Frequently Asked Questions

This should be merged with the existing item and capitalised. Please contact the Fixed Asset team as soon as you are aware of the purchase, preferably before the invoice is processed, who will make the change.

Inform the Fixed Asset team so that the asset register can be updated. Please refer to Managing Assets – Equipment.

If an asset is shared between a number of departments, then each department's share will be recorded as a separate asset, with a note cross-referencing them all. In this situation, please contact the Fixed Asset team, as soon as you are aware of the purchase, preferably before the invoice is processed.

Each asset can only be assigned one funder on the system, so therefore it would have to be split into a number of assets each being allocated to the appropriate funder. A note will cross reference these asset numbers. Please contact the Fixed Asset team as soon as you are aware of the purchase, preferably before the invoice is processed.

Record any income received in the Accounts Receivable module, then let the Fixed Asset team know the details of the asset. Please refer to Managing Assets – Equipment.

A standard report that departmental users can run does not exist but quarterly statements are sent out by the Fixed Asset team after the additions have been finalised.

Check it and advise Finance of any amendments required. Please refer to Managing Assets – Equipment.

Yes, it enables a piece of equipment to be tracked as a potential asset. No coding to the General Ledger will use this balance sheet code, the system maps it to the correct expenditure code i.e. 10107 maps to 76110. Do not amend the defaulted nominal code.

No you cannot use departmental depreciation to fund a building related asset. All building related assets, including refurbs, have to have centralised depreciation. If funded by the department a reserves transfer in a single lump is normally journalled before the project work starts. Only equipment related assets that are funded internally to the department can use departmental depreciation

If a piece of equipment is classed as 'specialised' for example a bespoke microscope or technical camera that has been designed especially for the department's needs and also has a proven longer than 5 years expected life we can categorise the asset as such and extend up to a maximum of 10 years. We only extend where we can prove to the Auditors that the item is a specialist item and has a genuine longer than five year life and so please check with the Fixed Asset team before assuming a longer life when purchasing or budgeting. Only items approved by the central team can have this category and evidence will be required for the auditors.