Physical inventory of capital assets
Northern Arizona University (the University) conducts an annual physical inventory of all tagged assets. Tagged assets include capital assets, all tablets, non-capital items of a sensitive nature with an acquisition cost of less than $5,000.00, and leased equipment. Capital assets are those that have an original acquisition value that is equal to or greater than the current capital threshold at the time of purchase. The current capital threshold is $5,000.00.
Property Administration oversees and coordinates the physical inventory procedure for the University. Each department is responsible for its own physical inventory and works in conjunction with Property Administration for completion of the physical inventory count. On completion the inventory results will be sent to Property Administration.
Physical inventory requires sighting of the asset, verifying its location and description, reporting any changes/ discrepancies, and reconciling the asset with the University’s fixed asset system. Property Administration will spot check 15% of each department’s annual physical inventory to verify information provided. Any location change noted on the inventory report by the department for any asset will be used to update the department’s asset listing. The asset is also updated any time using a PCA form noting changes in location or ownership.
Each department will assign a custodial administrator to oversee the accurate and timely completion of the physical inventory. If a custodial administrator leaves the department a new custodial administrator must be assigned the task. The department will notify Property Administration of the new custodial administrator with their name, phone number, and e-mail address.
Departments are responsible for completing annual inventories. Property Administration shall notify the departmental inventory liaison by email regarding the start date of the physical inventory. Inventory shall be complete no later than thirty (30) days after the start date.
Upon notification, instructions will be provided and reports can be accessed through Enterprise Reporting. The department will then physically inventory each piece of equipment by checking the report, verifying the information, and correcting and updating missing information.
- Property Administration will continue to maintain home-use records. Your department is still responsible for submitting valid and current home-use forms for NAU equipment that leaves the university for two weeks or more.
- If the report is blank, send an email to NAU-PropertyAdmin@nau.edu
How to run an inventory report in Enterprise Reporting Accordion Closed
You must have access to Enterprise Reporting.
If you cannot access Enterprise Reporting, email Reporting@nau.edu and ask for an account.
- Quick links
- Department index
- Click on Enterprise Reporting solutions (ERS)
- Click on log into ENTERPRISE REPORTING
- Click on Document list
- Click on the (+) sign to the left of Public Folders
- Click on the (+) sign to the left of Financial Management
- Click on “Purchasing”
- Double click on Asset Inventory
- Enter your speedchart number associated with your department inventory in “Type Value Here.”
- Click on >
- Run Query
- Save to Excel
- Enable Editing
- Insert your Working Column at the far left of the document.
- Click “all borders” under Font after highlighting the whole report, this makes it much easier for us to read.
- Please keep the font no smaller than “10”. Anything smaller makes the report too difficult to read.
An inventory report is needed for each Inventory Speedchart.
The report will contain:
- Items reported as missing (with completed PCA forms) on previous inventories will appears a “MISSING” with the PCA # in the Room Number column and some will list this in the Detailed Location.
- If no room number has been provided for an asset, the report will list TBP (To Be Provided) in the room. Please update the location in Red on the inventory sheet.
- G with a 3 digit number (i.e. G-355) in the room number column refers to a vehicle’s garage number (which was provided by the Transportation Services). The G# is on the windshield of all NAU State Vehicles.
- Do not sort the columns/ rows in any way. The asset numbers must stay in ascending order.
Conducting physical inventory Accordion Closed
- In the “working” column, any and all changes need to be in RED; do not use other colors or highlights.
- X = LOCATED DURING CURENT INVENTORY
- M = MISSING (whether it is 1st o 2nd year missing)
- I = IMPAIRED
- Changes to Building, Room Numbers, or Detailed Location, must be marked in RED.
- For any asset where the Asset # has rubbed off, indicated “Retag” in the “Working” column and double check that the serial number is correct.\
- For found assets with asset tags not on your Inventory report, add the asset number along with the description, serial number, and location to the end of the inventory report and note “found, not on inventory sheet” Property Administration will research this asset number after the inventory report is submitted and facilitate corrections as necessary.
- For assets marked as “transferred,” list the PCA number in the Working column and provide a copy of the completed PCA form with the inventory submittal to include receiving and releasing signatures.
- For all 1X and 2X missing assets a PCA form to include signatures from the Dean/Director AND Vice President/ Provost. If this information is unavailable when inventory is complete and ready to be turned in, forward the inventory sheet with a note that indicates when the PCA form will be submitted.
- Contact Property Administration at NAU-PropertyAdmin@nu.edu with any questions.
- Return the completed inventory report to Property Administration within 30 days of the start date. The report must be signed on the last page and dated by both the department liaison and their supervisor.
Upon receipt of the completed inventory report, Property Administration will update the assets that were found. For all missing assets, whether it is the first year or second year missing, the department will complete a PCA form including all required signatures (Dean/ Director and the Provost/ Vice President). Each department must list each missing asset on a PCA form for two consecutive years in order for the asset to be removed from the active inventory report.