID should match the six-digit number on the current silver and black barcode tag
• Older assets may have five-digit blue and white tags
• If the tag number does not match, enter the correct number in the comments field

Confirming vs. Editing Assets

• If no updates are needed, click Confirm (checkmark icon)
• If updates are needed, click Edit (pencil icon) to modify asset details

Editing Asset Information

When editing an asset:

• Update any applicable fields (custodian, location, description, etc.)
• If the org or custodian is no longer valid, you must select an active one
• Org and custodian fields allow you to search dynamically

Edit Options

Within the Edit screen, you have the following options:

• Confirm – Saves updates and confirms the asset
• Reassign Custodian – Transfers responsibility to another custodian
• Save Changes – Saves updates without confirming
• Back – Returns to the main screen without saving changes

Yes. Custodians and financial managers may assign one proxy to assist with the confirmation process.

If a proxy confirms an asset, it will be removed from the list in the same manner as if the custodian or financial manager completed the confirmation. No additional approval or review is required.

How to assign a proxy:

• Use the "Add Proxy" field in the tool
• Search using Last Name, First Name, or User ID
• Select the individual and click OK
• Click Save Proxy to complete the assignment

A confirmation message will display once the proxy has been successfully saved.

Custodians and financial managers can assign a proxy using the "Add Proxy" field in the tool.

To assign a proxy:

• Click the search icon next to the "Add Proxy" field
• Search by Last Name, First Name, or User ID
• Select the individual and click OK
• Click Save Proxy to complete the assignment

A confirmation message will display once the proxy has been successfully saved.

The "Export All Records" button downloads a file containing all assets assigned to you for review.

At this time, updates cannot be uploaded back into the system from this file; however, this functionality may be available in the future.

If you mistakenly confirm an asset instead of reassigning the custodian, please email genaccting@drexel.edu with the following information:

• Permanent Tag (PTAG) number
• Asset description
• Name of the correct custodian

General Accounting can return the asset to the confirmation tool.

If the custodian was updated prior to confirming the asset, the newly assigned custodian will receive an email notification and the asset will appear in their confirmation list once it is returned.

You can update the location code during the confirmation process by clicking the Edit (pencil) icon next to the asset.

To update the location:

• Click the search icon next to the Location Code field
• Search by location code, building name, or room number
• Select the correct location and confirm your selection

If you are unable to locate the correct building or room, enter the information in the Room # field and/or the Comments field.

General Accounting is transitioning all assets to updated location codes. If your asset does not include a room number, please update it where possible and include the building name and room number in the Room # field.

During the FY2017 inventory, Duff & Phelps retagged many assets with Drexel barcode tags. While these updates were incorporated into Banner, some discrepancies remain.

If the barcode tag on your asset does not match the last six digits of the Asset ID (PTAG):

• Enter the correct barcode number in the comments section
• General Accounting will review and update the record as needed

If the asset does not have a barcode tag, please provide the tag number that is currently on the asset.

You may also encounter tagged items that do not appear in your list. Some items were tagged during prior inventories but do not meet Drexel’s capitalization threshold of $5,000 and are not included in the fixed asset system.

If you have concerns about a tagged item that is not listed, please contact genaccting@drexel.edu for assistance.

Prior to the merger of Salus University with Drexel University on June 30, 2024, a full inventory and appraisal of Salus assets was conducted. During this process, many assets were tagged.

However, only assets that meet Drexel’s capitalization criteria—$5,000 or more and a useful life greater than one year—were included in the Banner fixed asset system.

As a result, you may see tagged items at the Salus campus that do not appear in the confirmation tool. This is expected.

If you have questions about a specific asset, please contact genaccting@drexel.edu.

No. Once a capital asset is identified, a member of the General Accounting team will contact the requisitioner to coordinate tagging, if applicable, and may follow up to confirm the appropriate custodian and location.

A Permanent Tag (PTAG) is assigned to the asset when it is recorded in Banner, typically prior to physical tagging. The barcode tag applied to the asset will reflect the last six digits of the PTAG number.

Some assets may be capitalized and recorded in the system before tagging occurs. Any remaining assets will be processed through the normal capitalization process.

Departments should designate a capital asset custodian to serve as the primary contact with the General Accounting Office.

The custodian is responsible for maintaining asset information and completing the Fixed Asset Confirmation process. Typically, the individual who orders the equipment is assigned as the custodian.

If the appropriate custodian is unclear, General Accounting will work with the purchaser to determine the correct assignment.