Update and Review of FY23 Physical Inventory Process
This production by Stan Alderson provides essential information on updating the physical inventory process for capital assets. It includes details on new or updated forms, such as the Capital Asset Manual Addition Request and Capital Asset Reinstatement Request. The importance of conducting a physical inventory of capital assets is highlighted, emphasizing the need for accurate record-keeping and reporting. Additionally, guidance on updating information in the Edison Asset Module is outlined for effective asset management.
- Physical Inventory Process
- Capital Assets
- Asset Management
- Stan Alderson Production
- Updating Information
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Presentation Transcript
FY 23 Physical Inventory Process Update and Review A STAN ALDERSON PRODUCTION
Thank you for your attendance this afternoon and since this is a Stan Alderson production, a link to the Division of Accounts accounting job aids will be provided Accounting Job Aids
NEW OR UPDATED FORMS These forms are located on the Division of Accounts, Accounting Job Aids webpage under State Asset Management section CAPITAL ASSET MANUAL ADDITION REQUEST, FA-1130, REPLACES THE MANUAL ADD WORKSHEET CAPITAL ASSET REINSTATEMENT REQUEST, FA-1131, REPLACES EMAIL REQUEST FOR REINSTATING CAPITAL ASSETS RETIREMENT REQUEST FORM, FA-1053, THIS FORM HAS BEEN UPDATED
Capital Asset Manual Addition Request Reason the request is being submitted is required Only one capital asset addition per form Additional documentation needed is detailed in the instructions
Capital Asset Reinstatement Request This is to be completed when an asset is retired in the Edison asset module but has been located or was retired in error and needs to be placed back into service
Capital Asset Retirement Request Major change is only one asset per form can be retired Like the capital asset manual addition request, additional documentation needed can be found in the instructions
Physical Inventory of Capital Assets Why it is Important a. To ensure that the agency has all the equipment needed to accomplish its mission b. To provide a file for decision makers that accurately describes the equipment on hand, its location, custodian, condition, etc. c. Assists in safeguarding the state s capital assets d. Accurate financial and operational reporting
Updating Information in the Edison Asset Module FSCM>Asset Management>Asset Transactions>Owned Assets>Basic Add FSCM>Asset Management>Asset Management WorkCenter>Manage Assets>Basic Add The agency is responsible for updating the physical location of the asset and the custodian in the Edison Asset Module
Additional Located Capital Assets This sheet is to be completed if any capital assets are located during the inventory process that do not appear on the State Agency FY23 Physical Inventory
When to use the Located Capital Asset Sheet Any time a capital asset is located during the process of locating items on the inventory but is not on the State Agency FY23 Physical Inventory Any time you think a capital asset is located during the process of locating items on the inventory
Physical Inventory of Capital Assets Certification Signed by the Property Officer and the Fiscal Officer Submit with all other required documentation Deadline is May 19, 2023 Email to AGAsset.Management@tn.gov
Email Submission to AGAsset.Management@tn.gov
Email Submission to AGAsset.Management@tn.gov Completed State Agency FY23 Physical Inventory spreadsheet Physical Inventory of Capital Assets Certification If needed, Completed Additional Located Capital Assets spreadsheet If needed, Capital Asset Manual Addition Request, Capital Asset Reinstatement Request, Capital Asset Retirement Request, Donated Capital Asset Reporting, Interdepartmental Capital Asset Ownership, and required Comptroller Reports, and supportive documentation, (invoices, police reports, pictures, etc.)
THANK YOU FOR JOINING US THIS AFTERNOON Your Asset Management Team: Stan Alderson- stan.Alderson@tn.gov Andrew Turner- andrew.turner@tn.gov Eskatsnaf Aragaw- eskatsnaf.aragaw@tn.gov
